WGU D101 - Cost and Managerial Accounting | OA Updated Exam
2026 WITH Recent Newest Verified And Well Analyzed Exam
Questions (Actual Exam 2026-2027) Correct Detailed & Verified
ANSWERS (100% Accurate Solutions) ALREADY GRADED A+||NEWEST
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Which of the following are transferred from work-in-process to finished goods
inventory?
a. Only the actual inventory items
b. Only the cost of the inventory items
c. Neither the actual goods nor the cost of the finished items
d. Actual inventory items and the costs of those inventory items -ANSWER-d. Both
the costs and the actual inventory items must be tracked through the process
costing system. When the items are 100% complete, the inventory would be
transferred to finished goods inventory at the costs that were expended to make
the inventory.
Which costs make up the work-in-process inventory costs in the processing
centers?
a. Direct materials and manufacturing overhead costs
b. Direct labor and manufacturing overhead costs
c. Direct materials and coversion costs
d. Direct materials and direct labor costs -ANSWER-c. Direct materials and
conversion costs, which are direct labor and manufacturing overhead costs, are
costs that make up the work-in-process inventory costs in processing centers.
,Which term is used for direct materials and conversion costs associated with
items started but not finished?
a. Finished goods inventory
b. Work-in-process inventory
c. Cost of goods sold
d. Direct labor -ANSWER-b
Which statement accurately describes the equivalent number of units?
a. The equivalent number of units is calculated by adding together the physical
goods placed in process during the current period with the physical goods in
ending inventory.
b. The equivalent number of units is calculated by adding together the physical
goods in beginning inventory to the physical goods placed in process during the
current period.
c. The equivalent number of units is always the same as the number of physical
units transferred to finished goods.
d. The equivalent number of units is not the same as the number of physical units
transferred to finished goods. -ANSWER-d. The equivalent number of units is a
measure of work done on units and almost always differs from the actual number
of units. It is a number used to calculate the cost per unit and not the transfer of
actual units.
,The costs that are associated with units completed and transferred out this period
are the sum of which components?
a. The cost of beginning work-in-process inventory, both materials and conversion
cost, and the cost per equivalent unit required to complete those units in
beginning inventory
b. The cost of beginning work-in-process inventory, both materials and conversion
costs; the cost per equivalent unit required to complete those units in beginning
inventory; and the cost per equivalent unit of the items started and completed
this period, both materials and conversion costs
c. The cost per equivalent unit required to complete the units in beginning
inventory and the cost per equivalent unit of the items started and completed this
period, both materials and conversion costs.
d. Only the cost per equivalent unit of the items started and completed this
period, both materials and conversion costs. -ANSWER-b. Correct! It is these three
costs that make up the costs of the units transferred out to finished goods.
Which statement accurately describes the cost of goods transferred out?
a. The cost of goods transferred out to finished goods is the sum of the goods in
only one process but not in all periods.
b. The cost of goods transferred out to finished goods is the sum of the costs to
make the finished goods in all processes, both in the current or prior period.
, c. The cost of goods transferred out to finished goods is the sum of the costs to
make the finished goods in all processes only in the prior periods.
d. The cost of goods transferred out to finished goods is the sum of the costs to
make the finished goods in all processes only in the current period. -ANSWER-b.
Correct! The costs of all work performed on the finished goods, whether in the
current or prior periods. From all processes are the costs that are transferred to
finished goods inventory.
Which of the following statements summarizes how the cost of the ending work-
in-process inventory should be calculated?
a. The sum of the material costs for only the unfinished units.
b. The sum of the material costs plus the conversion costs for the units in
beginning work- in-process inventory
c. The sum of the material costs plus the conversion costs for the unfinished units
d. The sum of the material costs plus the conversion costs for the finished units -
ANSWER-c. Correct! The cost of the ending work-in-process inventory is
calculated by adding the material costs to the conversion costs for the unfinished
units.
Which of the following statements calculates the material's costs in the ending
work-in-process inventory at the end of the current period?
2026 WITH Recent Newest Verified And Well Analyzed Exam
Questions (Actual Exam 2026-2027) Correct Detailed & Verified
ANSWERS (100% Accurate Solutions) ALREADY GRADED A+||NEWEST
VERSION Of The Exam Guarantee Pass!!
Which of the following are transferred from work-in-process to finished goods
inventory?
a. Only the actual inventory items
b. Only the cost of the inventory items
c. Neither the actual goods nor the cost of the finished items
d. Actual inventory items and the costs of those inventory items -ANSWER-d. Both
the costs and the actual inventory items must be tracked through the process
costing system. When the items are 100% complete, the inventory would be
transferred to finished goods inventory at the costs that were expended to make
the inventory.
Which costs make up the work-in-process inventory costs in the processing
centers?
a. Direct materials and manufacturing overhead costs
b. Direct labor and manufacturing overhead costs
c. Direct materials and coversion costs
d. Direct materials and direct labor costs -ANSWER-c. Direct materials and
conversion costs, which are direct labor and manufacturing overhead costs, are
costs that make up the work-in-process inventory costs in processing centers.
,Which term is used for direct materials and conversion costs associated with
items started but not finished?
a. Finished goods inventory
b. Work-in-process inventory
c. Cost of goods sold
d. Direct labor -ANSWER-b
Which statement accurately describes the equivalent number of units?
a. The equivalent number of units is calculated by adding together the physical
goods placed in process during the current period with the physical goods in
ending inventory.
b. The equivalent number of units is calculated by adding together the physical
goods in beginning inventory to the physical goods placed in process during the
current period.
c. The equivalent number of units is always the same as the number of physical
units transferred to finished goods.
d. The equivalent number of units is not the same as the number of physical units
transferred to finished goods. -ANSWER-d. The equivalent number of units is a
measure of work done on units and almost always differs from the actual number
of units. It is a number used to calculate the cost per unit and not the transfer of
actual units.
,The costs that are associated with units completed and transferred out this period
are the sum of which components?
a. The cost of beginning work-in-process inventory, both materials and conversion
cost, and the cost per equivalent unit required to complete those units in
beginning inventory
b. The cost of beginning work-in-process inventory, both materials and conversion
costs; the cost per equivalent unit required to complete those units in beginning
inventory; and the cost per equivalent unit of the items started and completed
this period, both materials and conversion costs
c. The cost per equivalent unit required to complete the units in beginning
inventory and the cost per equivalent unit of the items started and completed this
period, both materials and conversion costs.
d. Only the cost per equivalent unit of the items started and completed this
period, both materials and conversion costs. -ANSWER-b. Correct! It is these three
costs that make up the costs of the units transferred out to finished goods.
Which statement accurately describes the cost of goods transferred out?
a. The cost of goods transferred out to finished goods is the sum of the goods in
only one process but not in all periods.
b. The cost of goods transferred out to finished goods is the sum of the costs to
make the finished goods in all processes, both in the current or prior period.
, c. The cost of goods transferred out to finished goods is the sum of the costs to
make the finished goods in all processes only in the prior periods.
d. The cost of goods transferred out to finished goods is the sum of the costs to
make the finished goods in all processes only in the current period. -ANSWER-b.
Correct! The costs of all work performed on the finished goods, whether in the
current or prior periods. From all processes are the costs that are transferred to
finished goods inventory.
Which of the following statements summarizes how the cost of the ending work-
in-process inventory should be calculated?
a. The sum of the material costs for only the unfinished units.
b. The sum of the material costs plus the conversion costs for the units in
beginning work- in-process inventory
c. The sum of the material costs plus the conversion costs for the unfinished units
d. The sum of the material costs plus the conversion costs for the finished units -
ANSWER-c. Correct! The cost of the ending work-in-process inventory is
calculated by adding the material costs to the conversion costs for the unfinished
units.
Which of the following statements calculates the material's costs in the ending
work-in-process inventory at the end of the current period?
