Malcolm Company uses a weighted-average process costing system. All materials at Malcolm are added at the beginning of the production process. The equivalent units for materials at Malcolm would be the sum of:
A. units in ending work in process and the units started.
B. units in beginning work in process and the units started.
C. units in ending work in process and the units started and completed.
D. units in beginning work in process and the units started and completed.
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When computing the cost per equivalent unit, the weighted-average method of process costing considers:
A. costs incurred during the current period only.
B. costs incurred during the current period plus cost of ending work in process inventory.
C. costs incurred during the current period plus cost of beginning work in process inventory.
D. costs incurred during the current period less cost of beginning work in process inventory.
Under the weighted-average method, the cost of units transferred out of a department is computed as follows for a cost category:
A. Costs added during the period + Cost of beginning work in process inventory
B. Units transferred to the next department × Cost per equivalent unit
C. Units in ending work in process inventory × Cost per equivalent unit
D. Cost of ending work in process inventory – Cost of beginning work in process inventory
In the cost reconciliation report under the weighted-average method, the “Total cost accounted for” equals:
A. Cost of beginning work in process inventory + Cost of units transferred out
B. Cost of beginning work in process inventory + Cost of units transferred in
Cost of ending work in process inventory + Cost of units transferred out
D. Cost of ending work in process inventory + Cost added to production during the period
In the cost reconciliation report under the weighted-average method, the “Costs to be accounted for” section contains which of the following items?
A. Cost of beginning work in process inventory
B. Cost of ending work in process inventory
Cost of units transferred out
D. Cost of ending finished goods inventory
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