Details of this Paper

costing questions

Description

solution


Question

Question;1.(TCO F) Assume there is no beginning work in process inventory and the ending work in process inventory is 100% complete with respect to materials costs. The number of equivalent units with respect to materials costs under the weighted-average method is: (Points: 5) the same as the number of units put into production. less than the number of units put into production. the same as the number of units completed. less than the number of units completed.Question 2.2.(TCO F) Which of the following companies would be most likely to use a job-order costing system rather than a process costing system? (Points: 5) Fast food restaurant Shipbuilding Crude oil refining Candy makingQuestion 3.3.(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: (Points: 5) 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 4.4.(TCO F) Which of the following accounts is debited when direct labor is recorded? (Points: 5) Work in process Salaries and wages expense Salaries and wages payable Manufacturing overheadQuestion 5.5.(TCO F) During October, Crusan Corporation incurred $62,000 of direct labor costs and $4,000 of indirect labor costs. The journal entry to record the accrual of these wages would include a: (Points: 5) debit to Work in Process of $66,000. credit to Work in Process of $66,000. debit to Work in Process of $62,000. credit to Work in Process of $62,000.Question 6.6.(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: (Points: 5) $92,000. $0. $68,000. $87,000.1.(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. Custom boat builderii. Frozen cranberry juice processoriii. Concrete block manufactureriv. Winery that produces a number of varietal winesv. Aluminum refiner that makes aluminum ingots from bauxite oreFor each company, indicate whether the company is most likely to use job-order costing or process costing.(Points: 15) Question 2.2.(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 unitsThe 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. (Points: 15) Question 3.3.(TCO F) Auger Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Work in process, beginning Units in process700 Percent complete with respect to materials80% Percent complete with respect to conversion40%Costs in the beginning inventory: Materials cost$1,904 Conversion cost$8,624Units started into production during the month29,000Units completed and transferred out28,800Costs added to production during the month: Materials cost$104,044 Conversion cost $875,266Work in process, ending: Units in process900 Percent complete with respect to materials70% Percent complete with respect to conversion20%Required:i. Determine the equivalent units of production.ii. Determine the costs per equivalent unit.iii. Determine the cost of ending work in process inventory.iv. Determine the cost of the units transferred to the next department (Points: 15) Question 4.4.(TCO F) Hunsicker Corporation has provided the following data for the month of January:InventoriesBeginningEndingRaw materials$30,000$33,000Work In process$20,000$18,000Finished goods$52,000$60,000Additional InformationRaw material purchases$63,000Direct labor costs$92,000Manufacturing overhead cost incurred$75,000Indirect materials included in manufacturing overhead costs incurred$6,000Manufacturing overhead cost applied to work in process$69,000Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form.(Points: 15)

 

Paper#44617 | Written in 18-Jul-2015

Price : $22
SiteLock