10- Which of the following characteristics does not apply to job order cost accounting?

Multiple Choice

• Aims to compute the cost per unit of product.

• Identifiable units of production.

• Equivalent units of production.

• Use of job cost sheets.

• Use of a single Work in Process Inventory account.

  14- Wilturner Company incurs $82,000 of labor related directly to the product in the Assembly Department, $31,000 of labor related to the Assembly Department as a whole, and $18,000 of labor for services that help production in both the Assembly and Finishing departments. The journal entries to record the labor for the Assembly Department would include:

  Multiple Choice

• Debit Work in Process Inventory $82,000; debit Factory Overhead $49,000.

• Debit Work in Process Inventory $82,000; debit Wages Expense $49,000.

• Debit Work in Process Inventory $113,000; debit Wages Expense $18,000.

• Debit Work in Process Inventory $131,000.

• Debit Work in Process Inventory $113,000; debit Factory Overhead $18,000.

  15- A company uses the weighted-average method for inventory costing. At the end of the period, 22,000 units were in the ending Work in Process inventory and are 100% complete for materials and 75% complete for conversion. The equivalent costs per unit are materials, $2.65 and conversion $5.35. Compute the cost that would be assigned to the ending Work in Process inventory for the period.

  Multiple Choice

• $146,575.

• $176,000.

• $87,725.

• $93,775.

• $132,000.

  19- Andrews Corporation uses the weighted-average method of process costing. The following information is available for February in its Polishing Department:

  Equivalent units of productiondirect materials		110,000	EUP
  Equivalent units of productionconversion		95,000	EUP
  Costs in beginning Work in Processdirect materials	$	49,000
  Costs in beginning Work in Processconversion	$	36,000
  Costs incurred in Februarydirect materials	$	414,000
  Costs incurred in Februaryconversion		520,000

  The cost per equivalent unit of production for conversion is:

  Multiple Choice

• $9.26

• $4.21

• $5.85

• $5.05

• $4.97

  20- Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The journal entry to record June production activities for direct labor usage is:

  Direct materials used	$	87,000
  Direct labor used		160,000
  Predetermined overhead rate (based on direct labor)		155	%
  Goods transferred to finished goods		432,000
  Cost of goods sold		444,000
  Credit sales		810,000

  Multiple Choice

• Debit Factory Wages Payable $160,000; credit Cash $160,000.

• Debit Work in Process Inventory $160,000; credit Factory Wages Payable $160,000.

• Debit Cost of Goods Sold $160,000; credit Factory Wages Payable $160,000.

• Debit Work in Process Inventory $160,000; credit Raw Materials Inventory $160,000.

• Debit Work in Process Inventory $160,000; credit Cash $160,000.