Acme Company uses a process costing system. The company has only one processing department. At the end of the period, work in process inventory consists of 20,000 units that have a total cost of $26,000. The cost per equivalent unit is $2.00 for direct materials and $1.50 for conversion costs. With respect to direct materials, the units in ending work in process inventory are 20% complete. With respect to conversion costs, the units in ending work in process inventory are:   60% complete. 45% complete. 28.5% complete.   70% complete. None of the above

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Q: ANS.

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.