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MGMT 312 - Module 2 Review Questions

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I. Terminology in process cost accounting;Match each of the following items A through G with the best numbered description of its purpose.;A. Process cost summary;B. Equivalent units of production;C. Goods in Process Inventory account;D. Raw Materials Inventory account;E. Materials requisition;F. Finished Goods Inventory account;G. Factory Overhead Account;II. Equivalent units computed ? weighted average;The production department in a process manufacturing system completed 191,500 units of product and transferred them to finished goods during a recent period. Of these units, 31,500 were in process at the beginning of the period. The other 160,000 units were started and completed during the period. At period-end, 29,500 units were in process. Compute the department?s equivalent units of production with respect to direct materials under each of three separate assumptions;III. Interpretation of journal entries in process cost accounting;The following journal entries are recorded in Kiera Co.?s process cost accounting system. Kiera;produces handbags and scarves. Overhead is applied to production based on direct labor cost;for the period. Prepare a brief explanation (including any overhead rates applied) for each;journal entry (a) through (j).;IV. Completing a process cost summary;The following partially completed process cost summary describes the May production activities;of Raman Company. Its production output is sent to its warehouse for shipping. Prepare its;process cost summary using the weighted-average method.;V. Process costing ? weighted average;Ebony Company uses the weighted-average method of process costing to assign production costs to the products. Information for April follows. Assume that all materials are added at the beginning of the production process, and that direct labor and factory overhead are added uniformly throughout the process.

 

Paper#76460 | Written in 18-Jul-2015

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