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DeVry ACCT 505 Week 2 Quiz 1 Latest

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DeVry ACCT 505 Week 2 Quiz 1 Latest

DeVry ACCT 505 Week 2 Quiz 1 Latest

ACCT505

DeVry ACCT 505 Week 2 Quiz 1 Latest

DeVry ACCT 505 Week 2 Quiz 1 Latest

Page 1

Question 1.Question: (TCO B) Computing unit product costs involves averaging in

Job-Order Costing Process Costing
A Yes No
B No Yes
C Yes Yes
D No No
  • Choice A
  • Choice B
  • Choice C
  • Choice D

Question 2.Question: (TCO B) Process costing would be appropriate for each of the following except

  • oil refining.
  • pharmaceutical production.
  • grain milling.
  • custom homebuilding.

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.)

  • $7.891
  • $8.070
  • $5.928
  • $4.584

Question 4.Question: (TCO B) The journal entry to record the incurrence of indirect supervisory labor costs is which of the following?

  • Wages Payable                      XXX

Manufacturing Overhead       XXX

  • Work In Process                    XXX

Salaries Payable                     XXX

  • Manufacturing Overhead      XXX

Salaries Payable                     XXX

  • Wages Payable                      XXX

Work in Process                     XXX

Question 5. Question: (TCO B) 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

  • credit to manufacturing overhead of $79,000.
  • debit to manufacturing overhead of $79,000.
  • credit to work in process of $75,000.
  • debit to work in process of $75,000.

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

  • 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.

Page 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.

Question 2. Question: (TCO B) Job 484 was recently completed. The following data have been recorded on its job cost sheet.

Direct materials           $64,850

Direct labor hours       1,500 labor hours

Direct labor wage rate $12 per labor hour

Number of units completed    3,500 units

The company applies manufacturing overhead on the basis of direct labor hours. The predetermined overhead rate is $22 per direct labor hour.

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

Question 3. Question: (TCO B) 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.

Question 4. Question: (TCO A) Honeysuckle Corporation has provided the following data for the month of January.

Inventories Beginning Ending
Raw materials $40,000 $23,000
Work in process $9,000 $13,000
Finished goods $52,000 $45,000

Additional Information

Raw material purchases $68,000
Direct labor costs $81,000
Manufacturing overhead cost incurred $47,000
Indirect materials included in manufacturing overhead costs incurred $8,000
Manufacturing 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.

 

 

DeVry ACCT 505 Week 2 Quiz 1 Latest

DeVry ACCT 505 Week 2 Quiz 1 Latest

 

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