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principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

A company has 100 units in ending work in process that are 40% complete after transferring out 750 units. If the cost per unit is $5 for materials and $2.50 for conversion, what is the cost of units
Which of the following is a prime cost?A. Direct laborB. Work in process inventoryC. Administrative laborD. Factory maintenance expenses
What is the primary purpose of process costing?
There were 1,700 units in beginning inventory that were 40% complete with regard to conversion. During the month, 8,550 units were started and 9,000 were transferred to finished goods. The ending
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for
There were 1,500 units in ending work in process inventory that were 100% complete with regard to material and 60% complete with regard to conversion costs. Ending work in process inventory had a
During March, the following costs were charged to the manufacturing department: $14,886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units
During March, the following costs were charged to the manufacturing department: $22,500 for materials; $45,625 for labor; and $50,000 for manufacturing overhead. The records show that 40,000 units
Which of the following is a conversion cost?A. Raw materialsB. Direct laborC. Sales commissionsD. Direct material used
Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units, 55,000 units were started in production, and 57,000 units were
A company has 1,500 units in ending work in process that are 30% complete after transferring out 10,000 units. All materials are added at the beginning of the process. If the cost per unit is $4 for
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for
Complete this production cost report: Beginning inventory Started during the month Total units to account for Completed and transferred out Ending work in process Total units accounted for Work in
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for
Production information shows these costs and units for the smoothing department in August.All materials are added at the beginning of the period. The ending work in process is 30% complete as to
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for
Ardt-Barger has a beginning work in process inventory of 5,500 units and transferred in 25,000 units before ending the month with 3,000 units that were 100% complete with regard to materials and 80%
During production, how are the costs in process costing accumulated?A. To cost of goods soldB. To each individual productC. To manufacturing overheadD. To each individual department
Explain conversion costs using an example.
There were 2,400 units in ending work in process inventory that were 100% complete with regard to material and 25% complete with regard to conversion costs. Ending work in process inventory had a
Which is not needed to compute equivalent units of production?A. The percentage of completion for inventory still in processB. The number of units transferred outC. The number of units started and
Why are there conversion costs in both job order costing and process costing?
A company started the month with 4,519 units in work in process inventory. It started 15,295 units and had an ending inventory of 4,936. The units were 100% complete to materials and 30% complete
How can there be a different number of equivalent units for materials as compared to conversion costs?
Which of the following lists contains only conversion costs for an inflatable raft manufacturing corporation?A. Vinyl for raft, machine operator, electricity, insuranceB. Machine operator,
The finishing department started the month with 600 units in WIP inventory. It received 1,500 units from the molding department and ended the month with 550 units still in process. How many units
How many units must be in ending inventory if beginning inventory was 15,000 units, 55,000 units were started, and 57,000 units were completed and transferred out?
What is the conversion cost to manufacture insulated travel cups if the costs are: direct materials, $17,000; direct labor, $33,000; and manufacturing overhead, $70,000?A. $16,000B. $50,000C.
Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the inventory transferred to the next
Why is the number of equivalent units for materials only sometimes equal to the equivalent units for conversion?
Using the weighted-average method, compute the equivalent units of production for a new company that started 85,000 units into production and transferred 67,000 to the second department. Assume that
Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 55,000 units were started in production; and 57,000 units were
How many units must have been completed and transferred if beginning inventory was 75,000 units, ending inventory was 72,000 units, and 290,000 units were started?
What is the cost of direct labor if the conversion costs are $330,000 and manufacturing overhead is $275,000?A. $55,000B. $275,000C. $330,000D. $605,000
The packaging department began the month with 500 units that were 100% complete with regard to material and 85% complete with regard to conversion. It received 9,500 units from the processing
The finishing department started the month with 700 units in WIP inventory. It received 2,200 units from the molding department and transferred out 2,150 units. How many units were in process at the
A production department within a company received materials of $7,000 and conversion costs of $5,000 from the prior department. It added material of $78,400 and conversion costs of $47,000. The
Given the following information, prepare a production report with materials added at the beginning and ending work in process inventory being 25% complete with regard to conversion costs. Costs to
Production information shows these costs and units for the smoothing department in August.What is the value of the inventory transferred out to finished goods and the value of the WIP inventory at
The packaging department began the month with 750 units that were 100% complete with regard to material and 25% complete with regard to conversion. It received 9,500 units from the processing
Beginning inventory and direct material cost added during the month total $55,000. What is the value of the ending work in process inventory if beginning inventory was 2,000 units; 9,000 units were
What are the four steps involved in determining the cost of inventory transferred from one department to the next and the cost of work in process inventory?
Mazomanie Farm completed 20,000 units during the quarter and has 2,500 units still in process. The units are 100% complete with regard to materials and 55% complete with regard to conversion costs.
The initial processing department had a beginning inventory of 750 units and an ending inventory of 1,350 units, and it started 9,500 units into production. How many were transferred out to the next
What is the weighted-average method for computing the equivalent units of production?
What are the total costs to account for if a company’s beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor
Given the following information, prepare a production report with materials added at the beginning and ending work in process inventory being 80% complete with regard to conversion costs. Costs to
The journal entry to record the $500 of work in process ending inventory that consists of $300 of direct materials, $50 of manufacturing overhead, and $150 od direct labor is which of the
Selected information from Skylar Studios shows the following:Prepare journal entries to record the following:A. Raw material purchasedB. Direct labor incurredC. Depreciation expense (hint: this is
Selected information from Hernandez Corporation shows the following:Prepare journal entries to record the following:A. Raw material purchasedB. Direct labor incurredC. Depreciation expense (hint:
Prepare the journal entry to record the transfer of 3,500 units from the separation department to the mash department if the material cost per unit is $2 and the conversion cost per unit is $5.
Match each term with its description. A. conversion costs B. cost of goods sold C. cost of production report D. cost per equivalent unit E. equivalent units of production F.
There were 1,000 units in ending inventory after transferring 16,000 units to finished goods inventory. If the beginning inventory was 2,000 units, how many units were started in process?A. 1,000B.
How does process costing treat the costs transferred in from another department?
A company started the month with 8,329 units in work in process inventory. It started 23,142 units and had an ending inventory of 9,321. The units were 100% complete to materials and 67% complete
Prepare the journal entry to record the sale of 700 units that cost $5 per unit and sold for $15 per unit.
The costs to be accounted for consist of which of the following?A. Costs added during the periodB. Costs of the units in ending inventoryC. Costs started and transferred during the periodD. Costs in
Why does each department have its own work in process inventory?
Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units. The beginning work in process inventory consisted of $2,000 in materials and $5,000 in conversion
Rexar had 1,000 units in beginning inventory before starting 9,500 units and completing 8,000 units. The beginning work in process inventory consisted of $5,000 in materials and $8,500 in conversion
Which of the following is the step in which materials, labor, and overhead are detailed?A. Determining the units to which costs are assignedB. Determining the equivalent units of productionC.
Production data show 35,920 units were transferred out of a stage of production and 6,150 units remained in ending WIP inventory that was 100% complete to material and 35% complete to conversion. The
Colonels uses a traditional cost system and estimates next year’s overhead will be $480,000, with the estimated cost driver of 240,000 direct labor hours. It manufactures three products and
How is manufacturing overhead handled in a process cost system?
Overhead is assigned to the manufacturing department at the rate of $10 per machine hour. There were 3,500 machine hours during October in the shaping department and 2,500 in the packaging
Prepare the journal entry to record the factory wages of $28,000 incurred for a single production department assuming payment will be made in the next pay period.
Bobcat uses a traditional cost system and estimates next year’s overhead will be $800,000, as driven by the estimated 25,000 direct labor hours. It manufactures three products and estimates the
In a process costing system, which account shows the overhead assigned to the department?A. Cost of goods soldB. Finished goods inventoryC. Raw material inventoryD. Work in process inventory
A local picnic table manufacturer has budgeted the following overhead costs:They are considering adapting ABC costing and have estimated the cost drivers for each pool as shown:Recent success has
Prepare the journal entry to record the transfer of 3,000 units from the packaging department to finished goods if the material cost per unit is $4 and the conversion cost per unit is $5.50.
In a process cost system, factory depreciation expense incurred is debited to ________.A. Finished goods inventoryB. Work in process inventoryC. Manufacturing overheadD. Cost of goods sold
Prepare the journal entry to record the sale of 2,000 units that cost $8 per unit and sold for $15 per unit.
Steeler Towel Company estimates its overhead to be $250,000. It expects to have 100,000 direct labor hours costing $2,500,000 in labor and utilizing 12,500 machine hours. Calculate the predetermined
Green Bay Cheese Company estimates its overhead to be $375,000. It expects to have 125,000 direct labor hours costing $1,500,000 in labor and utilizing 15,000 machine hours. Calculate the
Active Frame, Inc., manufactures clear and tinted sport glasses. The manufacturing of clear glasses takes 45,000 direct labor hours and involves 1,700 parts and 115 inspections. The manufacturing of
What is the predetermined overhead rate, and when is it typically estimated?
Boarders estimates overhead will utilize 160,000 machine hours and cost $80,000. It takes 4 machine hours per unit, direct material cost of $5 per unit, and direct labor of $5 per unit. What is the
TyeDye Lights makes two products: Party and Holiday. It takes 80,900 direct labor hours to manufacture the Party Line and 93,500 direct labor hours to manufacture the Holiday Line. Overhead consists
Five Card Draw manufactures and sells 10,000 units of Aces, which retails for $200, and 8,000 units of Kings, which retails for $170. The direct materials cost is $20 per unit of Aces and $15 per
When is an activity-based costing system better than a traditional allocation system?
A company estimated 100,000 direct labor hours and $800,000 in overhead. The actual overhead was $805,100, and there were 99,900 direct labor hours. What is the predetermined overhead rate, and how
A company estimated 50,000 direct labor hours and $450,000 in overhead. The actual overhead was $445,000, and there were 50,500 direct labor hours. What is the predetermined overhead rate, and how
Which is not a step in analyzing the cost driver for manufacturing overhead?A. Identify the costB. Identify non-value-added costsC. Analyze the effect on manufacturing overheadD. Identify the
What is the advantage of labeling activities as value added or nonvalue added?
Cozy, Inc., manufactures small and large blankets. It estimates $350,000 in overhead during the manufacturing of 75,000 small blankets and 25,000 large blankets. What is the predetermined overhead
Cozy, Inc., manufactures small and large blankets. It estimates $950,000 in overhead during the manufacturing of 360,000 small blankets and 120,000 large blankets. What is the predetermined overhead
Explain how each activity in this list can be associated with the corresponding unit or batch level provided.A. Assembling products: unit levelB. Issuing raw materials: batch levelC. Machine setup:
Overhead costs are assigned to each product based on ________.A. The proportion of that product’s use of the cost driverB. A predetermined overhead rate for a single cost driverC. Price of the
Explain how each activity in this list can be associated with the corresponding unit or batch level provided.A. Assembling products: batch levelB. Issuing raw materials: unit levelC. Machine setup:
What conditions are necessary to designate an activity as a cost driver?
Identify appropriate cost drivers for these cost pools:A. Setup cost poolsB. Assembly cost poolC. Supervising cost poolD. Testing cost pool
Identify appropriate cost drivers for these cost pools:A. Material cost poolB. Machine cost poolC. Painting cost poolD. Maintenance cost pool
Please use the information from this problem for these calculations. After grouping cost pools and estimating overhead and activities, Box Springs determined these rates:Box Springs estimates there
Wrappers Tape makes two products: Simple and Removable. It estimates it will produce 369,991 units of Simple and 146,100 of Removable, and the overhead for each of its cost pools is as follows:It has
Match the activity with the most appropriate cost driver. Factory maintenance Payroll tax Rent Machine setups Factory supervision Activity Table 6.6 Activities and Cost Drivers Cost Driver Number of
Box Springs, Inc., makes two sizes of box springs: queen and king. The direct material for the queen is $35 per unit and $55 is used in direct labor, while the direct material for the king is $55 per
Match the activity with the most appropriate cost driver. Fringe benefits Electricity Depreciation Machine maintenance Heat and air conditioning Activity Activities and Cost Drivers Cost
Rex Industries has two products. They manufactured 12,539 units of product A and 8,254 units of product B. The data are:What is the activity rate for each cost pool? Activity in Cost
Rocks Industries has two products. They manufactured 12,539 units of product A and 8,254 units of product B. The data are:What is the activity rate for each cost pool? Cost
Please use the information from this problem for these calculations. After grouping cost pools and estimating overhead and activities, Box Springs determined these rates:It estimates there will be

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