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charter oak acc102 week 4 test part 1




Question;?. Process;cost systems;Answer;?;Question 2;5 out of 5;points;2. If 8000 units;were in beginning inventory, 24,000 units were started and 6,000 units were;in the ending inventory, how many units were completed and transferred out?;Answer;?;Question 3;5 out of 5 points;3. Equivalent units;of production are;Answer;?;Question 4;5 out of 5;points;4. In either a job order or a;process cost system, credits to the Materials Inventory account represent;Answer;?;Question 5;5 out of 5;points;5.In most process cost systems;per-unit costs are determined by;Answer;?;Question 6;5 out of 5;points;Use the following to answer questions 6-8;Sadie's Soup Products uses a process cost system;with two processing departments: the Mixing Department and the Canning;Department. Work in;process inventories are reduced to zero each month. In March, the Mixing Department;incurred manufacturing costs of $54,000 to mix 33,750 gallons of soup. The Canning Department incurred;manufacturing costs of $9,000. A;total of 180,000 cans of soup were transferred to the finished goods;warehouse during the month.;6. Refer to the information above.;The journal entry to record the transfer of soup out of the Mixing Department;during March would include;Answer;?;Question 7;5 out of 5;points;7. Refer to the information above.;The journal entry to record the transfer of soup out of the Canning;Department during March would include;Answer;?;Question 8;5 out of 5;points;8.Refer;to the information above. The unit cost per gallon of soup transferred to the;Canning Department during March was;Answer;?;Question 9;0 out of 5;points;9. The Finishing Department of;Astaire Industries works on only one product, and all costs are incurred;uniformly while these units remain in the department. On March 1, 6,000 units were in;process that were 40% completed. An;additional 60,000 units were transferred into the Finishing Department during;March. At March;31, there were 15,000 units in process that were 70% completed. Compute the equivalent full;units of production for the Finishing Department during March.;Answer;?;Question 10;5 out of 5;points;Use the following to answer questions 10-12;Eat-M-Up, Inc. produces bird seeds. All direct materials used in;the production process are added at the beginning of the manufacturing;process. Labor and;overhead are added evenly thereafter, as each unit is mixed and packaged. Blue Sky uses process costing;and had the following unit production information available for the months of;June and July;June;July;Number;of units in beginning work in process inventory;0;150;Number;of units started during the month;750;950;Total;number of units transferred to finished goods;600;850;The units remaining in work in process at the end;of June were 30% complete. During the month of July, all of the beginning;work in process units were completed and the units remaining in work in;process at the end of the month were 60% complete.;10. Refer to the information above.;For the month of June, the number of equivalent units of direct materials produced;were;Answer;?;Question 11;5 out of 5;points;11. Refer to the information above.;For the month of July, the number of equivalent units of direct materials;produced were;Answer;?;Question 12;5 out of 5;points;12.Refer to the information above. For;the month of July, the number of equivalent units of labor and overhead;produced were;Answer;?;Question 13;5 out of 5;points;13. During;August, Department Z started and completed 87,000 units and also finished;15,000 units that were 75% completed on July 31. On August 31, Department Z's ending;inventory consisted of 20,000 units that were 40% completed. All manufacturing costs are;incurred at a uniform rate throughout Department Z's production process. The number of equivalent full;units of production for Department Z during August is;Answer;?;Question 14;5 out of 5;points;Use the following to answer questions 14-15;Work;in process June 1;0;Units;completed and transferred out;80,000;Work;in process June 30 60/>% completed;For;labor and overhead;20,000;Materials;are all added in the beginning;14. Refer;to above. How many;units were started in June?;Answer;?;Question 15;5 out of 5;points;15.Refer to the above. If direct labor and overhead;costs totaled $152,000, what would be the unit cost?;Answer


Paper#42618 | Written in 18-Jul-2015

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