Question : 61. Jet Products had no units in process at the beginning : 1291679

61. Jet Products had no units in process at the beginning of the year. Jet uses process costing and has calculated 47,000 total equivalent units completed during the year. If there were 53,000 units started in the current period and 10,000 units in ending work-in-process, what percentage complete were the ending inventory units? A. 50%B. 60%C. 40%D. 22%

62. Which of the following statements is false regarding process costing? A. Units that are partially complete can be expressed in terms of equivalent units.B. Only one work-in-process account is allowed.C. The products produced by a certain process are all identical.D. The use of a predetermined overhead rate is allowed.

63. Lee Manufacturing uses process costing. The following information is available for the current year: 

Number of units in beginning inventory

2,000

Number of units started in the current period

10,000

Number of units available in the current period

12,000

Number of units in ending inventory

(1,600)

Number of units completed in the current period

10,400

If Lee uses the FIFO method of process costing, which units are assumed to be the first ones finished during the year? A. The 1,600 units in ending inventoryB. The 10,000 units that were started in the current periodC. The 1,000 units in beginning inventoryD. The 12,000 units that were available in the current period

64. Under which of the following conditions will the first-in, first-out method produce the same cost of goods manufactured as the weighted-average method? A. There is no ending work in process inventory.B. There is no beginning work in process inventory.C. The beginning and ending work in process inventories are equal.D. The beginning and ending work in process inventories are both 50% complete.

65. Which of the following statements is true regarding the FIFO method of process costing? A. It assumes that the units in beginning inventory are not worked on during the current period.B. It assumes that the units in beginning inventory were started into production during the current period.C. It assumes that the units in beginning inventory were finished first during the current period.D. It assumes that the units in beginning inventory were the same percentage complete as the units in ending inventory.

66. Which of the following statements is true regarding the weighted-average method of process costing? A. It assumes that there are an equal number of units in beginning and ending inventories.B. It assumes that the units in beginning inventory were started into production during the current period.C. It assumes that the units in beginning inventory were finished last in the current period.D. It assumes that the units in beginning inventory were the same percentage complete as the units in ending inventory.

67. Which costs should be included in the calculation of the cost per equivalent unit using the FIFO method of process costing? A. Current period costs onlyB. Current period costs plus those from beginning work-in-process inventoryC. Current period costs less those from beginning work-in-process inventoryD. Current period costs less those from ending work-in-process inventory

68. Which costs should be included in the calculation of the cost per equivalent unit using the weighted-average method of process costing? A. Current period costs onlyB. Current period costs plus those from beginning work-in-process inventoryC. Current period costs less those from beginning work-in-process inventoryD. Current period costs less those from ending work-in-process inventory

69. Rollins ManufacturingRollins Manufacturing uses process costing. The following information was available for the current year: 

Number of units in beginning work-in-process inventory

4,000

(30% complete)

Number of units started in the current period

35,000

Number of units in ending work-in-process inventory

3,000

(80% complete)

Refer to the Rollins Manufacturing information above. If Rollins uses the first-in, first-out (FIFO) method, how many total equivalent units were completed in the current period? A. 37,200 equivalent unitsB. 35,600 equivalent unitsC. 41,200 equivalent unitsD. 35,400 equivalent units

70. Rollins ManufacturingRollins Manufacturing uses process costing. The following information was available for the current year: 

Number of units in beginning work-in-process inventory

4,000

(30% complete)

Number of units started in the current period

35,000

Number of units in ending work-in-process inventory

3,000

(80% complete)

Refer to the Rollins Manufacturing information above. If Rollins uses the weighted-average method, how many total equivalent units were completed in the current period? A. 37,400 equivalent unitsB. 39,000 equivalent unitsC. 38,800 equivalent unitsD. 38,400 equivalent units