Chapter 17 obj 2 and obj 3

The purpose of the equivalent - unit computation is to

Assist the business in determining the cost assigned to ending inventory and work-in-process inventory

In a process-costing systems average unit cost are calculated?

By dividing total cost in a given period by total units produced in that period

Which of the following statements is true of conversion costs?

Estimating the degree of completion is usually easier for direct material costs than for conversion cost.

When a bakery transfer goods from the mixing department to the baking department, the accounting entry is _____.

Work in Process - Baking Department Work in Process - Mixing Department

In a process-costing system, the calculation of equivalent units is used for calculating _____.

the dollar amount of the cost of goods sold for the accounting period