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44) Eco-Eliminator Manufacturing produces a chemical pesticide and uses process costing. There are thee processing departments-Mixing Refining, and Packaging. On January 1, the first department Mixing-had no beginning inventory. During January, 41,000 8 oz of chemicals were started in production Of these, 32,000 oz were completed, and 9000 fl. oz. remained in process. In the Mixing Department, all direct materials are added at the beginning of the production process, and conversion costs are applied evenly throughout the process. The weighted-average method is used. At the end of January, the equivalent unit data for the Mixing Department were as follows UNITS Units accounted for Completed and transferred Ending work-in-process Equivalent Units Direct Materials Costs 32,000 Equivalent Units Conversion Costs 32.000 32.000 9000 41,000 Percent complete for conversion costs 40% 9000 3600 35,600 41.000 In addition to the above, the cost per equivalent unit were $1.80 for direct materials and $5.25 for conversion oosts. Using this data, calculate the cost of the units that were transferred out of the Mixing Department and into the Refining Department A) $57,600 B) $225,600 9 S110,400 S168 1s8.00 45) Paraquat Manufacturing produces a chemical herbicide and uses process costing. There are three processing departments-Mixing, Refining, and Packaging On January 1, the first department Mixing had a zero beginning balance. During lanuary, 42,000 gallons of chemicals were started into production. During the month, 34,000 gallons were completed, and 8000 remained in process partially completed. In the Mixing Department, all direct materials are added at the beginning of the production process, and conversion costs are applied evenly throughout the process 45) During January, the Mixing Department incurred $63,000 in direct materials costs and $240,000 in conversion costs. At the end of the month, the ending inventory in the Mixding Department was 60% complete with respect to conversion costs. First, calculate the equivalent units, then calculate the cost per equivalent unit, and then calculate the total cost of the product that was completed and transferred out during January. The weighted-average method is used. The total cost of product transferred out was decimal places, and your final answer to the nearest dellar.) A) $261,460 (Round any intermediate calculations two B) $303,000 $240,00 D) $51,000 16) Velasco Productions has provided the following information for the year Direct Labor Beginning Work-in-Proces Inventory Direct Materials Used Unding Work-in-Process Inventory Manufacturing Overheadh $150,000 63.000 209.000 A 52.900 135.000 During the year. Velasco peoduced 71,220 units of peoduct. Calculate the unit peoduct cost. (Round your answer to the nearest cent A) $7.92 B) $8.66 D) $6.77 17) Five Seasons is a merchandiser of packed foods. The company provides the following information for the year 17) Sales Revenue Cost of Goods Sold Operating Expenses Net Income Number ofUnits Sold $145,000 64,000 67,000 14.000 29,000 How much was the unit cost per item of product sold? (Round your answer to the nearest cent) A) $5.00 B) $100.48 D4.52 9 $2.21 18) Which of the following statements is TRUE of costing systems? A) A construction company would likely use a process costing system. B) A process costing system would be used by manufacturers of custom-made perfumes. 9A job order costing system would be used by manufacturers of baking utensils. D) An accounting firm would likely use a job order costing system 18) 19) A major purpose of a cost accounting system is to A) show investors a company is operating efficiently B) compute the cost of goods sold for the income statement. C) assist creditors in determining whether to grant a loan. D) classify all costs as operating or marketing costs. 19) 20) Which of the following accounts would be debited in the journal entry to record the issuance of dippet materials? AYWork-in-Process Inventory RFinished Goods Inventory 20) B) Cost of Goods Sold D) Raw Materials Inventory 21) The journal entry to issue $600 of direct materials and $30 of indirect materials to production involves debit(s) to the A) Work-in-Process Inventory account for $630 B) Work-in-Process Inventory account for $600 and Finished Goods Inventory account for $30 Q Manufacturing Overhead account for $630 D) Work-in-Process Inventory account for $600 and Manufacturing Overhead account for $30 The aunts of Melissa Manulacturing showed the following balances al the beginning of December Account Raw Materials wenory Work-in-Process benory Finshed Goods Iwentory Manufacturing Overhead 81s 000 The following transactions took place during the month December 2 Issued direct materials S2.0mand indiest materials $4000 to production December 13 Incurred Se000 and $s000 bowand actory's direct labor cost and indirect labor cost apadsau What should be the balance in the Work-in-Process Iventory following these tragsactions? A) $86,000 B) $87,000 000ssO 000vIs 23) On June 1 Westbrook Productions had beginning balances as shown in the T-accounts below 23) Raw Materials Inventory 10,000 Work-in-Process Inventory 20,000 Finished Goods Inventory 25,000 Manufacturing Overhead 41.000 During June, the following transactions took place June 2: Issued $3300 of direct materials and $600 of indirect materials to production June 13: Incurred $7400 of direct factory labor cost and $14,800 of indirect factory labor cost. What was the balance in the Manufacturing Overhead account following these transactions? A) $56,400 9 $55,800 B) $59,100 D) $41,600 24) The predetermined overhead allocation rate is the rate used to A) allocate actual manufacturing overhead costs incurred during a period B) allocate estimated manufacturing overhead costs to jobs 9 trace manufacturing and nonmanufacturing costs to jobs Dassign direct material costs to jobs 24) 16) Velasco Productions has provided the following information for the year Direct Labor |Beginning Work-in-Process Inventory Direct Materials Used Ending Work-in-Process Inventory Manufacturing Overhead $150,000 63,000 269 000 52,900 135.000 During the year, Velasco produced 71,220 units of product. Calculate the unit product cost. (Round your answer to the nearest cent.) A) $7.92 87.78 17) Five Seasons is a merchandiser of packed foods. The company provides the following information B) $8.66 D) $6.77 17) for the year Sales Revenue Cost of Goods Sold Operating Expenses Net Income Number of Units Sold $145,000 64,000 67,000 14.000 29.000 How much was the unit cost per item of product sold? (Round your answer to the nearest cent.) A) $5.00 D4.52 B) $100.48 952.21 18) Which of the following statements is TRUE of costing systems? A) A construction company would likely use a process costing system. B) A process costing system would be used by manufacturers of custom- made perfumes 9A job order costing system would be used by manufacturers of baking utensils. D) An accounting firm would likely use a job order costing system 18) 19) A major purpose of a cost accounting system is to A) show investors a company is operating efficiently. B) compute the cost of goods sold for the income statement. 9 assist creditors in determining whether to grant a loan. D) classify all costs as operating or marketing costs 19) 20) Which of the following accounts would be debited in the journal entry to record the issuance of direet materials? AWork-in-Process Inventory AFinished Goods Inventory 20) B) Cost of Goods Sold D) Raw Materials Inventory 21) The journal entry to issue $600 of direct materials and $30 of indirect materials to production involves debit(s) to the A) Work-in-Process Inventory account for $630 B) Work-in-Process Inventory account for $600 and Finished Goods Inventory account for $30 Q Manufacturing Overhead account for $630 D Work-in-Process Inventory account for $600 and Manufacturing Overhead account for $30 44) Eco-Eliminator Manufacturing produces a chemical pesticide and uses process costing. There are thee processing departments-Mixing Refining, and Packaging. On January 1, the first department Mixing-had no beginning inventory. During January, 41,000 8 oz of chemicals were started in production Of these, 32,000 oz were completed, and 9000 fl. oz. remained in process. In the Mixing Department, all direct materials are added at the beginning of the production process, and conversion costs are applied evenly throughout the process. The weighted-average method is used. At the end of January, the equivalent unit data for the Mixing Department were as follows UNITS Units accounted for Completed and transferred Ending work-in-process Equivalent Units Direct Materials Costs 32,000 Equivalent Units Conversion Costs 32.000 32.000 9000 41,000 Percent complete for conversion costs 40% 9000 3600 35,600 41.000 In addition to the above, the cost per equivalent unit were $1.80 for direct materials and $5.25 for conversion oosts. Using this data, calculate the cost of the units that were transferred out of the Mixing Department and into the Refining Department A) $57,600 B) $225,600 9 S110,400 S168 1s8.00 45) Paraquat Manufacturing produces a chemical herbicide and uses process costing. There are three processing departments-Mixing, Refining, and Packaging On January 1, the first department Mixing had a zero beginning balance. During lanuary, 42,000 gallons of chemicals were started into production. During the month, 34,000 gallons were completed, and 8000 remained in process partially completed. In the Mixing Department, all direct materials are added at the beginning of the production process, and conversion costs are applied evenly throughout the process 45) During January, the Mixing Department incurred $63,000 in direct materials costs and $240,000 in conversion costs. At the end of the month, the ending inventory in the Mixding Department was 60% complete with respect to conversion costs. First, calculate the equivalent units, then calculate the cost per equivalent unit, and then calculate the total cost of the product that was completed and transferred out during January. The weighted-average method is used. The total cost of product transferred out was decimal places, and your final answer to the nearest dellar.) A) $261,460 (Round any intermediate calculations two B) $303,000 $240,00 D) $51,000 16) Velasco Productions has provided the following information for the year Direct Labor Beginning Work-in-Proces Inventory Direct Materials Used Unding Work-in-Process Inventory Manufacturing Overheadh $150,000 63.000 209.000 A 52.900 135.000 During the year. Velasco peoduced 71,220 units of peoduct. Calculate the unit peoduct cost. (Round your answer to the nearest cent A) $7.92 B) $8.66 D) $6.77 17) Five Seasons is a merchandiser of packed foods. The company provides the following information for the year 17) Sales Revenue Cost of Goods Sold Operating Expenses Net Income Number ofUnits Sold $145,000 64,000 67,000 14.000 29,000 How much was the unit cost per item of product sold? (Round your answer to the nearest cent) A) $5.00 B) $100.48 D4.52 9 $2.21 18) Which of the following statements is TRUE of costing systems? A) A construction company would likely use a process costing system. B) A process costing system would be used by manufacturers of custom-made perfumes. 9A job order costing system would be used by manufacturers of baking utensils. D) An accounting firm would likely use a job order costing system 18) 19) A major purpose of a cost accounting system is to A) show investors a company is operating efficiently B) compute the cost of goods sold for the income statement. C) assist creditors in determining whether to grant a loan. D) classify all costs as operating or marketing costs. 19) 20) Which of the following accounts would be debited in the journal entry to record the issuance of dippet materials? AYWork-in-Process Inventory RFinished Goods Inventory 20) B) Cost of Goods Sold D) Raw Materials Inventory 21) The journal entry to issue $600 of direct materials and $30 of indirect materials to production involves debit(s) to the A) Work-in-Process Inventory account for $630 B) Work-in-Process Inventory account for $600 and Finished Goods Inventory account for $30 Q Manufacturing Overhead account for $630 D) Work-in-Process Inventory account for $600 and Manufacturing Overhead account for $30 The aunts of Melissa Manulacturing showed the following balances al the beginning of December Account Raw Materials wenory Work-in-Process benory Finshed Goods Iwentory Manufacturing Overhead 81s 000 The following transactions took place during the month December 2 Issued direct materials S2.0mand indiest materials $4000 to production December 13 Incurred Se000 and $s000 bowand actory's direct labor cost and indirect labor cost apadsau What should be the balance in the Work-in-Process Iventory following these tragsactions? A) $86,000 B) $87,000 000ssO 000vIs 23) On June 1 Westbrook Productions had beginning balances as shown in the T-accounts below 23) Raw Materials Inventory 10,000 Work-in-Process Inventory 20,000 Finished Goods Inventory 25,000 Manufacturing Overhead 41.000 During June, the following transactions took place June 2: Issued $3300 of direct materials and $600 of indirect materials to production June 13: Incurred $7400 of direct factory labor cost and $14,800 of indirect factory labor cost. What was the balance in the Manufacturing Overhead account following these transactions? A) $56,400 9 $55,800 B) $59,100 D) $41,600 24) The predetermined overhead allocation rate is the rate used to A) allocate actual manufacturing overhead costs incurred during a period B) allocate estimated manufacturing overhead costs to jobs 9 trace manufacturing and nonmanufacturing costs to jobs Dassign direct material costs to jobs 24) 16) Velasco Productions has provided the following information for the year Direct Labor |Beginning Work-in-Process Inventory Direct Materials Used Ending Work-in-Process Inventory Manufacturing Overhead $150,000 63,000 269 000 52,900 135.000 During the year, Velasco produced 71,220 units of product. Calculate the unit product cost. (Round your answer to the nearest cent.) A) $7.92 87.78 17) Five Seasons is a merchandiser of packed foods. The company provides the following information B) $8.66 D) $6.77 17) for the year Sales Revenue Cost of Goods Sold Operating Expenses Net Income Number of Units Sold $145,000 64,000 67,000 14.000 29.000 How much was the unit cost per item of product sold? (Round your answer to the nearest cent.) A) $5.00 D4.52 B) $100.48 952.21 18) Which of the following statements is TRUE of costing systems? A) A construction company would likely use a process costing system. B) A process costing system would be used by manufacturers of custom- made perfumes 9A job order costing system would be used by manufacturers of baking utensils. D) An accounting firm would likely use a job order costing system 18) 19) A major purpose of a cost accounting system is to A) show investors a company is operating efficiently. B) compute the cost of goods sold for the income statement. 9 assist creditors in determining whether to grant a loan. D) classify all costs as operating or marketing costs 19) 20) Which of the following accounts would be debited in the journal entry to record the issuance of direet materials? AWork-in-Process Inventory AFinished Goods Inventory 20) B) Cost of Goods Sold D) Raw Materials Inventory 21) The journal entry to issue $600 of direct materials and $30 of indirect materials to production involves debit(s) to the A) Work-in-Process Inventory account for $630 B) Work-in-Process Inventory account for $600 and Finished Goods Inventory account for $30 Q Manufacturing Overhead account for $630 D Work-in-Process Inventory account for $600 and Manufacturing Overhead account for $30