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Casa Blanca began operations on January 1 of the current year. The company uses a process costing system and conversion cost incurred evenly throughout manufacturing. By January 31, the firm had completed 56,000 units. Which of the following statements could be true about the ending work-in-process (WIP) inventory if equivalent units for conversion cost totalled 68,000 units? Multiple Choice   The ending WIP inventory amounted to 4,000 physical units   The ending WIP inventory of 10,000 physical units was 30% complete   Some other answer   There is no ending WIP inventory   The ending WIP inventory of 20,000 physical units was 60% complete

Casa Blanca began operations on January 1 of the current year. The company uses a process costing system and conversion cost incurred evenly throughout manufacturing. By January 31, the firm had completed 56,000 units. Which of the following statements could be true about the ending work-in-process (WIP) inventory if equivalent units for conversion cost totalled 68,000 units? Multiple Choice   The ending WIP inventory amounted to 4,000 physical units   The ending WIP inventory of 10,000 physical units was 30% complete   Some other answer   There is no ending WIP inventory   The ending WIP inventory of 20,000 physical units was 60% complete

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 4CMA: A company is using process costing with the first-in, first-out (FIFO) method, and all costs are...
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Casa Blanca began operations on January 1 of the current year. The company uses a process costing system and conversion cost incurred evenly throughout manufacturing. By January 31, the firm had completed 56,000 units. Which of the following statements could be true about the ending work-in-process (WIP) inventory if equivalent units for conversion cost totalled 68,000 units?

Multiple Choice
  •  
    The ending WIP inventory amounted to 4,000 physical units
  •  
    The ending WIP inventory of 10,000 physical units was 30% complete
  •  
    Some other answer
  •  
    There is no ending WIP inventory
  •  
    The ending WIP inventory of 20,000 physical units was 60% complete
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