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Mortensen Industries, which uses a process-costing system, adds material at the beginning of production and incurs conversion cost evenly throughout manufacturing.
The following selected information was taken from the company's accounting records:
Total equivalent units of materials: 9,500Total equivalent units of conversion: 8,650Units started and completed during the period: 6,100
Problem 1: On the basis of this information, the ending work-in-process inventory's stage of completion is:
Multiple Choice
Option 1: -64%.
Option 2: -25%.
Option 3: -50%.
Option 4: -some other percentage not listed.
Option 5: -75%.
Prepare summary journal entries to record the issuance of these materials.
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