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ACCT 505 Week 2 Quiz Set 2
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ACCT 505 Week 2 Quiz Set 2

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Essay 4

Multiple Choice 6

 

Question 1.      Question :        (TCO B) 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

 

            Student Answer:                     the same as the number of units completed.

 

                                    less than the number of units put into production.

 

                                    the same as the number of units put into production.

 

                                    less than the number of units completed.

 

Question 2.      Question :        (TCO B) For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system?

 

            Student Answer:                     A steel factory that processes iron ore into steel bars

 

                                     A computer consulting firm

 

                                     A factory that processes sugar and other ingredients into candy

 

                                     All of the above

 

Question 3.      Question :        (TCO B) Luft Company uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below.

            Units   Percent Complete With Respect to Conversion

Beginning work in process inventory 11,000 90%

Started in production during June      58,000

Ending work in process inventory      17,000 10%

 

According to the company’s records, the conversion cost in beginning work in process inventory was $79,893 at the beginning of June. Additional conversion costs of $343,830 were incurred in the department during the month.

 

What was the cost per equivalent unit for conversion costs for the month? (Round to three decimal places.)

 

            Student Answer:                     $7.891

 

                                     $8.070

 

                                     $5.928

 

                                     $4.584

 

          

Question 4.      Question :        (TCO B) In a job-order costing system, the use of direct materials that have been previously purchased is recorded as a debit to

 

            Student Answer:                     raw materials.

 

                                    finished goods.

 

                                    work in process.

 

                                    manufacturing overhead.

 

Question 5.      Question :        (TCO B) 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

 

            Student Answer:                     debit to work in process of $66,000.

 

                                    credit to work in process of $66,000.

 

                                    credit to work in process of $62,000.

 

                                    debit to work in process of $62,000.

 

Question 6.      Question :        (TCO B) 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

 

            Student Answer:                     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.

 

 * Times are displayed in (GMT-07:00) Mountain Time (US & Canada)

Grading Summary

These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the “Details” section below.            Date Taken:     5/15/2016

Time Spent:     1 h , 27 min , 22 secs

Points Received:         71 / 90  (78.9%)

 

Grade Details – All Questions

Page:  1  2 

 

Question 1.      Question :        (TCO B) Some companies use process costing and some use job-order costing. Which method a company uses depends on its industry. Several companies in different industries are listed below.

 

5.      Frozen cranberry juice processor

ii. Custom boat builder

iii. Concrete block manufacturer

iv. Winery that produces a number of specialty wines

v. Aluminum refiner that makes aluminum ingots from bauxite ore

vi. External auditing firm

 

For each company, indicate whether the company is most likely to use job-order costing or process costing.

 

Question 2.      Question :        (TCO B) Job 728 was recently completed. The following data have been recorded on its job cost sheet.

 

Direct materials           $89,925

Direct labor hours       1,220 labor hours

Direct labor wage rate $15 per labor hour

Machine hours 1,550 machine hours

Number of units completed    4,500 units

 

The company applies manufacturing overhead on the basis of machine hours. The predetermined overhead rate is $18 per machine hour.

 

Compute the unit product cost that would appear on the job cost sheet for this job.

 

Question 3.      Question :        (TCO B) 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   Percent complete with respect to  materials    Percentage complete with respect to conversion

Work in process, November 1 10,000 100%   80%

Units started   28,000            

Completed and transferred out           30,000            

Work in process, November 30           8,000   100%   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.

 

5.      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 A) 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           $50,000

 

 

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      $72,000

 

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

 

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