Search
Info
Warning
Danger

Study Resources (Accounting)

47) The following information is provided by Gibson Company: WIP inventory, January 1 0 units Units started 20,000 units Units completed and transferred out   17,500 units WIP inventory, December 31   2,500 units Direct materials $25,300 Direct labor $17,400 Manufacturing overhead $26,700 The units in ending WIP inventory were 85% complete for materials and 35% complete for conversion costs. Required A. What are.
1 Views
View Answer
39) Record the following process costing transactions in the general journal: a. Purchase of raw materials on account, $36,000 b. Requisition of direct materials to: Assembly Department, $16,000 Finishing Department, $8,000 c. Incurrence and payment of manufacturing labour, $44,000 d. Incurrence of manufacturing overhead costs: Property taxes–plant, $7,200 Utilities–plant, $18,000 Insurance–plant, $4,500 Depreciation–plant, $13,500 e. Assignment of conversion costs to the.
1 Views
View Answer
92) The Assembly Department of Zoom Auto Parts began June with 15,000 partially complete units in beginning work in process inventory. The beginning work in process inventory balance of $71,762 consisted of $31,286 of direct materials and $40,476 of conversion costs. During the month, production that cost $288,000 (direct materials,$115,500,.
1 Views
View Answer
31) On a production cost report, total equivalent units would appear: A)  before units in beginning WIP inventory. B) just before total costs accounted for at the end of the report. C) as part of unit output for the period. D) before units in ending WIP inventory. 32) On a production cost  report, current costs.
1 Views
View Answer
21) Brooks Corporation has two sequential processing departments: Assembly then Shaping.  The Shaping Department reports the following information. Conversion costs are applied evenly throughout the process. Beginning WIP inventory 6,000 units Transferred-in costs in beginning WIP inventory $108,000 Direct materials cost in beginning WIP inventory $26,500 Conversion costs in beginning WIP inventory $20,750 Units transferred-in 55,000 units Transferred-in costs $530,000 Units completed 50,000 Costs added: .
1 Views
View Answer
37) Record the following process costing transactions in the general journal: a. Purchase of raw materials on account, $18,000 b. Requisition of direct materials to: Assembly Department, $8,000 Finishing Department, $4,000 c. Incurrence and payment of manufacturing labour, $21,600 d. Incurrence of manufacturing overhead costs: Property taxes–plant, $3,800 Utilities–plant, $9,000 Insurance–plant, $2,200 Depreciation–plant, $6,800 e. Assignment of conversion costs to the.
1 Views
View Answer
91) The Assembly Department of Zoom Auto Parts began April with 10,000 partially complete units in beginning work in process inventory. The beginning work in process inventory balance of $48,762 consisted of $21,120 of direct materials and $27,642 of conversion costs. During the month, production that cost $192,000 (direct materials,$76,800,.
1 Views
View Answer
1) Total fixed costs change in response to changes in the volume of production. 2) Unit variable costs change as total production increases. 3) Mixed costs are part variable and part fixed. 4) Fixed costs per unit increase as production levels increase. 5) An expense such as advertising could be considered a discretionary fixed.
7 Views
View Answer
71) A pasta maker gives us their data for the year: WIP inventory, beginning 0 units Units started 7,200 units Units completed and transferred out 6,700 units WIP inventory, ending   500 units Direct materials $12,600 Direct labor $6,100 Manufacturing overhead $3,500 Units in ending WIP inventory were 100% complete for materials and 40% complete for conversion.
1 Views
View Answer
37) Bluetones Ltd. experienced the following activity in its Machining Department during June. Materials are added at the beginning of the machining process. Units: Work in process, June 1 (60% of the way through the process) 19,200 units Transferred in from the Casting Department during June 64,800 units Completed during June      ?     units Work in.
4 Views
View Answer
48) The following information is provided by Wilson Company: WIP inventory, January 1 0 units Units started 50,000 units Units completed and transferred out   37,500 units WIP inventory, December 31   3,000 units Direct materials $52,000 Direct labor $35,000 Manufacturing overhead $54,000 The units in ending WIP inventory were 65% complete for materials and 45% complete for conversion.
1 Views
View Answer
40) Record the following process costing transactions in the general journal: a. Purchase of raw materials on account, $72,000 b. Requisition of direct materials to: Assembly Department, $21,000 Finishing Department, $12,000 c. Incurrence and payment of manufacturing labour, $68,500 d. Incurrence of manufacturing overhead costs: Property taxes–plant, $16,000 Utilities–plant, $36,000 Insurance–plant, $8,500 Depreciation–plant, $27,500 e. Assignment of conversion costs to the.
1 Views
View Answer
93) The Assembly Department of Watts Speakers began April with 12,000 partially complete units in beginning work in process inventory. The beginning work in process inventory balance of $57,402 consisted of $25,056 of direct materials and $32,346 of conversion costs. During the month, production that cost $230,000 (direct materials,$92,000, and.
1 Views
View Answer
21) ABC produces ping-pong balls using a three-step sequential process that includes molding, coloring and finishing.  When the balls and associated costs are transferred from the molding process to the coloring process, which account is debited? A) WIP inventory-coloring B) WIP inventory-molding C) Raw materials inventory D) WIP inventory-finishing 22) ABC produces ping-pong balls using.
2 Views
View Answer
41) The following information is provided by Dart Manufacturing: WIP inventory, January 1 0 units Units started 5,000 Units completed and transferred out 2,000 WIP inventory, December 31 3,000 Direct materials $12,500 Direct labor $16,300 Manufacturing overhead $8,700 The units in ending WIP inventory were 90% complete for materials and 60% complete for.
1 Views
View Answer
36) Bright Lights Ltd. experienced the following activity in its Machining Department during September. Materials are added at the beginning of the machining process. Units: Work in process, September 1 (60% of the way through the process) 9,600 units Transferred in from the Casting Department during September 32,400 units Completed during September      ?     units Work.
3 Views
View Answer
51) Beginning WIP inventory is 12,500 units, 55% complete for materials.  During the month 80,000 units were started; 84,000 were finished; and ending WIP was 8,500 units that were 40% complete for materials.  How many equivalent units should be used to allocate costs for materials (assume as usual, that the.
1 Views
View Answer
32) Gamma Lights Ltd. experienced the following activity in its Machining Department during September. Materials are added at the beginning of the machining process. Units: Work in process, September 1 (80% of the way through the process) 9,600 units Transferred in from the Casting Department during September 32,400 units Completed during September      ?     units Work.
1 Views
View Answer
53) Wanda’s Sweet Buns collected the following production information relating to October’s baking operations: Physical Units Direct Materials (% Complete) Conversion Costs (% Complete) Beginning work in process 103,000 --- --- Ending work in process 78,000 55% 85% Units started during the month 507,500 Complete the first two steps in the process costing procedure: 1. Summarize the flow of physical units. 2. Compute output in terms of equivalent.
1 Views
View Answer
86) Direct materials are added at the beginning of the process and conversions costs are uniformly applied.  Other details include: WIP beginning (40% for conversion) 22,500 units Units started 130,000 units Units completed and transferred out 124,000 units WIP ending (60% for conversion) 28,500 units Beginning WIP direct materials $51,900 Beginning WIP conversion costs $20,174 Costs of materials added $430,000 Costs of conversion added $310,000 Required: A. .
1 Views
View Answer
30) Beta Tools Ltd. experienced the following activity in its Machining Department during November. Materials are added at the beginning of the machining process. Units: Work in process, November 1 (80% of the way through the process) 16,000 units Transferred in from the Casting Department during November 54,000 units Completed during November      ?     units Work in.
1 Views
View Answer
90) The Assembly Department of Zoom Auto Parts began April with no work in process inventory. During the month, production that cost $71,345 (direct materials, $27,825, and conversion costs, $43,520) was started on 52,000 units. Zoom completed and transferred to the Testing Department a total of 43,000 units. The ending.
1 Views
View Answer
87) The Assembly Department of Watts Speakers began November with no work in process inventory. During the month, production that cost $79,800 (direct materials, $19,800, and conversion costs, $60,000) was started on 46,000 units. Watts completed and transferred to the Testing Department a total of 30,000 units. The ending work.
1 Views
View Answer
38) Record the following process costing transactions in the general journal: a. Purchase of raw materials on account, $27,000 b. Requisition of direct materials to: Assembly Department, $12,000 Finishing Department, $8,000 c. Incurrence and payment of manufacturing labour, $32,500 d. Incurrence of manufacturing overhead costs: Property taxes–plant, $5,500 Utilities–plant, $13,500 Insurance–plant, $3,300 Depreciation–plant, $10,000 e. Assignment of conversion costs to the.
1 Views
View Answer
31) The entry to record the use of direct materials in production would include a: A) debit to WIP inventory. B) debit to raw materials inventory. C) debit to finished goods inventory. D) credit to finished goods inventory. 32) ABC produces ping-pong balls using a three-step process that includes molding, coloring and finishing.  Which of.
4 Views
View Answer
34) Sono Sounds Ltd. experienced the following activity in its Machining Department during April. Materials are added at the beginning of the machining process. Units: Work in process, April 1 (60% of the way through the process) 12,800 units Transferred in from the Casting Department during April 43,200 units Completed during April      ?     units Work.
1 Views
View Answer
89) The Assembly Department of Zoom Auto Parts began September with no work in process inventory. During the month, production that cost $136,719 (direct materials, $39,195, and conversion costs, $97,524) was started on 116,000 units. Zoom completed and transferred to the Testing Department a total of 103,000 units. The ending.
1 Views
View Answer
31) Beta Tools Ltd. experienced the following activity in its Machining Department during April. Materials are added at the beginning of the machining process. Units: Work in process, April 1 (80% of the way through the process) 12,800 units Transferred in from the Casting Department during April 43,200 units Completed during April      ?     units Work.
1 Views
View Answer
55) Henry’s Wagons collected the following production information relating to May’s assembly operations: Physical Units Direct Materials (% Complete) Conversion Costs (% Complete) Beginning work in process 42,000 --- --- Ending work in process 52,000 90% 35% Units started during the month 596,000 Complete the first two steps in the process costing procedure: 1. Summarize the flow of physical units. 2. Compute output in terms of equivalent units. (Hint:.
1 Views
View Answer
33) Gamma Lights Ltd. experienced the following activity in its Machining Department during June. Materials are added at the beginning of the machining process. Units: Work in process, June 1 (80% of the way through the process) 19,200 units Transferred in from the Casting Department during June 64,800 units Completed during June      ?     units Work.
1 Views
View Answer
21) Which of the following statements is TRUE with respect to variable costs per unit? A) They will decrease as production increases within the relevant range. B) They will increase as production decreases within the relevant range. C) They will remain the same as production levels change within the relevant range. D) They will.
3 Views
View Answer
61) The Adams Company uses a process system.  During the current period, 1,600 units were started and 1,200 units were completed and transferred out.  Ending units were 70% complete for materials and 35% complete for conversion costs.  Direct materials costs added were $32,500 and conversion costs added were $31,400.  There.
1 Views
View Answer
1) When units are transferred from Processing Department #1 to Processing Department #2, a debit is made to WIP-Processing Department #2 to reflect the transferred-in costs. 2) When units are transferred from Processing Department #1 to Processing Department #2, a credit is made to WIP-Processing Department #2 to reflect the transferred-in.
1 Views
View Answer
88) The Assembly Department of Watts Speakers began June with no work in process inventory. During the month, production that cost $68,595 (direct materials, $19,635, and conversion costs, $48,960) was started on 58,000 units. Watts completed and transferred to the Testing Department a total of 40,000 units. The ending work.
1 Views
View Answer
94) The Assembly Department of Watts Speakers began November with 18,000 partially complete units in beginning work in process inventory. The beginning work in process inventory balance of $85,014 consisted of $38,000 of direct materials and $47,014 of conversion costs. During the month, production that cost $350,715 (direct materials,$138,715, and.
1 Views
View Answer
35) Broadline Ltd. experienced the following activity in its Machining Department during April. Materials are added at the beginning of the machining process. Units: Work in process, April 1 (60% of the way through the process) 12,800 units Transferred in from the Casting Department during April 43,200 units Completed during April      ?     units Work in.
1 Views
View Answer
41) At Davide Corporation, direct materials are added at the beginning of the process and conversions costs are uniformly applied.  Other details include: WIP beginning (60% for conversion) 17,500 units Units started 114,500 units Units completed and transferred out 111,700 units WIP ending (30% for conversion) 20,300 units Beginning WIP direct materials $22,300 Beginning WIP conversion costs $19,700 Costs of materials added $370,000 Costs.
1 Views
View Answer
29) At Madson Distillery, direct materials are added at the beginning of the process and conversion costs are added               throughout the process.  Data for the finishing department follows: WIP, April 1 18,000 units Transferred-in costs in WIP, April 1 $96,200 Direct materials (100%) in WIP, April 1 $23,500 Conversion costs (65%) in WIP, April 1 $19,700 Units transferred-in 35,000 Transferred-in.
1 Views
View Answer
11) When calculating equivalent units in a second or later processing department, all physical units should be considered 50% complete with respect to transferred-in work and costs. 12) In a process costing system, the number of WIP inventories: A) equals the number of products produced. B) equals the number of production departments. C) equals.
1 Views
View Answer