Domkowski began operations on January 1 of the current year. The company uses a

Question

Domkowski began operations on January 1 of the current year. The company uses a process-costing system, and conversion cost is incurred evenly throughout manufacturing. By January 31, the firm had completed 56,000 units. Which of the following statements is true about the ending work-in-process inventory if equivalent units for conversion cost totaled 59,000 units?

There is no ending work-in-process inventory.

The ending work-in-process inventory totaled 3,000 physical units.

The ending work-in-process inventory of 10,000 physical units was 30% complete.

The ending work-in-process inventory of 20,000 physical units was 85% complete.

More than one of the other answers is true.

There is no ending work-in-process inventory.

The ending work-in-process inventory totaled 3,000 physical units.

The ending work-in-process inventory of 10,000 physical units was 30% complete.

The ending work-in-process inventory of 20,000 physical units was 85% complete.

More than one of the other answers is true.

Explanation / Answer

The ending work-in-process inventory of 10,000 physical units was 30% complete. Option 3 is correct

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