QUESTION 34

1. (33) The following manufacturing costs are given for the Processing Department of Universal Company:

   Cost of Ending work-in-process: $15,000 for Material, $10,000 for Conversion

   Physical units of Ending work-in-process: 30,000 units

   Cost per equivalent unit: $2 for Material, $3 for Conversion.

   Given the information above, Ending work-in-process is ________ complete as to materials.

   	A.	20%
   	B.	35%
   	C.	30%
   	D.	25%

4 points

QUESTION 35

1. (33) True Company uses process costing. The following information is given for the company's Milling Department:

   	units	% complete for Materials	% complete for Conversion		Costs incurred
   Beginning Work in process	200	30%	40%			Materials	Conversion
   Units started	500				Beginning Work in process	$1,500	$1,600
   Units completed	600
   Ending Work in process	100	20%	50%		During Current Period	$13,440	$17,100

   The following additional information is given:

   *Cost per equivalent unit for Material: $24

   *Cost per equivalent unit for Conversion: $29

   Based on the Weighted Average method, the cost of 100 Ending Work-in-Process units is:

   	A.	$2,650
   	B.	$1,930
   	C.	$1,060
   	D.	$927.50

Use the same information given in teh above question.

Based on the FIFO method, the cost of 100 Ending Work-in-Process units is:

	A.	$1,080
	B.	$1,980
	C.	$945
	D.	$2,700