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Question;Use the following to answer questions 151-152;Bettie Corporation uses a weighted-average process costing;system to collect costs related to production. The following selected;information relates to production for October;Materials;Conversion;Units completed and transferred out........................................;50,000;50,000;Equivalent units: work in process, October;31........................;10,000;4,000;Total equivalent;units..................................................................;60,000;54,000;Materials;Conversion;Costs in work in process on October;1......................................;$ 9,000;$ 5,400;Costs added to production during;October..............................;243,000;513,000;Total;cost.......................................................................................;$252,000;$518,400;All materials at Bettie are added at the beginning of the;production process.;151. What total amount of cost should be assigned to the units;completed and transferred out during October?;A) $642,000;B) $677,500;C) $690,000;D) $691,900;152. What total amount of cost should be assigned to the;units in work in process on October 31?;A) $78,500;B) $80,400;C) $135,500;D) $138,000;Use the following to answer questions 153-154;(Appendix 4A) Owens Company uses a process costing system.;For March, the beginning work in process inventory consisted of 60,000 units;that were 60% complete with respect to processing. The ending work in process;inventory for the month consisted of units that were 20% complete with respect;to processing. A summary of unit and cost data for the month follows;Units;Processing Cost;Work in process inventory on March 1....................;60,000;$35,000;Units started into production and costs incurred during the;month......................................................;190,000;$700,000;Units completed and transferred out........................;200,000;153. Assuming that Owens Company uses the weighted-average;method, which of the following is closest to the cost per equivalent unit for;processing cost for March?;A) $4.08;B) $3.87;C) $3.68;D) $3.50;154. Assuming that Owens Company uses the FIFO method, which;of the following is closest to the cost per equivalent unit for processing cost;for March?;A) $3.23;B) $3.98;C) $4.02;D) $4.22;Use the following to answer questions 155-156;The following information relates to the Assembly Department;of Jataca Corporation for the month of November. Jataca uses a weighted-average;process costing system. All materials at Jataca are added at the beginning of;the production process.;Number of Units;Percent Complete with Respect to Conversion;Work in process, November 1....................;4,000;40%;Units started into production......................;317,000;Work in process, November 30..................;10,000;90%;On November 1, the work in process inventory account;contained $6,400 of material cost and $4,400 of conversion cost. Cost per;equivalent unit for November was $1.50 for materials and $2.80 for conversion;costs.;155. What total amount of cost should be assigned to the;units transferred out during November?;A) $1,337,300;B) $1,348,100;C) $1,369,500;D) $1,380,300;156. What total amount of cost should be assigned to the;units in work in process on November 30?;A) $17,800;B) $38,700;C) $40,200;D) $43,000;Use the following to answer questions 157-162;(Appendix 4A) Moureaux Corporation uses the FIFO 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..................................;600;Materials;costs......................................................................................;$7,800;Conversion costs...................................................................................;$10,700;Percent complete with respect to;materials......................................;65%;Percent complete with respect to;conversion...................................;50%;Units started into production during the;month..................................;5,700;Units transferred to the next department during the;month.............;5,000;Materials costs added during the;month..............................................;$92,400;Conversion costs added during the;month...........................................;$160,000;Ending work in process inventory;Units in ending work in process;inventory........................................;1,300;Percent complete with respect to;materials......................................;70%;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.;157. What are the equivalent units for materials for the;month in the first processing department?;A) 910;B) 5,520;C) 6,300;D) 4,400;158. What are the equivalent units for conversion costs for;the month in the first processing department?;A) 520;B) 6,300;C) 4,400;D) 5,220;159. The cost per equivalent unit for materials for the;month in the first processing department is closest to;A) $20.00;B) $14.67;C) $16.74;D) $18.48;160. The cost per equivalent unit for conversion costs for;the first department for the month is closest to;A) $30.65;B) $32.18;C) $32.00;D) $35.67;161. The total cost transferred from the first processing;department to the next processing department during the month is closest to;A) $270,900;B) $252,400;C) $239,726;D) $298,557;162. The cost of ending work in process inventory in the;first processing department according to the company's cost system is closest;to;A) $61,607;B) $24,643;C) $31,171;D) $43,125;(Appendix 4A) Prochino Corporation uses the FIFO 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..............................................;900;Materials;costs..................................................................................................;$9,500;Conversion;costs..............................................................................................;$4,100;Percent complete with respect to;materials.................................................;75%;Percent complete with respect to;conversion..............................................;25%;Units started into production during the;month..............................................;9,800;Units transferred to the next department during the;month.........................;8,600;Materials costs added during the;month..........................................................;$112,900;Conversion costs added during the;month......................................................;$143,000;Ending work in process inventory;Units in ending work in process;inventory...................................................;2,100;Percent complete with respect to;materials.................................................;80%;Percent complete with respect to;conversion..............................................;45%;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.;163. What are the equivalent units for materials for the;month in the first processing department?;A) 1,680;B) 9,605;C) 10,700;D) 7,700;164. The cost per equivalent unit for conversion costs for;the first department for the month is closest to;A) $18.22;B) $16.63;C) $15.34;D) $16.11;165. The total cost transferred from the first processing;department to the next processing department during the month is closest to;A) $255,900;B) $269,500;C) $235,249;D) $289,938;Use the following to answer questions 166-167;(Appendix 4A) Malmedy Company uses the FIFO method in its;process costing system. The following data pertain to operations in the first;processing department for a recent month;Work in process, beginning;Units in;process.............................................................................................;?;Percent complete with respect to;materials.............................................;75%;Percent complete with respect to;conversion..........................................;50%;Costs in the beginning inventory;Materials;cost................................................................................................;$2,300;Conversion;cost............................................................................................;$3,600;Units started into production during the;month..........................................;25,200;Units completed and transferred out during the;month............................;24,000;Costs added to production during the month;Materials;cost................................................................................................;$98,750;Conversion;cost............................................................................................;$220,500;Work in process, ending;Units in;process.............................................................................................;2,000;Percent complete with respect to;materials.............................................;80%;Percent complete with respect to;conversion..........................................;45%;166. How many units were in the beginning work in process;inventory?;A) 600 units;B) 1,000 units;C) 800 units;D) 1,400 units;167. What was the cost per equivalent unit for materials;during the month?;A) $3.95;B) $4.50;C) $2.00;D) $5.00;Use the following to answer questions 168-169;(Appendix 4A) Quochang Corporation uses the FIFO 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...................................;400;Materials costs.......................................................................................;$6,900;Conversion;costs....................................................................................;$6,900;Percent complete with respect to;materials.......................................;60%;Percent complete with respect to;conversion....................................;35%;Units started into production during the;month...................................;5,700;Materials costs added during the;month...............................................;$142,800;Conversion costs added during the;month............................................;$242,800;Ending work in process inventory;Units in ending work in process;inventory.........................................;900;Percent complete with respect to;materials.......................................;70%;Percent complete with respect to;conversion....................................;45%;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.;168. How many units were started AND completed during the;month in the first processing department?;A) 5,200;B) 4,800;C) 6,100;D) 5,700;169. The cost per equivalent unit for conversion costs for;the first department for the month is closest to;A) $46.69;B) $46.65;C) $44.43;D) $49.29;Use the following to answer questions 170-171;(Appendix 4A) Noguti Corporation uses the FIFO 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...................................;200;Materials;costs.......................................................................................;$1,800;Conversion costs....................................................................................;$2,100;Percent complete with respect to;materials.......................................;70%;Percent complete with respect to;conversion....................................;40%;Units started into production during the;month...................................;7,300;Units transferred to the next department during the;month..............;7,000;Materials costs added during the;month...............................................;$82,700;Conversion costs added during the month;$174,600;Ending work in process;inventory:..........................................................;Units in ending work in process;inventory.........................................;500;Percent complete with respect to;materials.......................................;50%;Percent complete with respect to;conversion....................................;45%;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.;170. What are the equivalent units for materials for the;month in the first processing department?;A) 250;B) 7,500;C) 7,110;D) 6,800;171. The cost per equivalent unit for conversion costs for;the first department for the month is closest to;A) $26.25;B) $25.66;C) $24.44;D) $24.94

 

Paper#40428 | Written in 18-Jul-2015

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