NSWERS Q1. Rossiter Company failed to record a credit sale at the end of the year, although the on the sheet will be graded. reduction in finished goods inventories was correctly recorded when the goods were shipped to the customer. Which one of the following statements is correet? understated, and cost of goods sold was understated. understated, and cost of goods sold was overstated. understated, and cost of goods sold was understated understated, and cost of goods sold was not affected. a) Accounts receivable was not affected, inventory was not affected, sales were b) Accounts receivable was understated, inventory was overstated, sales were c) Accounts receivable was not affected, inventory was understated, sales were ccounts receivable was understated, inventory was not affected, sales were Q2. Park Company uses the weighted-average method in its process costing system. The Molding Department is the second department in its production process. The data below summarize the department's operations in January. Percent Complete with Respect to Conversion 90% Units Beginning work in process inventory9.800 Transferred in from the prior Completed and transferred to the next Ending work in process inventory.. department during January 46,000 ...50,700 department during January 40% The accounting records indicate that the conversion cost that had been assigned to beginning work in process inventory was $40,484 and a total of $213,890 in conversion costs wer incurred in the department during January. The cost per equivalent unit for conversion cost for January in the Molding Department is closest to: a) $4.823 b) $4.186 c) $4.650 d) $4.590 per equivalent unit for materia under the weighted-average method of process costing? Material cost added to production during the current period Yes Yes No No Material cost assigned to beginning work in process last period Yes No Yes No A) 8) C) D) a) Option A b) Option B c) Option C ) Option D