Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I hope to solve the question as soon as possible Use the following information for the next 2 questions: Jacobson Manufacturing Company makes a single

image text in transcribed

image text in transcribed

I hope to solve the question as soon as possible

Use the following information for the next 2 questions: Jacobson Manufacturing Company makes a single product in a single process and uses weighted average process costing. All material is added at the start of the process. The following information is available for March production: The following costs are available for March: 7. What is the sum of the dollar amount of the ending work in process inventory and the cost of goods transferred to finished goods? a. $77,880 b. $48,450 c. $117,798 d. $126,330 8. What are the equivalent units for conversion costs? a. 132,000 b. 123,900 c. 127,500 d. 121,500 Calculate the amount of direct labor cost incurred during the year. a. $20000 b. $18000 c. $10000 d. None of the given answers 10. Early inspections can a. prevent any further conversion costs being wasted on units that are already good b. increase conversion costs on units that are already spoiled c. increase any further costs being spent on units that are already spoiled d. prevent any further costs being wasted on units that are already spoiled 11. Which two terms below describe the wages paid to security guards that monitor a factory 24 hours a day? a. variable cost and direct cost b. fixed cost and direct cost c. variable cost and indirect cost d. fixed cost and indirect cost 12. Costs of normal spoilage are usually accounted for as a. a deduction from the cost of goods sold b. a component of the costs of good units manufactured c. a "loss from normal spoilage account" in income statement d. a liability on a balance sheet 13. The loss from abnormal spoilage account would appear a. on a balance sheet b. as a detailed item in the retained earnings schedule of a balance sheet c. a separate line item on an income statement

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions