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devry acct 505 week 2 quiz




Question;(TCO F) Computing unit product costs involves averaging in;Job-Order Costing;Process Costing;A;Yes;No;B;Yes;Yes;C;No;Yes;D;No;No;Choice A.;Choice B.;Choice C.;Choice D.;Question 2. Question;(TCO F) Process costing would be appropriate for each of the;following except;custom furniture manufacturing.;oil refining.;grain milling.;newsprint production.;Question 3. Question;(TCO F) Assume there was no beginning work in process;inventory and the ending work in process inventory is 70% complete with respect;to conversion costs. Under the weighted-average method, the number of;equivalent units of production with respect to conversion costs would be;the same as the units completed.;less than the units completed.;the same as the units started during the;period.;less than the units started during the period.;Question 4. Question;(TCO F) Which of the following accounts is debited when;direct labor is recorded?;Work in process;Salaries and wages expense;Salaries and wages payable;Manufacturing overhead;Question 5. Question;(TCO F) 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;debit to Manufacturing Overhead of $79,000.;credit to Manufacturing Overhead of $79,000.;credit to Work in Process of $75,000.;Question 6. Question;(TCO F) 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.(TCO F) 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. Specialty coffee roaster (roasts small batches of;specialty coffee beans)ii. Custom aircraft builderiii. Brick manufactureriv. Microbrewery that produces a number of different beersv. Steel company making chain link fences from iron oreFor each company, indicate whether the company is most;likely to use job-order costing or process costing. Question 2. Question;(TCO F) Job 728 was recently completed. The following data;have been recorded on its job cost sheet: Direct materials$81,000Direct labor hours1,220 labor hoursDirect labor wage rate$15 per labor-hourMachine Hours1,520 machine hoursNumber of units completed4,400 units The company applies manufacturing overhead on the basis of;machine-hours. The predetermined overhead rate is $16 per machine-hour. Compute the unit product cost that would appear on the job;cost sheet for this job. Question 3. Question;(TCO F) Harmon Company uses the weighted-average method in;its process costing system. The Curing Department of Harmon Company reported;the following information for the month of November. Units Percentage;complete with respect to conversionWork in process, November 1 10,000 80%Units started 28,000 Completed and transferred out 30,000 Work in process, November 30 8,000 30% Costs for November Materials Conversion Work in process;November 1 $34,500 $48,600 Added during the;month $146,000 $194,400 All materials are added at the beginning of the process.Required: Compute the following items using the;weighted-average method:i. The equivalent units of production for materials.ii. The cost per equivalent unit for conversion.iii. The total cost assigned to units transferred out of the;Curing Department during November.iv. The cost assigned to work in process inventory as of;November 30. Question 4. Question;(TCO F) Honeysuckle Corporation has provided the following;data for the month of January: InventoriesBeginningEndingRaw materials$40,000$23,000Work In process$9,000$13,000Finished goods$52,000$45,000 Additional InformationRaw material purchases$68,000Direct labor costs$90,000Manufacturing overhead cost incurred$44,000Indirect materials included in manufacturing overhead costs;incurred$8,000Manufacturing overhead cost applied to work in process$39,000 Prepare a Schedule of Cost of Goods Manufactured and a;Schedule of Cost of Goods Sold in good form.;="msonormal">


Paper#44337 | Written in 18-Jul-2015

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