Chapter 4 Questions (4)

canners company uses weighted average costing. beginning work in process inventory had $3,650 of material costs. during the period $5,000 of materials and $9,250 in conversion costs were added. if there are 250 equivalent units of production for materials, the cost per equivalent unit for materials is

34.60

in both methods, costs to be accounted for include _____ work in process inventory, while costs accounted for include _____ work in process inventory

beginning/ending

when many different products with unique production requirements are produced, _____ costing is used

job order

the two most commonly used methods for determining unit product costs are _____ and _____ costing

job order/process

costs applied according to the amount of allocation base incurred in each department are _____ costs

manufacturing overhead

work is performed on products, and materials, labor, and overhead costs are added to products in a(n) _____ department

processing

costs _____ are treated as another category of cost, just like materials or conversion costs

transferred in

when unit costs are transferred from department A to department B, department B will treat the costs as _____

transferred in

the equivalent units completed are valued the same as units _____ for purposes of determining the cost per unit

transferred out