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Question: 4- A company uses the weighted average method for inventory costing. During a period, Department ...

4-

A company uses the weighted average method for inventory costing. During a period, Department B finished and transferred 53,000 units to Department C. Also in Department B during the period, 11,500 units were started but brought only to a stage of being 60% completed. The number of equivalent units produced by Department B during the period was:

Multiple Choice

57,600 units.

64,500 units.

53,000 units.

59,900 units.

46,100 units.

7-A production department's output for the most recent month consisted of 8,400 units completed and transferred to the next stage of production and 5,400 units in ending Work in Process inventory. The units in ending Work in Process inventory were 60% complete with respect to both direct materials and conversion costs. Calculate the equivalent units of production for the month, assuming the company uses the weighted average method.

5,160 units.

7,200 units.

13,800 units.

11,640 units.

10,440 units.

8-A company's beginning Work in Process inventory consisted of 34,000 units that were 80% complete with respect to direct labor. A total of 104,000 were finished during the period and 39,000 remaining in Work in Process inventory were 40% complete with respect to direct labor at the end of the period. Using the weighted-average method, the equivalent units of production with regard to direct labor were:

90,000.

119,600.

57,200.

104,000.

146,800

9- Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $990 and sold them on credit to Percy Corporation for $1,455. The complete journal entry to be made by Wyman at the time of this sale is:

Debit Accounts Receivable $1,455; credit Sales $1,455; debit Cost of Goods Sold $990; credit Finished Goods Inventory $990.

Debit Finished Goods Inventory $990; debit Sales $1,455; credit Accounts Receivable $1,455; credit Cost of Goods Sold $990.

Debit Accounts Receivable $1,455; credit Sales $465; credit Finished Goods Inventory $990.

Debit Cost of Goods Sold $1,455; credit Sales $1,455.

Debit Accounts Receivable $1,455; debit Selling expense $990; credit Sales $1,455; credit Cost of Goods Sold $990.

10-Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The journal entry to record June production activities for direct material usage is:

Direct materials used	$	90,000
Direct labor used		163,000
Predetermined overhead rate (based on direct labor)		155	%
Goods transferred to finished goods		435,000
Cost of goods sold		447,000
Credit sales		813,000

Multiple Choice

Debit Work in Process Inventory $90,000; credit Raw Materials Inventory $90,000.

Debit Work in Process Inventory $90,000; credit Cost of Goods Sold $90,000.

Debit Cost of Goods Sold $90,000; credit Finished Goods Inventory $90,000.

Debit Raw Materials Inventory $90,000; credit Finished Goods Inventory $90,000.

Debit Raw Materials Inventory $90,000; credit Accounts Payable $90,000.

11- Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $2,600 of direct materials and used $4,100 of direct labor. The job was not finished by the end of the month, but needed an additional $3,100 of direct materials in October and additional direct labor of $6,600 to finish the job. The company applies overhead at the end of each month at a rate of 150% of the direct labor cost. What is the amount of job costs added to Work in Process Inventory during October?

$23,700

$32,450

$16,400

$29,400

12-During November, the production department of a process operations system completed and transferred to finished goods 23,000 units that were in process at the beginning of November and 130,000 units that were started and completed in November. November's beginning inventory units were 100% complete with respect to materials and 50% complete with respect to conversion. At the end of November, 31,000 additional units were in process in the production department and were 100% complete with respect to materials and 55% complete with respect to conversion. Compute the number of equivalent units with respect to materials for November using the weighted-average method.

31,000.

147,050.

122,000.

184,000.

153,000.