Chapter 4 Questions (2)

when ending work in process contains 500 units that are 34% completed, there are _____ equivalent units

170

the entry to record the sale of finished goods to customers is a debit to _____ and a credit to _____

costs of goods sold/finished goods

the journal entry to record the transfer of completed units to finished goods would be to _____ finished goods and _____ work in process

debit/credit

number of partially completed units x percentage completion is the formula for what?

equivalent units

equivalent units of production under the weighted average method equals _____

units transferred out plus equivalent units in ending work in process

equivalent units of production can be computed using which two methods?

weighted average or FIFO

the journal entry to record the transfer of partially completed products from processing department #1 to processing department #2 is to debit work in process department #_____ and credit work in process department #_____

2/1

similarities between job order costing and process costing include the _____

flow of costs through the manufacturing accounts, basic purpose to assign and compute product costs, manufacturing accounts used

a company's beginning work in process contained 200 units that were 20% complete. those units were completed and transferred to finished goods. during the period 4,300 units were started. of the units started, 4,000 were transferred to finished goods. the 300 units in ending work in process were 30% complete. using the weighted average method, the equivalent units of production equals (type the formula)

4200 + 300 x 30% = 4290