In a production cost report using process costing, transferred in costs are most similar to a. material added at the beginning of the process b. conversion costs added during the process c. costs transferred out to the next process d. costs includeded in beginning inventory An error was made by ABC Company in computing the percentage of completion of the current year's ending Work-in-Process Inventory. The error resulted in the assignment of a lower percentage of completion to each component of the inventory than actually was the case. There was no beginning Work-in-Process Inventory. What is the effect of this error on (1) cost assigned to cost of goods completed for the period and (2) the computation of costs per equivalent unit? a. understated understated b. understated overstated c. overstated understated d. overstated overstated If the units in the beginning Work-in-Process Inventory are greater than the units in the ending Work-in-Process Inventory, then the units transferred out are a. more than the units started during the period b. equal to the equivalent units of production c. less than the units started during the period d. equal to the actual work done during the period True/False If materials are added continuously throughout the production process, then the equivalent units for materials will always equal the equivalent units for the conversion costs. If materials are only added at the end of the production process, then the degree of completion for materials of units in the ending Work-in-Process Inventory is always 0%. The weighted-average approach to process costing combines the work and costs done in prior periods with the work and costs done in the current period. In a weighted-average process costing system, the costs in the beginning Work-in-Process Inventory are not used to compute the costs transferred-out