Question
Current information for the Healey Company follows: Beginning raw materials inventory $ 27,200 Raw material purchases 72,000 Ending raw materials inventory 28,600 Beginning work in
Current information for the Healey Company follows:
Beginning raw materials inventory | $ | 27,200 | |
Raw material purchases | 72,000 | ||
Ending raw materials inventory | 28,600 | ||
Beginning work in process inventory | 34,400 | ||
Ending work in process inventory | 40,000 | ||
Direct labor | 54,800 | ||
Total factory overhead | 42,000 | ||
All raw materials used were traceable to specific units of product. Healey Company's Cost of Goods Manufactured for the year is:
Multiple Choice
-
$161,800.
-
$164,600.
-
$167,400.
-
$173,000.
-
$163,000.
The Duerr Company manufactures a single product. All raw materials used are traceable to specific units of product. Current information for the Duerr Company follows:
Beginning raw materials inventory | $ | 16,000 | |
Ending raw materials inventory | 19,000 | ||
Raw material purchases | 93,000 | ||
Beginning work in process inventory | 28,000 | ||
Ending work in process inventory | 38,000 | ||
Direct labor | 118,000 | ||
Total factory overhead | 93,000 | ||
Beginning finished goods inventory | 68,000 | ||
Ending finished goods inventory | 48,000 | ||
The company's cost of raw materials used, cost of goods manufactured and cost of goods sold is:
Multiple Choice
-
Cost of Materials Used Cost of Goods Manufactured Cost of Goods Sold A. $93,000 $291,000 $271,000 -
B. $96,000 $291,000 $311,000 -
C. $90,000 $311,000 $271,000 -
D. $90,000 $291,000 $311,000
Richards Corporation uses the weighted-average method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 81,000 units, 80% complete as to materials and 20% complete as to conversion. Units started and completed: 252,000. Units completed and transferred out: 333,000. Ending Inventory: 30,500 units, 30% complete as to materials and 15% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $38,200. Costs in beginning Work in Process - Conversion: $80,700. Costs incurred in October - Direct Materials: $710,130. Costs incurred in October - Conversion: $920,300. Calculate the cost per equivalent unit of materials.
Multiple Choice
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$2.81
-
$2.52
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$2.09
-
$2.37
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$2.19
Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 95,000 units, 70% complete as to materials and 20% complete as to conversion. Units started and completed: 265,000. Units completed and transferred out: 360,000. Ending Inventory: 37,500 units, 30% complete as to materials and 10% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $52,200. Costs in beginning Work in Process - Conversion: $94,700. Costs incurred in October - Direct Materials: $802,800. Costs incurred in October - Conversion: $1,091,050. Calculate the cost per equivalent unit of conversion.
Multiple Choice
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$2.71
-
$3.44
-
$3.16
-
$4.12
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$2.96
Andrews Corporation uses the weighted-average method of process costing. The following information is available for February in its Polishing Department:
Equivalent units of productiondirect materials | 102,000 | EUP | |
Equivalent units of productionconversion | 88,000 | EUP | |
Costs in beginning Work in Processdirect materials | $ | 54,800 | |
Costs in beginning Work in Processconversion | $ | 40,300 | |
Costs incurred in Februarydirect materials | $ | 463,500 | |
Costs incurred in Februaryconversion | $ | 582,200 | |
The cost per equivalent unit of production for direct materials is:
Multiple Choice
-
$4.54
-
$5.08
-
$10.25
-
$5.71
-
$5.89
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