Cost Accounting Test 1 In-class October 6, 2017 Dr. Lebow Answer on this sheet and 'Answer Sheet.' Staple Answer Sheet to the fromt to test. Turn in all materials. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) During March, Zea Inc. transferred $50,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $56,000. The journal entries to record these transactions would include a: A) credit to Cost of Goods Sold of $56,000. B) credit to Finished Goods of $50,000. C) debit to Finished Goods of $56,000. D) credit to Work in Process of $50,000. Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in a particular department consisted of 12,000 units, 100% complete with respect to materials cost and 20% complete with respect to conversion costs. The total cost in the beginning work in process inventory I of 42,000 units were transferred out of the department during the month. The costs per unit were computed to be $2.40 for materials and $4.50 for conversion costs. The total cost of the units was $39,400. A tota equivalent completed and transferred out of the department was: 2) A) S189,000 B) $250,400 C) $250,200 D) $289,800 3) Fabert Corporation uses the weighted-average method in its process costing system. The Assembly Department started the month with 16,000 units in its beginning work in process inventory that were4 0% complete with to conversion costs. An additional 60,000 units were transferred in from the prior department during the in the Assembly Department. During the month 65,000 units were completed in the processing department. There were 11,000 units in the ending month to begin processing Assembly Department and transferred to the next work in process inventory of the Assembly Department that were 50% complete with respect to What were the equivalent units for conversion costs in the Assembly Department for the month? conversion 3) A) 70,500 B) 55,000 C) 64,100 D) 65,000 4) Direct costs: 4) are the variable costs of producing a product. B) are incurred due to a specific decision. C)are incurred to benefit a particular accounting period. D) can be easily traced to a particular cost object. 5) Crimp Corporation uses the FIFO method in its process costing system. Department A had 10,000 units in process at the beginning of January that were 40% complete with respect to conversion costs. All materials are added at the beginning of the process in Department A. The January 1 work in process inventory in Department contained $20,000 in materials cost and S11,000 in conversion cost. During January, materials costs were $2.00 per equivalent unit and conversion costs were $2.50 per equivalent unit. All of the units in the beginning work i process inventory were completed and transferred out during the month. What was the total cost attached to the units when they were transferred to the next department? 5) A) $46,000 B)$337,500 C)$31,000 D) $35,000