T/F and Explain please 6) The following journal entry would be made in a processing costing...

T/F and Explain please

6) The following journal entry would be made in a processing costing system when units that have been completed in the final processing department are transferred to the finished goods warehouse: Finished Goods XXX Materials XXX

7) The equivalent units in beginning work in process inventory plus the equivalent units in ending work in process inventory equals the units transferred out plus the equivalent units for the work done during the period.

8) When all materials are added at the beginning of the production process, under a weighted-average process costing system the equivalent units for materials is equal to the units completed and transferred out.

9) In process costing, the equivalent units computed for materials is generally the same as that computed for conversion costs.

10) When computing the cost per equivalent unit, it is necessary to consider the percentage completion of the units in beginning inventory under the weighted-average method.

Expert Solution

6) The following journal entry would be made in a processing costing system when units that have been completed in the final processing department are transferred to the finished goods warehouse: Finished Goods XXX Materials XXX----False

When finished goods are transferred Wip account is credited and finished goods account is debited.

7) The equivalent units in beginning work in process inventory plus the equivalent units in ending work in process inventory equals the units transferred out plus the equivalent units for the work done during the period.----False

8) When all materials are added at the beginning of the production process, under a weighted-average process costing system the equivalent units for materials is equal to the units completed and transferred out.----True

This is because when material added at the beginning the units completed as to material are considered 100% complete

9) In process costing, the equivalent units computed for materials is generally the same as that computed for conversion costs.-----False

The Equivalent units for material and conversion is not nessesarily same. They are different in most times.

10) When computing the cost per equivalent unit, it is necessary to consider the percentage completion of the units in beginning inventory under the weighted-average method----False

When using Weighted average method Percentage completion at beginning is ignored.

ekkarill92 answered 1 year ago

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