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Accounting Expert Answers & Study Resources : Page 727

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41.Conversion and direct materials are generally both added at the end of the production process. a.True b.False 42.Gilbert Corporation had 25,000 finished units and 8,000 units 35% complete.  The equivalent units totaled 30,200. a.True b.False 43.The last step in the preparation of a cost of production report is the calculation of equivalent units of production. a.True b.False 44.Equivalent units.

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  • 41.Conversion and direct materials generally both added at the end
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141.  Technics Inc., a manufacturing company, utilizes job order costing.  Each division establishes its own estimatesregarding overhead, which are as follows: Division A Division B Total estimated overhead $128,000 $261,000 Total estimated machine hours 16,000 72,500 Total estimated direct labor costs $155,000 $290,000 Required: If Division A allocates overhead on the basis of machine hours, and Division B allocates overhead as a percentageof.

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  • 141.  Technics Inc., a manufacturing company, utilizes job order costing. 
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71.Which of the following would use a process costing system? a.a custom home builder b.a custom furniture manufacturer c.a wedding dress designer d.a lumber mill 72.Which of the following is nota characteristic of a process cost system? a.manufacturing costs are grouped by departments b.the system may use several work in process accounts c.the system measures costs for each.

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  • 71.Which of the following would use a process costing system? a.a
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119.The following budget data are available for Sharp Company: Estimated direct labor hours12,000 Estimated direct labor dollars$90,000 Estimated factory overhead costs$180,000 Actual direct labor hours11,500 Actual direct labor dollars$92,000 Actual factory overhead costs$181,000 If factory overhead is applied based on direct labor hours, the amount of overhead to be applied is a. $180,000 b. $181,000 c. $172,500 d. $184,000 Adams Company is.

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  • 119.The following budget data available for Sharp Company: Estimated direct labor
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Match each of the following phrases with the term (a-g) that it most closely describes. a.  job order cost system b.  process cost system c.  activity-based costing d.  underapplied overhead e.  overapplied overhead f.   finished goods ledger g.  materials ledger 142.  a system that uses a different overhead rate for each activity 143.  a subsidiary ledger that maintains a.

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  • Match each of the following phrases with the term (a-g)
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109.For a manufacturing business, products that are in the process of being manufactured are referred to as a.supplies inventory b.work in process inventory c.finished goods inventory d.direct materials inventory 110.The journal entry to record the purchase of $45,000 of raw materials is a. Materials Accounts Receivable45,000 45,000 b. Materials Accounts Payable45,000 45,000 c. Inventory Accounts Receivable45,000 30,000 d. Inventory Cash45,000 45,000 111.The journal entry to record the transfer.

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  • 109.For a manufacturing business, products that in the process of
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141.  Cranston Company estimates the following overhead costs for the coming year: Equipment depreciation $160,000 Equipment maintenance 60,000 Supervisory salaries 40,000 Factory rent 100,000 Total $360,000 Cranston is also budgeting $600,000 in direct labor costs and 15,000 machine hours for the coming year. Required: a.  Calculate the predetermined overhead rate using direct labor costs as the allocation base. b.  Calculate the predetermined overhead rate.

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  • 141.  Cranston Company estimates the following overhead costs for the
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141.  At the end of the period, Carson Company had the following balances in selected accounts: Materials $80,000 Finished goods 190,000 Work in process 70,000 Cost of goods sold 1,000,000 Factory overhead 30,000 Required: a.  The factory overhead balance is relatively small, prepare the journal entry to close the FactoryOverhead account assuming a debit balance. What does a debit balance mean? b.  The.

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  • 141.  At the end of the period, Carson Company had
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51.A process cost accounting system records all actual factory overhead costs directly in the Work in Processaccount. a.True b.False 52.The entry to transfer goods in process from Department X to Department Y includes a debit to Work in Process—Department X. a.True b.False 53.All costs of the processes in a process costing system ultimately pass through the.

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  • 51.A process cost accounting system records all actual factory overhead
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145.  Austin Co. manufactures a product called Aster in a three-process series. All materials are introduced at thebeginning of the first process. Austin uses the first-in, first-out method of inventory costing. Unit and cost data forthe first process (Department A) for the month of December follow: Units Completion Cost Work in process inventory: December1 12,000 60% $140,400 December31 5,000 40% ? Started in.

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  • 145.  Austin Co. manufactures a product called Aster in a
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141.  Define and discuss the two main types of cost accounting systems for manufacturing operations. What are theirsimilarities and differences? 142.  Record the journal entries for the following transactions: 1.                   March 10: 500 units of raw materials were purchased on account at $4.00 per unit. 2.                   March 15: 250 units of raw materials.

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  • 141.  Define and discuss the two main types of cost
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145.  Stevens Company's inventory on March 1 and the costs charged to Work in Process—Department B during Marchare as follows: Beginning work in process, 12,000 units, 60% completed $ 62,400 From Department A, 55,000 units started this period Direct materials added 115,500 Direct labor incurred 384,915 Factory overhead incurred 138,000 During March, all direct materials were transferred from Department A,.

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  • 145.  Stevens Company's inventory March 1 and the costs charged
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101.The number of equivalent units produced with respect to conversion costs is a. 50,200 b. 48,000 c. 53,000 d. 47,200 102.The number of equivalent units produced with respect to direct materials costs is a. 48,000 b. 49,000 c. 43,000 d. 53,000 Carmelita Inc., has the following information available: Costs from Beginning InventoryCosts from current Period Direct materials2,000$ 22,252 Conversion costs6,200150,536 103.At the beginning of.

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  • 101.The number of equivalent units produced with respect to conversion
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11.Custom-made goods would be accounted for using a process costing system. a.True b.False 12.In a process costing system, a separate work in process inventory account is maintained for each customer’s job. a.True b.False 13.In a process cost system, product costs are accumulated by processing department rather than by job. a.True b.False 14.Conversion costs include materials, direct labor, and factory.

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  • 11.Custom-made goods would be accounted for using a process costing
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145.  Information for the Nichols Manufacturing Company for the month of May is as follows: Beginning work in process: Cost of Inventory at process, May1 $5,010 Units, 800 Direct materials, 100% complete Conversion costs, 70% complete Units started in May, 14,000 Ending work in process inventory: Costs charged to Work in Process during May: Units, 1,500 Direct materials costs, $57,400 Direct materials,.

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  • 145.  Information for the Nichols Manufacturing Company for the month
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145.  Everett Company's inventory at December 31, and the costs charged to Work in Process—Department B duringDecember are as follows: 500 units, 60% completed $ 3,460 From Department A, 10,000 units 36,300 Direct labor 7,960 Factory overhead 12,500 During December, all direct materials are transferred from Department A, the units in process at December 1were completed. Of the 10,000.

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  • 145.  Everett Company's inventory at December 31, and the costs
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145.  Erin Company's inventory at December 1, and the costs charged to Work in Process—Department B during December are as follows: 1,200 units, 40% completed $ 47,800 From Department A, 26,000 units 845,000 Direct labor 312,000 Factory overhead 176,770 During December, all direct materials are transferred from Department A, the units in process at December 1were completed, and of the.

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  • 145.  Erin Company's inventory at December 1, and the costs
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Match the costs that follow to the type of product cost (a-c) or designate as not a product cost (d). a.  direct labor b.  direct materials c.  factory overhead d.  not a product cost 142.  factory depreciation 143.  president’s salary 144.  salesmen commissions 145.  wood 146.  factory supervisor’s salary 147.  assembler’s wages 148.  plastic parts 149.  machine operator 150.  maintenance supplies .

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  • Match the costs that follow to the type of product
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145.  Job order manufacturing and process manufacturing are two major costing systems used in manufacturing.  Brieflycontrast the characteristics of these two systems. 146.  Explain the concept of equivalent units.  Give an example to validate your explanation. 147.  Which of the following businesses would normally use job order costing systems and which would.

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  • 145.  Job order manufacturing and process manufacturing two major costing
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145.  Kramer Company started its production operations on August 1.  During August, the Printing Departmentcompleted 17,600 units.  There were 4,400 units in ending inventory which were 80% complete with respect tomaterials and 10% complete with respect to conversion costs.  During August, the department accumulatedmaterials costs of $45,408 and conversion costs.

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  • 145.  Kramer Company started its production operations August 1.  During
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141.  Present entries to record the following summarized operations related to production for a company using a job ordercost system: (a) Materials purchased on account $176,000 (b) Prepaid expenses incurred on account 12,200 (c) Materials requisitioned: For production orders 153,700 For general factory use 2,700 (d) Factory labor used: On production orders 141,300 For general factory purposes 12,000 (e) Depreciation on factory equipment 37,000 (f) Expiration of prepaid expenses, chargeable to factory 6,100 (g) Factory.

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  • 141.  Present entries to record the following summarized operations related
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1.Process manufacturing usually reflects a manufacturer that produces small quantities of unique items. a.True b.False 2.Process cost systems use job order cost cards to accumulate cost data. a.True b.False 3.Both process and job order cost systems maintain perpetual inventory accounts with subsidiary ledgers. a.True b.False 4.If the principal products of a manufacturing process are identical, a process cost system.

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  • 1.Process manufacturing usually reflects a manufacturer that produces small quantities
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61.For which of the following businesses would a process cost system be appropriate? a.Boat repair service b.Shampoo manufacturer c.Dressmaker d.Custom furniture manufacturer 62.Process and job order cost systems are similar in all of the following ways except a.both accumulate product costs—direct materials, direct labor, and factory overhead b.both allocate product cost to units produced c.both maintain perpetual inventories d.both.

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  • 61.For which of the following businesses would a process cost
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131.Mocha Company manufactures a single product by a continuous process, involving three production departments.The records indicate that direct materials, direct labor, and applied factory overhead for Department 2 were$100,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, andapplied factory overhead for Department 3 were $50,000,.

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  • 131.Mocha Company manufactures a single product by a continuous process,
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145.  The cost per equivalent units of direct materials and conversion in the Bottling Department of Beverages on JoltCompany is $0.47 and $0.15, respectively. The equivalent units to be assigned costs are as follows. Direct Materials Conversion Inventory in process, beginning of period 0 3,000 Started and completed during the period 52,000 52,000 Transferred out of Bottling (completed) 52,000 55,000 Inventory in.

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  • 145.  The cost per equivalent units of direct materials and
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