Question
1. What does the accountant need to know to calculate unit cost? a. materials cost plus overhead b. the output for a period and the
1. What does the accountant need to know to calculate unit cost?
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2. How is unit cost calculated?
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3. A cost transferred from a prior process to a subsequent process is referred to as
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4. Units transferred from a prior process to a subsequent process are referred to as
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5. Equivalent production expresses all activity of the period in terms of
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6. Two methods used to determine equivalent units of production in process costing are
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7. Beginning inventory for the month contained 2,000 units that were 70% complete with respect to materials. During the month, 60,000 units were completed and transferred out. Ending inventory contained 3,000 units, 20% complete with respect to materials. The weighted average equivalent units of production for materials for the month would be
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8. Estimating the degree of completion of ending work in process requires:
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9. Beginning inventory for the month contained 3,000 units that were 60% complete with respect to materials. During the month, 50,000 units were completed and transferred out. Ending inventory contained 5,000 units, 30% complete with respect to materials. The weighted average equivalent units of production for materials for the month would be
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10. The following information is provided:
Materials are added at the beginning of the process. Equivalent units of production for conversion costs using the weighted average method would be
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11. The following information concerns Schroeder's equivalent units in May:
Using the weighted average method, what are Schroeder's equivalent units for May?
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Figure 6-5. For the current period, Haley Co. started 20,000 units and completed 8,000 units, leaving 12,000 units in process 40% complete. |
12. Refer to Figure 6-5. How many equivalent units of production did Haley Co. have for the period?
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13. Refer to Figure 6-5. If Haley Co. incurred $31,800 in production costs what was Haley's cost per equivalent unit for the period?
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14. The following information is provided:
Materials and conversion are incurred uniformly throughout the process. Equivalent units of production for conversion using the weighted average method would be
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Figure 6-6. The Martin Company uses the weighted average method. The beginning work in process consists of 6,000 units (100% completed as to materials and 50% complete as to conversion costs). The number of units completed was 120,000. The ending work in process consists of 10,000 units (100% complete as to materials and 20% complete as to conversion costs). |
15. Refer to Figure 6-6. What are the equivalent units of production for conversion costs?
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Figure 6-1. The following information is available for Department Z for the month of July:
Materials are added at the beginning of the process. (Round unit costs to two decimal places.) |
16. Refer to Figure 6-1. Department Z's cost per equivalent unit of production for materials using the FIFO method would be
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17. Refer to Figure 6-1. Department Z's cost per equivalent unit of production for conversion costs using the FIFO method would be
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18. Refer to Figure 6-1. Department Z's cost of goods transferred out using the FIFO method would be
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19. Refer to Figure 6-1. Department Z's cost of ending work in process using the FIFO method would be
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20. Under the FIFO production costing method, the two categories of completed units used to compute the total cost of units completed during a period are:
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