Question
The percentage of completion of the current years beginning work-in-process inventory was actually 50% but was erroneously overstated as 75%. If the FIFO method of
The percentage of completion of the current years beginning work-in-process inventory was actually 50% but was erroneously overstated as 75%. If the FIFO method of process costing is used, what is the effect of the error on the items below?
1. The computation of total EUP.
2. The computation of cost per EUP.
3. Costs assigned to cost of goods completed for the period.
| 1 | 2 | 3 | |
| A | Overstate | Overstate | Understate |
| B | Understate | Understate | Overstate |
| C | Overstate | Understate | Understate |
| D | Understate | Overstate | Overstate |
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Auditing Employee Management
Authors: Kelli W. Vito, SPHR, CCP
1st Edition
0894137190, 9780894137198
