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Study Resources (Accounting)

129) At Sunrise Corporation, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details include: WIP beginning (50% for conversion) 19,200 units Units started 120,500 units Units completed and transferred out 116,700 units WIP ending (60% for conversion) 23,000 units Beginning WIP direct materials $35,000 Beginning WIP conversion costs $22,500 Costs of materials added $384,100 Costs.
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81) The following information is provided by Bynes Company: WIP inventory, January 1 0 units Units started 23,000 units Units completed and transferred out 20,000 units WIP inventory, December 31 3,000 units Direct materials $22,400 Direct labor $16,500 Manufacturing overhead $27,200 The units in ending WIP inventory were 85% complete for materials and 25% complete for conversion costs. Required: a.What are the.
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232) The document many process costing companies use to summarize the entire five-step process on one schedule is called the A) conversion report. B) income costing statement. C) bill of materials. D) production cost report. 233) In a process costing system, the number of WIP inventories A) equals the number of production departments. B) equals the number.
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171) Regression analysis is found by using only the two data points of the highest and lowest volume. 172) The intercept-coefficient in regression analysis yields the fixed cost portion of the total costs. 173) The X Variable 1 Coefficient in regression analysis yields the variable cost per unit of activity. 174) An R-square.
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202) When the units are sold, Cost of Goods Sold is credited. 203) Fun Stuff Manufacturing 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 coloring process to the finishing process, which account is credited? A).
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139) At Onyx Incorporated, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details include: WIP beginning (70% for conversion) 15,200 units Units started 150,000 units Units completed and transferred out 120,000 units WIP ending (50% for conversion) 45,200 units Beginning WIP direct materials $52,500 Beginning WIP conversion costs $25,200 Costs of materials added $443,100 Costs.
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128) Using account analysis, what type of cost is the monthly cost of a storage locker used for holding old records? A) Fixed B) Mixed C) Variable D) Step 129) Using account analysis, what type of cost is a community activity pass that costs $80 plus $15.00 per event? A) Fixed B) Step C) Mixed D) Variable 130) Manufacturing overhead.
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102) The following data pertain to costs at Summit Company: Total fixed costs $300,000 Total variable costs $ 75,000 Production level 20,000 units The variable cost per unit is A) $ 3.75. B) $15.00. C) $18.75. D) $11.25. 103) The following data pertain to costs at Summit Company: Total fixed costs $300,000 Total variable costs $ 75,000 Production level 20,000 units The fixed cost per.
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31) In process costing, manufacturing costs are usually combined into two categories: direct materials and conversion costs. 32) Conversion costs are generally added evenly throughout a process. 33) Equivalent units express the amount of work done during a period in terms of partially completed units. 34) Equivalent units should be computed separately for.
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107) The controller for Andy's Bicycles has gathered the following cost and activity level information: Average total cost per unit $ 225.00 Production level used to calculate average cost 1,000 Total fixed costs $ 80,000 a.What is the total cost of producing 1,000 racing bicycles? b.What is the variable cost of producing.
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169) A tennis ball maker gives us its data for the year: WIP inventory, beginning 0 units Units started 8,500 units Units completed and transferred out 5,600 units WIP inventory, ending 2,900 units Direct materials $14,778 Direct labor $6,500 Manufacturing overhead $5,611 Units in ending WIP inventory were 90% complete for materials and 60% complete for conversion costs. On December 31,.
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212) A transfer of $30,000 from the assembly department to the packaging department would require the entry of a A) debit to finished goods inventory. B) debit to WIP inventory-assembly. C) credit to WIP inventory-assembly. D) credit to raw materials inventory. 213) What would be included in the entry to record actual manufacturing overhead costs.
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134) Describe the scattergraph method. Discuss the advantages and disadvantages of using the scattergraph method. 135) When using the high-low method, the slope of the mixed cost line is fixed cost per unit. 136) When using the high-low method, fixed costs and variable costs appear in the same cost equation. 137) The high-low.
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181) Direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details include: WIP beginning (50% for conversion) 28,400 units Units started 124,000 units Units completed and transferred out 107,000 units WIP ending (50% for conversion) 45,400 units Beginning WIP direct materials $53,200 Beginning WIP conversion costs $19,600 Costs of materials added $442,100 Costs of conversion added $304,650 Required: a.What.
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150) Tasty Treats is a snow cone stand near the local park. To plan for the future, Tasty Treats wants to determine its cost behavior patterns. It has the following information available about its operating costs and the number of snow cones served. Month Number of snow cones Total operating costs January 6,400 $5,980 February 7,000 $6,400 March 6,200 $5,840 April 6,900 $6,330 May 7,600 $6,820 June 7,250 $6,575 The variable cost.
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242) Brambles 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 8,000 unit Transferred-in costs in beginning WIP inventory $110,200 Direct materials cost in beginning WIP inventory $24,500 Conversion costs in beginning WIP inventory $22,750 Units transferred-in 57,000 units Transferred-in costs $546,300 Units completed 52,000 Costs.
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119) For which of the following do we prepare calculations for equivalent units? A) Both direct labor and manufacturing overhead B) Both direct materials and conversion costs C) Both direct labor and direct materials D) Neither direct materials nor conversion costs 120) What are the ending inventory equivalent units for materials if 15,500 units are.
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108) The high-low method is theoretically better than regression analysis because the high-low method uses more data points than regression analysis. 109) When performing account analysis, managers decide how to classify each account as a variable, fixed or mixed cost. 110) Rent on a factory building would likely be classified as a.
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159) The following information is provided by Galloway Company: WIP inventory, January 1 0 units Units started 22,000 units Units completed and transferred out 9,000 units WIP inventory, December 31 13,000 units Direct materials $26,500 Direct labor $12,500 Manufacturing overhead $12,000 The units were 80% complete for materials and 30% complete for conversion costs. How much are the total costs for.
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21) Process costing is most likely used in which of the following industries? A) Chemicals B) Aircraft C) Construction D) Printing 22) Process costing is most likely used in which of the following industries? A) Pharmaceuticals B) Health Care C) Shipbuilding D) Construction 23) Process costing would likely be used by which of the following? A) Clear Channel Advertising B) PIP.
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252) Baron 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 8,000 unit Transferred-in costs in beginning WIP inventory $110,20 Direct materials cost in beginning WIP inventory $24,500 Conversion costs in beginning WIP inventory $22,750 Units transferred-in 57,000 units Transferred-in costs $546,300 Units completed 52,000 Costs.
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170) The following is information about the units produced and the total manufacturing costs for Rose's Rug Company for the past six months. Month Number of units produced Total manufacturing costs January 28,700 $61,400 February 31,000 $66,000 March 25,500 $55,000 April 26,000 $56,000 May 30,000 $64,000 June 29,000 $62,000 Rose's Rug Company uses the high-low method to estimate its costs. Answer the following questions: a.What is the.
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169) McCartney Services has a customer website to take orders, answer customer questions, and address customer complaints. The costs associated with this customer website over the past six months are listed below: Month Customer website costs Number of website hits January $8,960 11,600 February $8,762 11,270 March $9,032 11,720 April $8,942 11,570 May $8,420 10,700 June .
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41) In a mass-production environment, direct labor is usually a relatively small component of the total manufacturing costs. 42) Companies that use automated production processes often condense the three manufacturing costs into two categories: Direct materials and Conversion costs. 43) Companies that use automated production processes often condense the three manufacturing costs.
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89) The production equivalent unit report summarizes all costs. 90) If a company has no ending work in process inventory, it does not need to use the 5-step process costing procedure to determine the cost of making one unit. 91) If a company has ending work in process inventory it must use.
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149) During a period, 38,200 units were completed and 4,200 units were in ending WIP inventory. Ending WIP was 75% complete for direct materials and 50% complete for conversion costs. What are the equivalent units for conversion costs? A) 40,300 B) 41,350 C) 42,400 D) 21,200 150) During a period, 38,200 units were completed and.
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41) Selected financial data for Spark Enterprises follows for a production level of 120,000 units: Total fixed costs $ 300,000 Total costs (fixed and variable) $ 450,000 a.Calculate the variable cost per unit. b.If Flash Corporation makes 75,000 units, calculate the fixed cost per unit. c.If Flash Corporation makes 160,000 units, calculate the total variable costs. d..
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61) If conversion costs are added evenly throughout the production process, and the units have made it 50% of the way through the production process, then the percentage completion for conversion costs is A) 0%. B) 50%. C) 100%. D) none of the above. 62) A company uses a process system. The number of equivalent.
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83) The following information is provided by Mel Company: WIP inventory, January 1 0 units Units started 23,000 units Units completed and transferred out 18,000 units WIP inventory, December 31 5,000 units Direct materials $22,400 Direct labor $16,500 Manufacturing overhead $27,200 The units in ending WIP inventory were 90% complete for materials and 25% complete for conversion costs. Required: a.  What are.
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31) For most businesses, annual straight line depreciation expense on the company's building is what type of cost? A) Variable B) Mixed C) Fixed D) Step 32) Total fixed costs for Taylor Incorporated are $240,000. Total costs, including both fixed and variable, are $500,000 if 125,000 units are produced. The variable cost per unit is A).
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182) In process costing, there is only one Work in Process Inventory account for all of the individual processing departments. 183) 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. 184) When units are transferred from.
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