In the current period, Forward Co. started production of 21,000 units and completed 8,400 units, leaving 12,600 units in process that are 42% complete. Assuming no beginning work in process, how many equivalent units of production did Forward Co. produce for the period?

a.12,000

b.13,500

c.13,692

d.8,000

The unit information section of a production report has two major subdivisions: (1) units to account for and (2) units accounted for.

True

False

In process costing, each producing department has its own work-in-process account.

True

False

The cost of units finished in the last (final) department will flow from Work in Process to:

a.Cost of Goods Sold

b.Accounts Receivable

c.Raw Materials

d.Finished Goods

Manufacturing firms may operate without significant work-in-process inventories.

True

False