Reference no: EM132693142
Question 1: In the current period, Forward Co. started production of 21,000 units and completed 8,400 units, leaving 12,600 units in process that are 42% complete. Assuming no beginning work in process, how many equivalent units of production did Forward Co. produce for the period?
a.12,000
b.13,500
c.13,692
d.8,000
Question 2: The unit information section of a production report has two major subdivisions: (1) units to account for and (2) units accounted for.
True
False
Question 3: In process costing, each producing department has its own work-in-process account.
True
False
Question 4: The cost of units finished in the last (final) department will flow from Work in Process to:
a.Cost of Goods Sold
b.Accounts Receivable
c.Raw Materials
d.Finished Goods
Question 5: Manufacturing firms may operate without significant work-in-process inventories.
True
False
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