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QUESTION 1 Keystone Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheets. The Rolling Department received 8,500 tons from the Casting Department. During the period the Rolling Department completed 7,900 tons, including 400 tons of work in process at the beginning of the period. The ending work in process inventory was 1,000 tons. How many tons were started and completed during the period? O 7,900 Tons O 8,500 tons 1,000 Tons 0 7,500 Tons QUESTION 2 The Rolling Department of Keystone Steel Company had 400 tons in beginning work in process inventory (20% complete). During the period 7,900 tons were completed. The ending work in process inventory was 1,000 tons (30% complete). What are the total equivalent units for direct materials if materials are added at the beginning of the process? O 7,900 Tons 8,500 Tons O 1,000 Tons O 8,900 Tons

QUESTION 1 Keystone Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheets. The Rolling Department received 8,500 tons from the Casting Department. During the period the Rolling Department completed 7,900 tons, including 400 tons of work in process at the beginning of the period. The ending work in process inventory was 1,000 tons. How many tons were started and completed during the period? O 7,900 Tons O 8,500 tons 1,000 Tons 0 7,500 Tons QUESTION 2 The Rolling Department of Keystone Steel Company had 400 tons in beginning work in process inventory (20% complete). During the period 7,900 tons were completed. The ending work in process inventory was 1,000 tons (30% complete). What are the total equivalent units for direct materials if materials are added at the beginning of the process? O 7,900 Tons 8,500 Tons O 1,000 Tons O 8,900 Tons

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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QUESTION 1 Keystone Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheets. The Rolling Department received 8,500 tons from the Casting Department. During the period the Rolling Department completed 7,900 tons, including 400 tons of work in process at the beginning of the period. The ending work in process inventory was 1,000 tons. How many tons were started and completed during the period? O 7,900 Tons O 8,500 tons 1,000 Tons 0 7,500 Tons
Transcribed Image Text:QUESTION 1 Keystone Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheets. The Rolling Department received 8,500 tons from the Casting Department. During the period the Rolling Department completed 7,900 tons, including 400 tons of work in process at the beginning of the period. The ending work in process inventory was 1,000 tons. How many tons were started and completed during the period? O 7,900 Tons O 8,500 tons 1,000 Tons 0 7,500 Tons
QUESTION 2 The Rolling Department of Keystone Steel Company had 400 tons in beginning work in process inventory (20% complete). During the period 7,900 tons were completed. The ending work in process inventory was 1,000 tons (30% complete). What are the total equivalent units for direct materials if materials are added at the beginning of the process? O 7,900 Tons 8,500 Tons O 1,000 Tons O 8,900 Tons
Transcribed Image Text:QUESTION 2 The Rolling Department of Keystone Steel Company had 400 tons in beginning work in process inventory (20% complete). During the period 7,900 tons were completed. The ending work in process inventory was 1,000 tons (30% complete). What are the total equivalent units for direct materials if materials are added at the beginning of the process? O 7,900 Tons 8,500 Tons O 1,000 Tons O 8,900 Tons
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