Details of this Paper

accounts problem with detailed solutions

Description

solution


Question

Question;41. Jersey Company has a process costing system in which it;uses the weighted-average method. The equivalent units for conversion costs for;the month were 47,500 units. The beginning work in process inventory consisted;of 15,000 units, 60% complete with respect to conversion costs. The ending work;in process inventory consisted of 10,000 units, 75% complete with respect to;conversion costs. The number of units started during the month was;A) 25,000 units;B) 34,000 units;C) 35,000 units;D) 40,000 units;42. Boswal Company uses the weighted-average method in its;process costing system. The Assembly Department started the month with 6,000;units in its beginning work in process inventory that were 80% complete with;respect to conversion costs. An additional 52,000 units were transferred in;from the prior department during the month to begin processing in the Assembly;Department. There were 18,000 units in the ending work in process inventory of;the Assembly Department that were 20% complete with respect to conversion;costs.;What were the equivalent units for conversion costs in the;Assembly Department for the month?;A) 43,600;B) 40,000;C) 38,800;D) 64,000;43. Jolly Company uses the weighted-average method in its;process costing system. Operating data for the Painting Department for the;month of April appear below;Units;Percent Complete with Respect to Conversion;Beginning work in process;inventory.............................;4,700;90%;Transferred in from the prior department during April..;59,700;Ending work in process;inventory..................................;7,300;80%;What were the equivalent units for conversion costs in the;Painting Department for April?;A) 62,940;B) 62,300;C) 65,540;D) 57,100;44. Parks Company uses the weighted-average method in its;process costing system. At the start of the year, the company had 5,000 units;in process in Department A that were 60% complete with respect to conversion;costs. At the end of the year, 6,500 units were in process, 40% complete with;respect to conversion costs. During the year, 30,000 units were completed and;transferred on to the next department. The equivalent units for conversion;costswould be;A) 32,600 units;B) 29,600 units;C) 33,000 units;D) 30,000 units;45. Bart Co. adds materials at the beginning of the process;in Department M. The company uses the weighted-average method in its process;costing system. The following information pertains to Department M's work in;process during April;Units;Work in process, April 1 (conversion 60% complete).....;3,000;Started in;April................................................................;25,000;Completed.......................................................................;20,000;Work in process, April 30 (conversion 75% complete)...;8,000;The equivalent units for conversion cost are;A) 26,000;B) 25,000;C) 24,200;D) 21,800;46. Fatas Corporation uses the weighted-average method in;its process costing system. The Assembly Department started the month with;8,000 units in its beginning work in process inventory that were 20% complete;with respect to conversion costs. An additional 95,000 units were transferred;in from the prior department during the month to begin processing in the;Assembly Department. During the month 102,000 units were completed in the;Assembly Department and transferred to the next processing department. There;were 1,000 units in the ending work in process inventory of the Assembly;Department that were 20% complete with respect to conversion costs.;What were the equivalent units for conversion costs in the;Assembly Department for the month?;A) 102,200;B) 100,600;C) 102,000;D) 88,000;47. Natiello Corporation uses the weighted-average method in;its process costing system. Operating data for the Lubricating Department for;the month of October appear below;Units;Percent Complete with Respect to Conversion;Beginning work in process;inventory......................................................;9,100;20%;Transferred in from the prior department during;October..................;38,500;Completed and transferred to the next department during;October;41,000;Ending work in process;inventory...........................................................;6,600;70%;What were the equivalent units for conversion costs in the;Lubricating Department for October?;A) 41,000;B) 43,120;C) 36,000;D) 45,620;48. Kew Company uses the weighted-average method in its;process costing system. The company had 3,000 units in work in process at April;1 that were 60% complete with respect to conversion cost. During April, 10,000;units were completed. At April 30, 4,000 units remained in work in process and;they were 40% complete with respect to conversion cost. Direct materials are;added at the beginning of the process. How many units were started during;April?;A) 9,000;B) 9,800;C) 10,000;D) 11,000;49. Pelican Corporation uses a weighted-average process;costing system to collect costs related to production. The following selected;information relates to production for March;Units completed and transferred out.........................;5,000;Units in work in process, March;31............................;800;Equivalent units;materials..........................................;5,800;Equivalent units, conversion;costs.............................;5,200;Materials;Conversion;Costs in work in process on March;1........................................;$ 2,900;$ 4,680;Costs added to production during;March................................;71,050;131,040;Total;cost.......................................................................................;$73,950;$135,720;All materials at Pelican are added at the beginning of the;production process. Conversion costs are incurred uniformly over the production;process. What total amount of cost should be assigned to the units in work in;process at the end of March?;A) $14,840;B) $15,420;C) $24,920;D) $25,860;50. Kwan Manufacturing Company uses a process costing;system. All materials at Kwan are added at the beginning of the production;process. For the month of October, equivalent units for materials were 40,000;under the weighted-average method and 36,000 under the FIFO method. Kwan's;costs for October were as follows;Cost in beginning work in process (October;1)......................................;$ 25,200;Cost added to production during;October.............................................;262,800;Total;cost.....................................................................................................;$288,000;What are Kwan?s equivalent costs per equivalent unit for;October formaterials under both process costing methods?;Weighted-Average;FIFO;A);$6.57;$8.00;B);$6.57;$7.30;C);$7.20;$8.00;D);$7.20;$7.30;51. Safia Corporation uses the weighted-average method in;its process costing system. The Fitting Department is the second department in;its production process. The data below summarize the department's operations in;March.;Units;Percent Complete with Respect to Conversion;Beginning work in process;inventory..........................................;3,300;40%;Transferred in from the prior department during;March.........;67,000;Ending work in process;inventory................................................;5,600;30%;The Fitting Department's cost per equivalent unit;forconversion costfor March was $4.70.;How much conversion cost was assigned to the units;transferred out of the Fitting Department during March?;A) $330,410.00;B) $314,900.00;C) $304,090.00;D) $297,886.00;52. The following data were taken from the accounting;records of the Mixing Department of Kappa Companywhich uses the;weighted-average method in its process costing system;Beginning work in process inventory;Cost..........................................................................................................;$19,000;Units.........................................................................................................;30,000 units;Percentage completion with respect to;materials.............................;100%;Percentage completion with respect to;conversion..........................;60%;Units completed and transferred;out......................................................;82,000 units;Cost per equivalent unit;Material...................................................................................................;$1.50;Conversion..............................................................................................;$0.75;The cost of units transferred outwas;A) $184,500;B) $149,500;C) $167,500;D) $145,000;53. Wit Company uses the weighted-average method in its;process costing system. Information for the month of May concerning Department;A, the first stage of the company's production process follows;Materials;Conversion;Work in process, beginning.........................................;$ 4,000;$ 3,000;Current costs;added.....................................................;20,000;16,000;Total;costs......................................................................;$24,000;$19,000;Equivalent units............................................................;100,000;95,000;Costs per equivalent;unit.............................................;$0.24;$0.20;Goods;completed..........................................................;90,000 units;Work in process;ending...............................................;10,000 units;Material costs are added at the beginning of the process.;The ending work in process is 50% complete with respect to conversion costs.;How would the costs be distributed?;Goods completed and transferred out;Ending work in process;A);$39,600;$3,400;B);$39,600;$4,400;C);$43,000;$0;D);$44,000;$3,400;54. Lap Company uses the weighted-average method in its;process costing system. The beginning work in process inventory in a particular;department consisted of 80,000 units, 100% complete with respect to materials;and 25% complete with respect to conversion costs. The total dollar value of;this inventory was $226,000. During the month, 150,000 units were transferred;out of the department. The costs per equivalent unit for the month were $2.00;for materials and $3.50 for conversion costs. The value of the units completed;and transferred out of the department was;A) $681,000;B) $765,000;C) $821,000;D) $825,000;55. Bly Company uses the weighted-average method in its;process costing system. During March, Bly Company's Department Y costs per;equivalent unit were as follows;Materials........................;$1;Conversion.....................;$3;Transferred-in................;$5;There were 4,000 units (40% complete with respect to;conversion cost and 0% complete with respect to materials cost) in Work in;Process at March 31. The total costs assigned to the March 31, Work in Process;inventory should be;A) $36,000;B) $28,800;C) $27,200;D) $24,800;56. The following information was provided by Fystro;Corporation for the month of March. Fystro uses the weighted-average method in;its process costing system.;Total cost transferred out during March..................;$74,000;Cost in Work in Process, March 1..........................;$12,000;Cost in Work in Process, March 31........................;$5,000;How much cost did Fystro add to production during March?;A) $57,000;B) $62,000;C) $67,000;D) $81,000;57. Rangan Corporation uses the weighted-average method in;its process costing system. The Molding Department is the second department in;its production process. The data below summarize the department's operations in;January.;Units;Percent Complete with Respect to Conversion;Beginning work in process inventory........................;2,100;50%;Transferred in from the prior department during;January......................................................................;76,000;Completed and transferred to the next department during;January....................................;74,200;Ending work in process;inventory..............................;3,900;70%;The Molding Department's cost per equivalent unit for;conversion cost for January was $3.91.;How much conversion cost was assigned to the ending work in;process inventory in the Molding Department for January?;A) $10,674.30;B) $15,249.00;C) $4,574.70;D) $4,105.50;Conversion costs in ending work in process inventory............;58. Merckley Company has a process costing system and uses;the FIFO method. For May, the company's beginning work in process inventory was;80% complete with respect to conversion, and the ending work in process;inventory was 50% complete with respect to conversion. Information on units;processed and conversion costs incurred during May follow;Units;Conversion Cost;Work in process inventory on May;1........................................;25,000;$22,000;Units started into production, and costs incurred during the;month.........................................................................................;135,000;$143,000;Units completed and transferred to finished goods during the;month..................................................................................;100,000;Work in process inventory on May;31.....................................;60,000;The amount of conversion cost in the ending work in process;inventory was;A) $33,000;B) $38,100;C) $39,000;D) $45,000;59. Doofus Music Company manufactures air guitars and uses a;FIFO process costing system to collect costs related to its production. Doofus;only accounts for conversion costs because the only direct material, air, has;no cost. The following information relates to September production;Number of units;Percent complete with respect to conversion costs;Work in process, September 1....................;20,000;20%;Units started into production......................;90,000;Work in process, September 30..................;8,000;75%;Conversion cost in work in process on September;1................................;$ 263,120;Conversion cost added to production during;September........................;5,262,400;Total;cost.........................................................................................................;$5,525,520;What amount of cost should Doofus assign to the units;(guitars) in work in process on September 30?;A) $125,580;B) $303,600;C) $318,780;D) $343,200;60. Edwin Company uses the FIFO method in its process;costing system. The first processing department, the Welding Department;started the month with 22,000 units in its beginning work in process inventory;that were 20% complete with respect to conversion costs. The conversion cost in;this beginning work in process inventory was $24,200. An additional 96,000;units were started into production during the month. There were 20,000 units in;the ending work in process inventory of the Welding Department that were 90%;complete with respect to conversion costs. A total of $585,900 in conversion;costs were incurred in the department during the month.;What would be the cost per equivalent unit for conversion;costs? (Round off to three decimal places.);A) $6.103;B) $5.170;C) $5.500;D) $5.250

 

Paper#40264 | Written in 18-Jul-2015

Price : $24
SiteLock