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Accounting Expert Answers & Study Resources : Page 473

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46) Silver Spoon Incorporated is a manufacturer of kitchen utensils. It produces all of its products in one department. The information for the current month is as follows: Beginning work-in-process37,500 units Units started55,000 units Units completed75,000 units Ending work-in-process14,500 units Spoilage3,000 units Beginning work-in-process direct materials$25,000 Beginning work-in-process conversion$ 10,000 Direct materials added during month$113,750 Direct manufacturing labour.

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  • 46) Silver Spoon Incorporated a manufacturer of kitchen utensils. It
  • Accounting
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17.5   Apply process-costing methods to report transferred-in costs. 1) Transferred-in costs are an allocated indirect cost in process costing. 2) Transferred in costs are costs which have been incurred in a preceding department. 3) An operation-costing system is a hybrid costing system, applied to batches of similar products. 4) Operation-costing captures the non-financial impact.

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  • 17.5   Apply process-costing methods to report transferred-in costs. 1) Transferred-in costs
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Use the information below to answer the following question(s). Waldorf Computer Systems, Inc. manufactures computer memory cards, and uses process-costing. All direct materials are added at the inception of the production process. The accounting department noted that there was no beginning inventory for January. Direct Materials purchases totalled $150,000 during the.

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  • Use the information below to answer the following question(s). Waldorf Computer
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20) Which of the following journal entries correctly represents the transfer of completed goods for the current period using the FIFO method of process costing? A) Finished Goods $10,560.28         Loss from Spoilage $10,560.28 B) Loss from Spoilage $5,026.80         Finished Goods $5,026.80 C) Finished Goods $311,500.00         Work-in-Process $311,500.00 D) Finished Goods $401,700.00         Work-in-Process $401,700.00 E) Finished Goods $322,224.20         Work-in-Process $322,224.20 21) Boss Cycle generally has spoiled goods.

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  • 20) Which of the following journal entries correctly represents the
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11) Conceptually transferred-in costs from another department are similar to A) direct labour. B) finished goods inventory. C) direct labour and materials. D) manufacturing overhead. E) materials provided by external suppliers. 12) An operation costing system would be applicable to A) batches of similar products where each batch is a variation of a single design. B) the construction.

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  • 11) Conceptually transferred-in costs from another department similar to A) direct
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22) Boutin Company uses a job costing system. During October, the following costs are incurred on Job 110 to manufacture 200 motors: Original costs: Direct materials$6,600 Direct manufacturing labour8,000 Manufacturing overhead allocated (150% of direct manufacturing labour)12,000 Total $26,600 Direct cost of reworking 10 motors: Direct materials$1,000 Direct manufacturing labour1,600 Total$2,600 Required: a.Prepare the journal entry to record the rework costs, assuming.

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  • 22) Boutin Company uses a job costing system. During October,
  • Accounting
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21) Costs incurred when preparing and issuing purchase orders are included in which of the following categories? A) carrying costs B) ordering costs C) purchasing costs D) stockout costs E) stockin costs 22) An important component in several of the cost categories which are not typically recorded in accounting systems is A) labour costs. B) opportunity costs. C) ordering.

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  • 21) Costs incurred when preparing and issuing purchase orders included
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38) Viking Sports is a manufacturer of sport swear. It produces all of its products in one department. The information for the current month is as follows: Beginning work-in-process20,000 units Units started40,000 units Units completed50,000 units Ending work-in-process8,000 units Spoilage2,000 units Beginning work-in-process direct materials$12,000 Beginning work-in-process conversion$4,000 Direct materials added during month$60,000 Direct manufacturing labour during month$20,000 Beginning work-in-process.

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  • 38) Viking Sports a manufacturer of sport swear. It produces
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21) Which of the following is the correct journal entry if the scrap created by Job 124 is subsequently used by another job? A) Materials Control 90     Manufacturing Overhead Control 90 B) Work-in-Process Control 90     Manufacturing Overhead Control 90 C) Manufacturing Overhead Allocated 90     Manufacturing Overhead Control 90 D) Work-in-Process Control 90     Manufacturing Overhead Allocated 90 E) Work-in-Process Control 90     Materials Control 90 .

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  • 21) Which of the following the correct journal entry if
  • Accounting
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