ACCT 505 Week 2 Quiz1. Assume there is no beginning work in process inventory and the ending work in process inventory is 100% complete with respect to materials costs. The number of equivalent units with respect to materials costs under the weighted-average method isThe same as the number of units put into production.Less than the number of units put into production.The same as the number of units completed.Less than the number of units completed2 Process costing would be appropriate for each of the following except:custom furniture manufacturing.oil refining.grain milling.newsprint production.3. Unizat Corporation uses the weighted-average method in its process costing system. The following information pertains to one of the company’s processing departments for a recent month:Units Material CostBeginning work in process 30,000 $22,000Started during the month 80,000 $72,000Units completed 85,000Ending work in process 25,000All materials are added at the beginning of the process. The cost per equivalent unit for materials is closest to: (Points : 5)$0.86$0.90$1.10$1.184 Which of the following accounts is debited when direct labor is recorded?Work in processSalaries and wages expenseSalaries and wages payableManufacturing overhead5. Stickles Corporation incurred $79,000 of actual Manufacturing Overhead costs during August. During the same period, the Manufacturing Overhead applied to Work in Process was $75,000. The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a: (Points : 5)debit to Manufacturing Overhead of $79,000.credit to Manufacturing Overhead of $79,000.credit to Work in Process of $75,000.debit to Work in Process of $75,000.6 Wedd Corporation had $35,000 of raw materials on hand on May 1. During the month, the company purchased an additional $68,000 of raw materials. During May, $92,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $5,000. The debits to the Work in Process account as a consequence of the raw materials transactions in May total:$92,000.$0.68,000.$87,000.1. Some companies use process costing and some use job-order costing. Which method a company uses depends on its industry. A number of companies in different industries are listed below:i. Custom boat builderii. Frozen cranberry juice processoriii. Concrete block manufactureriv. Winery that produces a number of varietal winesv. Aluminum refiner that makes aluminum ingots from bauxite ore For each company, indicate whether the company is most likely to use job-order costing or process costing.2 Job 827 was recently completed. The following data have been recorded on its job cost sheet: Direct materials$61,050Direct labor hours1,332 labor hoursDirect labor wage rate$14 per labor-hourMachine Hours1,480 machine hoursNumber of units completed3,700 unitsThe company applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $13 per machine-hour. Compute the unit product cost that would appear on the job cost sheet for this job.Direct materials $61,050+ Direct labor ($14 x 1332) $18,648+Mfg. Overhead ($13 x 1480) $19,240Total cost $98,938Unit product cost $98,938 / 3700 units $26.743. Auger Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company’s first processing department for a recent month.Work in process, beginning Units in process 700 Percent complete with respect to materials 80% Percent complete with respect to conversion 40%Costs in the beginning inventory: Materials cost $1,904 Conversion cost $8,624Units started into production during the month 29,000Units completed and transferred out 28,800Costs added to production during the month: Materials cost $104,044 Conversion cost $875,266Work in process, ending: Units in process 900 Percent complete with respect to materials 70% Percent complete with respect to conversion 20%Required:i. Determine the equivalent units of production.ii. Determine the costs per equivalent unit.iii. Determine the cost of ending work in process inventory.iv. Determine the cost of the units transferred to the next departmentWeighted-Average Method4 Hunsicker Corporation has provided the following data for the month of January:Inventories Beginning EndingRaw materials $30,000 $33,000Work In process $20,000 $18,000Finished goods $52,000 $60,000Additional InformationRaw material purchases $63,000Direct labor costs $92,000Manufacturing overhead cost incurred $75,000Indirect materials included in manufacturing overhead costs incurred $6,000Manufacturing overhead cost applied to work in process $69,000Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form.
https://writingexpert.net/wp-content/uploads/2020/07/W.E-logo.png 0 0 Paul https://writingexpert.net/wp-content/uploads/2020/07/W.E-logo.png Paul2020-09-12 02:33:212020-09-12 02:33:21ACCT 505 Week 2 Quiz1. Assume there is no beginning work in process inventory and the ending work in