FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 28: Process Cost Accounting

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 31

Short Answer

Review LaterAdd Note

Review Later

Equivalent units of production must be calculated separately for materials, labor, and-----------whenever the percentages of completion for the elements are different.

Correct Answer

verified

Show Answer

Question 32

Multiple Choice

Review LaterAdd Note

Review Later

During the month, 1,950 units of a product were completed and 900 units were two-thirds complete with respect to labor and are still in process. The total equivalent units of production for labor for the month is

A) 2,850 units.
B) 2,550 units.
C) 1,950 units.
D) 2,250 units.

E) B) and D)
F) A) and D)

Correct Answer

verified

Show Answer

Question 33

Essay

Review LaterAdd Note

Explain the flow of production in a manufacturing environment for production as the products are started and moved through the production process and eventually sold. Include the account titles.

As percentage of completion is difficult to evaluate for manufacturing overhead costs, the percentage complete is ignored and considered immaterial.

The ending Work in Process inventory in the mixing department contains 650 units that are 58% complete with respect to labor costs. How many equivalent units are in the ending inventory?

When the----------- method is used to calculate unit costs, the beginning inventory costs areadded to the current period costs, and the sum is divided by the equivalent units of production.

The activity for Noah Company's mixing department for August is given below. All material is add at the beginning of the process. _Units Labor & _Material Labor & Overhead % - Compute the cost of Noah's completed units.

After closing the Manufacturing Overhead Applied account to Manufacturing Overhead it is determined that overhead has been underapplied. As a result, the Manufacturing Overhead account before closing will have a -----------balance.

The method that combines the cost of beginning inventory and the current costs of the period is the

In the process cost accounting system, the -----------of the ending work in process is estimated.

The total accounted for consists of

Kobold Company manufactures lamps. In May, Department B started 4,500 units. None had been transferred in from a prior department. Of the 4,500 units started, 4,250 were transferred out -3,850 to the next department, Department C, and 400 were transferred to Finished Goods. All the materials issued during May were used in production while only 70% of the labor and overhead was added to the ending inventory. Calculate the equivalent units for material and for the labor and manufacturing overhead.

Simon Productions Company had a beginning work in process inventory totaling $7,200. During the current period, the company added materials costs of $15,680, labor cost of $13,500 and overhead of $20,100. Equivalent production was 12,000 units, and 9,000 units were completed and transferred to the finished goods inventory. Inventory costs would be determined using a unit cost (rounded to two decimal places) of

The ending work in process inventory does not appear on the following month's cost of production report.

During the month, 3,630 units of a product were completed and 1,800 units were two-thirds complete with respect to labor and are still in process. The total equivalent units of production for labor for the month is

Match the following definitions to the term that they relate to.

When finished goods are sold, the entry to record the cost of goods sold includes a----------- to the Cost of Goods Sold account.

The entry to transfer costs from Department A to Department B is recorded as

Jocose Company recorded the following journal entries. Write a description for each numbered journal entry. Number your descriptions to match the journal entry numbers.

The Completion Department transferred 6,900 units to the finished goods storeroom during a month. There was no beginning work in process inventory, but 1,200 units were still in process at the end of the month which were 55% complete. Inventory unit cost at the end of the month were $3) 50. What were total production costs for the month?