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31. Hendrix, Inc. employs a process costing system. Direct materials are added at the beginning of the process. Here is information about July's activities On

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31. Hendrix, Inc. employs a process costing system. Direct materials are added at the beginning of the process. Here is information about July's activities On July 1: Beginning inventories 750 units, 60% Direct materials cost-$5,925 Conversion costs $4,095 During July: 15,000 units started Direct materials added $150,000 Conversion costs added $83,520 On July 31: Ending inventories 1,500 units, 40% Using the FIFO method, the cost per equivalent unit for materials used during July was a) $9.90 b) $9.80 c) $11.11 d) $10.00 Answer: d Difficulty: Easy Learning Objective: Apply and compare FIFO and the weighted average methods in process costing CPA: Management Accounting 32. Hendrix, Inc. employs a process costing system. Direct materials are added at the beginning of the process. Here is information about July's activities: On July 1: Beginning inventories-750 units, 60% Direct materials cost $5,925 Conversion costs $4,095 During July: 15,000 units started Direct materials added $150,000 Conversion costs added $83,520 On July 31: Ending inventories-1.500 units, 40% Using the FIFO method, the cost of goods completed and transferred out during July was: a) $225,150 b) $225,060 c) $213,300 d) $213,000 33. Hendrix, Inc. employs a process costing system. Direct materials are added at the beginning of the process. Here is information about July's activities: On July 1: Beginning inventories 750 units, 60% Direct materials cost $5,925 Conversion costs $4,095 During July: 15,000 units started Direct materials added $150,000 Conversion costs added $83,520 On July 31 : Ending inventories 1,500 units, 40% Using the weighted average method, the number of equivalent units of material was: a) 15,750 b) 14,250 c) 15,000 d) 13,500 Answer: a Difficulty: Easy Learning Objective: Apply and compare FIFO and the weighted average methods in process costing CPA: Management Accounting 34. Hendrix, Inc. employs a process costing system. Direct materials are added at the beginning of the process. Here is information about July's activities: On July 1: Beginning inventories-750 units, 60% Direct materials cost $5,925 Conversion costs $4,095 During July: 15,000 units started Direct materials added $150,000 Conversion costs added $83,520 On July 31: Ending inventories : 1,500 units, 40% Using the weighted average method, the cost per equivalent unit for conversion costs was: a) $5.80 b) $5.90 c) $6.00 d) $6.10

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