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1. Under the weighted average method of costing, which of the following represents the calculation...

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Accounting

1. Under the weighted average method of costing, which of the following represents the calculation of the cost of units transferred out a department?

a) Cost of beginning work-in-process inventory + Costs added during the period

b) Units transferred to the next department x Cost per equivalent unit

c) Units in ending work-in-process inventory x Cost per equivalent unit

d) Cost of ending work-in-process inventory Cost of beginning work-in-process inventory

2. Which of the following is correct in regards to process costing?

a) Manufacturing overhead is also called conversion cost.

b) Overhead is allocated departments after being applied to units of product.

c) Job-order costing is more likely to be used than process costing when many different products or services are produced each period to customer specifications.

d) The equivalent units computed for materials is generally the same as that computed for conversion costs.

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