QUESTION 22 Swanson Company uses process costing. At the beginning of the month,

Question

QUESTION 22 Swanson Company uses process costing. At the beginning of the month, there were 4,000 units in process, 100% complete with respect to material and 60% complete with respect to conversion costs. 20,000 units were started during the month and there were 2.300 units in the ending work in process inventory that were 100% complete with respect to material and 30% complete with respect to conversion costs. How many units were completed during the month? O a 24,000 O b. 26,300 O c 17,300 d. 21,700 QUESTION 23 The production cost report contains the four steps listed below: 1. Account for the amount of product cost. 2. Calculate the cost per equivalent unit. 3. Assign costs to items completed and to the items remaining in Work in Process. 4. Account for the number of physical units. The correct order for these steps is O a. 1, 2, 3, 4 062, 4, 1,3. O c. 4, 2, 3, 1. O d. 4, 3, 1, 2

Explanation / Answer

Solution 22:

Units completed in months = Units in beginning WIP + Unit started - Units in ending WIP

= 4000 + 20000 - 2300 = 21700 units

hence option d is the right choice.

Solution 23:

Correct order for steps of production cost:

1. Account for the number of physical units

2. Calculate the cost per equivalent unit

3. Assign costs to items completed and to the items remaining in WIP.

4. Account for the amount of product cost

Hence correct order of steps is 4, 2, 3, 1

Option c is the right choice.

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