DEVRY ACCT 505 WEEK 1 QUIZ LATEST 2016

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Devry ACCT 505 Week 1 Quiz Latest 2016

(TCO B) Assume there was no beginning work in process inventory and the ending work in process inventory is 70% complete with respect to conversion costs. Under the weighted average method, the number of equivalent units of production with respect to conversion costs would be

(TCO B) Process costing would be appropriate for each of the following except

(TCO B) 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. Materials are 100% complete with respect to beginning and ending work in process inventory. Information concerning operations in the forming department in October follows.

What was the materials cost of work in process on October 31?

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

(TCO B) 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

(TCO B) Wedd Corporation had $35,000 of raw materials on hand on May 1. During the month, the company purchased an additional $68,000 of raw materials. During May, $92,000 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 $5,000. The debits to the work in process account as a consequence of the raw materials transactions in May total

(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.

i. 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.

(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.

(TCO B) Miller Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company’s inventory and cost records for the most recently completed year revealed the following information.

	Units	Materials	Conversion
Work in process. Jan. 1 (100% complete with respect to materials costs and 80% with respect to conversion costs)	100,000	$100,000	$157,500
Units started into production	500,000
Costs added during the year
Materials		$650,000
Conversion			$997,500
Units completed during the year	450,000

The company uses the weighted average cost method in its process costing system. The ending inventory is 100% complete with respect to materials costs and 50% with respect to conversion costs.

Required:

i. Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs.
ii. Determine the cost transferred to finished goods.
iii. Determine the amount of cost that should be assigned to the ending work in process inventory.