22. Which of the following is false regarding process costing? A) Separate work in process account for each department B). Unit cost is the same for each product produced Cy Cost accumulated by department D) Many different jobs are worked on each period Units Work in process, beginning Materials 75% Conversion 25% 195 Completed 600 Work in process, ending 150 60% 40% 20. Equivalent units of production for conversion under the weighted average method is A) 660 units B) 680 units C) 700 units D) 750 units 220 Materials Conversion $3,220 $13.780 Work in process, beginning $1,750 $11,250 Added during the month D) $13,000 24. Assume equivalent units of production of 3,000 units for both materials and conversion 2.800 un were transferred to department 2. The total cost transferred to the next department is: A) $10 B) $28,000 C) $30,000 25. Journal entry to transfer goods from Department 1 to Department 2 is: A) Debit work in process Department 1; credit work in process Department 2 6) Debit work in process Department 2; credit work in process Department 1 C) Debit finished goods, credit work in process Department 1 D) Debit finished goods, credit work in process Department 2 omez az 15. Predetermined overhead rate is $22 per direct labor hour. For Job A direct materials cost $220.d labor was $360 for 20 direct labor hours. The cost for Job A is: A) $440 B) $1,020 5580 D) $760 16. Applied overhead to work in process was $75,000. Actual overhead incurred was $90.000. At the of the period cost of goods sold will need an adjustment to be: A) Increased B) Decreased C) Remain the same 17. Company incurred $6.700 of direct labor costs and $7,000 of indirect labor costs. The journal entry record these wages would include a: A) Debit to work in process 6,700 B) Debit to overhead 6,700 C) Credit to overhead 6,700 D Credit to salaries and wages expense 6,700 18. The journal entry to record factory rent, factory utilities, and depreciation on factory equipment will include a: A) Debit to depreciation expense B) Debit to actual overhead C) Debit to applied overhead D) Debit to work in process For questions 19-21: Inventories Beginning Ending $210 44.0 330 -730 Raw materials $400 210 $950 520 Work in process $1,200 $870 Finished goods $760 22 19. Purchase of raw materials was $330 and indirect materials included in overhead is $90. Direct materials used is: A) $430 B) 5730 C) $630 D) $440 20. Direct materials, direct labor, and overhead added this month was $2,700. Cost of goods manufactured for the month is A) $2,700 BX63.800 C) $2.950 D) $3,750 12 C) $3.760 21. If cost of goods manufactured was $3,000 cost of goods sold for the month will be A) $3,000 B) $3,870 D) $3.110 8. If the contribution margin is not sufficient to cover foxed expenses A) A profit exists B) Break even occurs cy A loss occurs D) The contribution margin will increase For questions 9-11 Sales KO- Variable expense Contribution margin $25 per unit $15 per unit ] Fixed expense $750 Net operating income 9. What is the company's break even sales in units? A) 100 units B) 75 units C) 50 units D) 25 units 10 A) the company satte so units more than the break even not come will be $1,200 B) $800 C) $750 D) $2,000 11. Contribution margin ratio is: A) 40% B) 60% C) 100% D) 12% 12. Which of the following is false regarding job order costing: A) Accumulates cost by jobs B) Accumulates cost by department C) Is used where many different products are made D) Costs are recorded on a job cost sheet 13. Which of the following journal entries records overhead applied during production? A Debit work in process, credit applied overhead B) Debit work in process, credit actual overhead C) Debit applied overhead; credit work in process D) Debit actual overhead; credit work in process 14. Company expects fixed overhead to be $16,000 and variable overhead to be $10 per direct labor hour, 400 direct labor hours are expected. Actual direct labor hours were 375 hours. The predetermined rate will be: A) $50.00 B) $52.67 D) $49.38 C)$53.33