ACCT 505 Week 2 Quiz (Updated)

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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) Process costing would be appropriate for each of the following except (Points : 5)

custom furniture manufacturing.
oil refining.
grain milling.
newsprint production.

 

Question 3.3. (TCO F) Lucas Company uses the weighted-average method in its process costing system. The company adds materials at the beginning of the process in the Forming Department, which is the first of two stages in its production process. Information concerning operations in the Forming Department in October follows.

  Units Material Cost
Work in process on October 1 6,000 $3,000
Units started in October 50,000 $25,560
Units completed and transferred to next department during October 44,000  

What was the materials cost of work in process at on October 31? (Points : 5)

$3,060
$5,520
$6,000
$6,120

 

Question 4.4. (TCO F) The journal entry to record the incurrence of indirect labor costs is which of the following? (Points : 5)

a

Wages Payable XXX
Manufacturing Overhead XXX

b

Work In Process XXX
Wages Payable XXX

c

Manufacturing Overhead XXX
Wages Payable XXX

d

Wages Payable XXX
Work in Process XXX

 

 

Question 5.5. (TCO F) During December at Ingrim Corporation, $74,000 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 $6,000. The journal entry to record the requisition from the storeroom would include a (Points : 5)

debit to raw materials of $74,000.
debit to work in process of $68,000.
credit to manufacturing overhead of $6,000.
debit to work in process of $74,000.

 

Question 6.6. (TCO F) During February, Degan Inc. transferred $60,000 from work in process to finished goods and recorded a cost of goods sold of $65,000. The journal entries to record these transactions would include a (Points : 5)

debit to finished goods of $65,000.
credit to cost of goods sold of $65,000.
credit to work in process of $60,000.
credit to finished goods of $60,000.

 

 

  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 builder
    ii. Frozen cranberry juice processor
    iii. Concrete block manufacturer
    iv. Winery that produces a number of varietal wines
    v. Aluminum refiner that makes aluminum ingots from bauxite ore

    For each company, indicate whether the company is most likely to use job-order costing or process costing.
    (Points : 15)

    1. (TCO F) Job 484 was recently completed. The following data have been recorded on its job cost sheet.
    Direct materials $57,240
    Direct labor hours 1,692 DLHs
    Direct labor wage rate $12 per DLHS
    Number of units completed 3,600 units

    The company applies manufacturing overhead on the basis of direct labor hours. The predetermined overhead rate is $24 per direct labor hour.

    Compute the unit product cost that would appear on the job cost sheet for this job. (Points : 15)

    1. (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 process 700
        Percent complete with respect to materials 80%
        Percent complete with respect to conversion 40%
    Costs in the beginning inventory:
        Materials cost $1,904
        Conversion cost $8,624
    Units started into production during the month 29,000
    Units completed and transferred out 28,800
    Costs added to production during the month:
        Materials cost $104,044
        Conversion cost  $875,266
    Work in process, ending:
        Units in process 900
        Percent complete with respect to materials 70%
        Percent complete with respect to conversion 20%

    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)

    1. (TCO F) Hunsicker Corporation has provided the following data for the month of January.
    Inventories Beginning Ending
    Raw materials $30,000 $33,000
    Work in process $20,000 $18,000
    Finished goods $52,000 $60,000

     

    Additional Information
    Raw material purchases $63,000
    Direct labor costs $92,000
    Manufacturing overhead cost incurred $75,000
    Indirect materials included in manufacturing overhead costs incurred $6,000
    Manufacturing overhead cost applied to work in process $69,000

    Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form.

    (Points : 15)

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