Attached are my problems I am having trouble with. Any help with my accounting problems would be greatly appreciated!
1. Which one of the following is a similarity of both a job order and a process cost system? a. They both track direct materials and direct labor but not manufacturing overhead b. They both track conversion costs, but not materials c. They both track the same three manufacturing cost elementsdirect materials, direct labor, and manufacturing overhead d. They both are used for the same type of inventory production items 2. In the Cartoon Company, there are 1,000 units in beginning work in process, 9,000 units stated into production, and 800 units in ending work in process 40% completed. How many physical units are to be accounted for? a. 10,000 b. 9,200 c. 10,800 d. 8,800 3. Zebra Company began the month of June with 650 units in beginning work in process, 11,400 units started into production, and 500 units in ending work in process that are 30% completed. How many units were transferred out during June? a. 11,550 b. 12,050 c. 11,900 d. 11,250 4. The cutting Department's output during the period consists of 12,000 units completed and transferred out, and 3,000 units in ending work in process that were 25% complete as to materials and conversion costs. Beginning inventory was 1,500 units that were 25% complete as to materials and conversion costs. Under the FIFO method, what are the equivalent units of production for materials? a. 13,725 b. 12,375 c. 14,475 d. 13,500 5. The wrapping department's output during the period consists of 10,000 units completed and transferred out, and 600 units in ending work in process that were 75% complete as to materials and conversion costs. Beginning inventory was 800 units that were 30% complete as to materials and conversion costs. Under the FIFO method, what are the equivalent units of production for materials? a. 10,690 b. 11,019 c. 10,450 d. 10,210 6. Which one of the following types of companies would most likely use a job cost system? a. Manufacturer of duct tape b. Producer of movies c. Manufacturer of pencils d. Manufacturer of petroleum 7. At what point in time are costs of raw materials debited to Work in Process Inventory? a. b. c. d. When the materials are put into production When the bill for the materials is paid When the materials are ordered When the materials are received 8. Which one of the following describes factory labor? a. It is debited to manufacturing overhead when incurred b. It is debited to jobs as they are completed c. It is an inventory account in a job cost system d. It is assigned to work in process or manufacturing overhead 9. Which of the following would use a job order cost system? a. The pasteurization of milk b. The production of town homes c. The production of textbooks d. The production of cans of spinach 10. Which of the following characteristics does not usually apply to process manufacturing systems? a. Each unit of product is separately identifiable. b. Partially completed products are transferred between processes. c. Different managers are responsible for different processes. d. The output of all processes except the final process is an input to the next process. e. All of these are characteristics of process manufacturing systems. Problem # 1 processing costing Cromer Manufacturing Company produces a product in two departments: (1) Production and (2) Assembly. The company uses a process cost accounting system. a. b. Aug 3 Purchased raw materials for $51,000 on account. Aug 5 Raw materials requisitioned for production were: Direct materials Production department Assembly department c. Aug 8 Incurred labor costs of $57,000. d. Aug 12 Factory labor used: Production department Assembly department $30,000 14,000 e. $32,000 25,000 Aug 15 Manufacturing overhead is applied to the product based on machine hours used in each department: Production department250 machine hours at $30 per machine hour. Assembly department500 machine hours at $20 per machine hour. f. Aug 20 Units costing $58,000 were completed in the Production Department and were transferred to the Assembly Department. g. Aug 25 Units costing $50,000 were completed in the Assembly Department and were transferred to finished goods. h. Aug 30Finished goods costing $20,000 were sold on account for $45,000. Instructions Prepare the journal entries to record the preceding transactions for Cromer Manufacturing Company. Problem #2 Malone, Inc. uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of July. July 2 9 14 21 26 28 28 30 Purchased raw materials for $18,000 on account Raw materials requisitioned by production: Direct materials $14,000 Indirect materials 2,000 Paid factory utilities, $2,300 and repairs for factory equipment, $4,000 Incurred $45,000 of factory labor Time tickets indicated the following: Direct Labor (3,000 hrs $12 per hr) = $36,000 Indirect Labor (1,000 hrs $9 per hr) = 9,000 $45,000 Applied manufacturing overhead to production based on a predetermined overhead rate of $6 per direct labor hour worked Goods costing $56,000 were completed and transferred to finished goods Goods costing $50,000 were sold for $80,000 on account
