D101 Cost and Managerial Accounting - Set 1 - Part 3

Correct Answer: The cost of goods transferred out to finished goods is the sum of the costs to make the finished goods in all processes, both in the current or prior period

All costs incurred in making the finished goods, whether in the current or prior periods, are included in the cost of goods transferred out.

Correct Answer: The sum of the material costs plus the conversion costs for the unfinished units

The cost of ending work-in-process inventory is calculated by adding the material costs and conversion costs of the unfinished units.

Correct Answer: The materials cost per equivalent unit during the current period multiplied by the material's equivalent units in the ending work-in-process inventory

Material costs are calculated by multiplying the materials cost per equivalent unit during the current period by the number of equivalent units in the ending work-in-process inventory.

Correct Answer: The conversion cost per equivalent unit during the current period multiplied by the conversion equivalent units in the ending work-in-process inventory

Conversion costs for ending work-in-process inventory are calculated by multiplying the conversion cost per equivalent unit for the current period by the number of equivalent units.

Correct Answer: The conversion cost per equivalent unit this period multiplied by the conversion cost number of equivalent units

The conversion cost of ending work-in-process inventory is determined by multiplying the conversion cost per equivalent unit by the number of equivalent units for conversion costs.

Correct Answer: Cost per unit of direct materials times equivalent units for materials plus conversion costs per unit times the number of equivalent units for conversion costs

The formula to calculate the costs of ending work-in-process inventory includes both direct materials and conversion costs per unit.

Correct Answer: The equivalent units for beginning work-in-process inventory plus the equivalent units for units started and completed plus the equivalent units for ending work-in-process inventory

The total number of equivalent units for direct materials is the sum of the equivalent units from beginning inventory, units started and completed, and ending inventory.

Correct Answer: Separate costs are calculated per unit for direct materials and conversion costs for both beginning work-in-process inventory and current period costs

In process costing, separate unit costs are calculated for direct materials and conversion costs for both beginning inventory and current period production.

Correct Answer: The sum of the cost of goods transferred out and the cost of ending work-in-process inventory

The total processing costs for a period are the sum of the cost of goods transferred out and the cost of the ending work-in-process inventory.

Correct Answer: Only the costs to complete direct materials and the costs to complete conversion of the beginning work-in-process inventory are added to the direct materials costs of the started and completed units

The direct materials and conversion costs associated with the beginning work-in-process inventory are added to the total costs of the started and completed units to determine the costs transferred out.