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##### accounting problems with all solutions in detail

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Question;101. The total cost transferred from the;first processing department to the next processing department during the month;is closest to;A) $310,816;B) $262,800;C) $283,300;D) $253,655;102. The cost of;ending work in process inventory in the first processing department according;to the company's cost system is closest to;A) $57,162;B) $42,871;C) $29,648;D) $8,574;Use the following to answer questions 103-106;Cavalerio Corporation uses the weighted-average method in;its process costing system. This month, the beginning inventory in the first;processing department consisted of 700 units. The costs and percentage;completion of these units in beginning inventory were;Cost Percent Complete;Materials;costs $9,100 80%;Conversion;costs $5,400 25%;A total of 7,200 units were started and 6,400 units were;transferred to the second processing department during the month. The following;costs were incurred in the first processing department during the month;Materials;costs $96,700;Conversion;costs $180,700;The ending inventory was 80% complete with respect to;materials and 70% complete with respect to conversion costs.;Note: Your answers may differ from those offered below due;to rounding error. In all cases, select the answer that is the closest to the;answer you computed. To reduce rounding error, carry out all computations to at;least three decimal places.;103. How many units are in ending work in;process inventory in the first processing department at the end of the month?;A) 800;B) 1,500;C) 900;D) 6,500;104. What are the equivalent units for;conversion costs for the month in the first processing department?;A) 7,900;B) 7,450;C) 6,400;D) 1,050;105. The cost;per equivalent unit for materials for the month in the first processing;department is closest to;A) $12.72;B) $13.92;C) $13.39;D) $12.24;106. The total cost transferred from the;first processing department to the next processing department during the month;is closest to;A) $291,900;B) $307,318;C) $248,966;D) $277,400;Use the following to answer questions 107-109;Escoffier Corporation uses the weighted-average method in;its process costing system. This month, the beginning inventory in the first;processing department consisted of 500 units. The costs and percentage;completion of these units in beginning inventory were;Cost Percent Complete;Materials;costs $11,400 80%;Conversion;costs $2,200 10%;A total of 5,000 units were started and 4,400 units were;transferred to the second processing department during the month. The following;costs were incurred in the first processing department during the month;Materials;costs $112,200;Conversion;costs $178,400;The ending inventory was 85% complete with respect to;materials and 25% complete with respect to conversion costs.;Note: Your answers may differ from those offered below due;to rounding error. In all cases, select the answer that is the closest to the;answer you computed. To reduce rounding error, carry out all computations to at;least three decimal places.;107. What are the equivalent units for;conversion costs for the month in the first processing department?;A) 5,500;B) 4,675;C) 4,400;D) 275;108. The cost per equivalent unit for;materials for the month in the first processing department is closest to;A) $22.47;B) $23.17;C) $21.03;D) $20.40;109. The total cost transferred from the;first processing department to the next processing department during the month;is closest to;A) $304,200;B) $290,600;C) $271,916;D) $339,895;Use the following to answer questions 110-111;Fuchs Corporation uses the weighted-average method in its;process costing system. This month, the beginning inventory in the first;processing department consisted of 300 units. The costs and percentage;completion of these units in beginning inventory were;Cost Percent Complete;Materials;costs $4,800 65%;Conversion;costs $6,200 60%;A total of 9,100 units were started and 8,500 units were;transferred to the second processing department during the month. The following;costs were incurred in the first processing department during the month;Materials;costs $208,000;Conversion;costs $280,300;The ending inventory was 85% complete with respect to;materials and 15% complete with respect to conversion costs.;Note: Your answers may differ from those offered below due;to rounding error. In all cases, select the answer that is the closest to the;answer you computed. To reduce rounding error, carry out all computations to at;least three decimal places.;110. The total cost transferred from the;first processing department to the next processing department during the month;is closest to;A) $477,250;B) $527,782;C) $499,300;D) $488,300;111. The cost of ending work in process;inventory in the first processing department according to the company's cost;system is closest to;A) $50,532;B) $7,580;C) $22,050;D) $42,952;Use the following to answer questions 112-117;Guerin Corporation uses the weighted-average method in its;process costing system. This month, the beginning inventory in the first;processing department consisted of 300 units. The costs and percentage;completion of these units in beginning inventory were;Cost Percent Complete;Materials;costs $4,400 55%;Conversion;costs $2,200 35%;A total of 5,400 units were started and 4,800 units were;transferred to the second processing department during the month. The following;costs were incurred in the first processing department during the month;Materials;costs $120,000;Conversion;costs $92,500;The ending inventory was 80% complete with respect to;materials and 55% complete with respect to conversion costs.;Note: Your answers may differ from those offered below due;to rounding error. In all cases, select the answer that is the closest to the;answer you computed. To reduce rounding error, carry out all computations to at;least three decimal places.;112. How many units are in ending work in;process inventory in the first processing department at the end of the month?;A) 5,100;B) 300;C) 900;D) 600;113. What are;the equivalent units for materials for the month in the first processing;department?;A) 4,800;B) 5,700;C) 720;D) 5,520;114. What are the equivalent units for;conversion costs for the month in the first processing department?;A) 4,800;B) 5,295;C) 495;D) 5,700;115. The cost per equivalent unit for;materials for the month in the first processing department is closest to;A) $21.05;B) $21.82;C) $22.54;D) $21.74;116. The cost per equivalent unit for;conversion costs for the first department for the month is closest to;A) $16.61;B) $17.89;C) $18.78;D) $17.47;117. The cost of ending work in process;inventory in the first processing department according to the company's cost;system is closest to;A) $25,079;B) $36,379;C) $20,008;D) $29,103;118. The cost of ending work in process;inventory in the first processing department according to the company?s cost;system is closest to;A) $25,079;B) $36,379;C) $20,008;D) $29,103;Use the following to answer questions 119-124;Hall Corporation uses the weighted-average method in its;process costing system. Data concerning the first processing department for the;most recent month are listed below;Beginning;work in process inventory;Units;in beginning work in process inventory 500;Materials;costs $7,700;Conversion;costs $2,900;Percent;complete with respect to materials 75%;Percent;complete with respect to conversion 25%;Units;started into production during the month 6,700;Units;transferred to the next department during the month 5,900;Materials;costs added during the month $108,600;Conversion;costs added during the month $121,000;Ending;work in process inventory;Units;in ending work in process inventory 1,300;Percent;complete with respect to materials 65%;Percent;complete with respect to conversion 40%;Note: Your answers may differ from those offered below due;to rounding error. In all cases, select the answer that is the closest to the;answer you computed. To reduce rounding error, carry out all computations to at;least three decimal places.;119. What are the equivalent units for;materials for the month in the first processing department?;A) 845;B) 6,745;C) 7,200;D) 5,900;Solution;Equivalent units of production;Materials;Transferred to next department 5,900;Ending work in process (1,300 units ? 65% complete) 845;Equivalent units of production 6,745;120. What are the equivalent units for conversion;costs for the month in the first processing department?;A) 5,900;B) 6,420;C) 7,200;D) 520;121. The cost per equivalent unit for;materials for the month in the first processing department is closest to;A) $15.08;B) $16.15;C) $16.10;D) $17.24;122. The cost per equivalent unit for;conversion costs for the first department for the month is closest to;A) $20.27;B) $19.30;C) $18.85;D) $17.21;123. The total cost transferred from the;first processing department to the next processing department during the month;is closest to;A) $240,200;B) $263,095;C) $215,592;D) $229,600;124. The cost of ending work in process;inventory in the first processing department according to the company's cost;system is closest to;A) $47,503;B) $19,001;C) $24,604;D) $30,877

Paper#40298 | Written in 18-Jul-2015

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