True......................................
Answer:
The total cost to be accounted for under the weighted-average method is $166,000
Explanation:
Okamura Corporation Partial Manufacturing Account
Particulars Amount
Cost of ending work in process inventory $18,000
Add: Cost of units transferred out <u>$148,000</u>
Total cost accounted for <u>$166,000</u>
The total cost to be accounted for under the weighted-average method is $166,000
Answer:
1. G
2. D
3. A
4. H
5. E
6. B
7. C
8. F
Explanation:
1. First-in, first-out method: A process costing method that costs each period’s equivalent units of work with that period’s costs per equivalent unit
2. Equivalent units: Measure of the work done during a production period, expressed in terms of fully complete units of output
3. Direct labor and factory overhead: Conversion costs
4. Cost of production report: Summary of the activity in a processing department for a specific period
5. Process costing: Costing system used by a company producing computer chips
6. Direct labor and direct materials: Prime costs
7. Transferred-in costs: Costs incurred in a previous process that are carried forward as part of the product’s cost when it moves to the next department
8. Job order costing: Costing system used by a company producing custom window treatments.
Risk-averse: An example of a risk-averse company would be Kodak. this company was so risk averse it did not expand in time, making it impossible for it to stay afloat.
Risk-neutral: When a company is risk-neutral, it is indifferent to risk when it comes to an investment. Many companies related to government follow this pattern, as they are mostly unconcerned without money and instead focus on other missions.
Risk-seeking: Risk seeking is a acceptance of volatility and uncertainty in the hopes for obtaining higher results. Many startup companies could be considered risk-seeking.