21) If conversion costs are added evenly throughout the production process, and the units have made it 50% of the way through the production process, then the percentage completion for conversion costs is 50%.
22) The weighted average and FIFO methods differ only in how they treat beginning inventory.
23) The FIFO method requires that any units in beginning inventory be costed separately from any units started in the current period.
24) The weighted-average method of process costing is simpler than the FIFO method.
25) In a process costing system, manufacturing costs are usually combined into two categories:
26) If all direct materials are added at the end of the production process, and the units have made it 50% of the way through the production process, then the percentage completion for direct materials is:
A) 0%.
B) 100%.
C) 50%.
D) none of the above.
27) If all direct materials are added at the beginning of the production process, and the units have made it 50% of the way through the production process, then the percentage completion for direct materials is:
A) 0%.
B) 100%.
C) 50%.
D) none of the above.
28) If conversion costs are added evenly throughout the production process, and the units have made it 50% of the way through the production process, then the percentage completion for direct materials is:
A) 0%.
B) 100%.
C) 50%.
D) unknown, based on the given information.
29) If conversion costs are added evenly throughout the production process, and the units have made it 50% of the way through the production process, then the percentage completion for conversion costs is:
A) 0%.
B) 100%.
C) 50%.
D) none of the above.
30) A company uses a process system. The number of equivalent units in ending WIP inventory regarding direct materials costs and conversion costs is:
A) always lower for direct materials.
B) always equal.
C) always lower for conversion costs.
D) none of the above