Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please also expain how you got the answer too thanks! Question 1 10 pts Kalamazoo Corporation is currently using the process costing method. A number

Please also expain how you got the answer too thanks! image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Question 1 10 pts Kalamazoo Corporation is currently using the process costing method. A number of transactions that occurred during the current month are listed below. (1) Raw materials that cost $28,300 are withdrawn from the storeroom for use in the Mixing Department. All of these raw materials are classified as direct materials. (2) Direct labor costs of $18,800 are incurred, but not yet paid, in the Mixing Department (3) Manufacturing overhead of S46,800 is applied in the Mixing Department using the department's predetermined overhead rate. (4) Units with a carrying cost of $90,800 finish processing in the Mixing Department and are transferred to the Drying Department for further processing (5) Units with a carrying cost of $98,100 finish processing in the Drying Department, the final step in the production process, and are transferred to the finished goods warehouse. (6) Finished goods with a carrying cost of $82,300 are sold. Regarding transaction (1), the correct entry to record this transaction is: debit Raw Materials Inventory $28,300, credit Work in Process Mixing $28,300 True False Question 2 O pts D 10 pts Question 3 Kalamazoo Corporation is currently using the process costing method. A number of transactions that occurred during the current month are listed below. (1) Raw materials that cost $28,300 are withdrawn from the storeroom for use in the Mixing Department. All of these raw materials are classified as direct materials. (2) Direct labor costs of $18,800 are incurred, but not yet paid, in the Mixing Department (3) Manufacturing overhead of $46,800 is applied in the Mixing Department using the department's predetermined overhead rate. (4) Units with a carrying cost of $90,800 finish processing in the Mixing Department and are transferred to the Drying Department for further processing (5) Units with a carrying cost of $98,100 finish processing in the Drying Department, the final step in the production process, and are transferred to the finished goods warehouse (6) Finished goods with a carrying cost of $82,300 are sold. Regarding transaction (2), the correct entry to record this transaction is: Debit Wages Payable Mixing $18,800, credit Work in Process Mixing $18,800 True False O pts U Question 4 win the nation that have to the answer for the preceding question. Thank you a Canvas 10 pts Question 5 Kalamazoo Corporation is currently using the process costing method. A number of transactions that occurred during the current month are listed below. (1) Raw materials that cost $28,300 are withdrawn from the storeroom for use in the Mixing Department. All of these raw materials are classified as direct materials. (2) Direct labor costs of $18,800 are incurred, but not yet paid, in the Mixing Department (3) Manufacturing overhead of $46,800 is applied in the Mixing Department using the department's predetermined overhead rato. (4) Units with a carrying cost of $90,800 finish processing in the Mixing Department and are transferred to the Drying Department for further processing (5) Units with a carrying cost of $98,100 finish processing in the Drying Department, the final step in the production process, and are transferred to the finished goods warehouse. (6) Finished goods with a carrying cost of $82,300 are sold. Regarding transaction (3), the correct entry to record this transaction is: Credit Work in Process Mixing $46,800, credit Manufacturing Overhead $46,800. True False O pts D Question 6 08 2 A D Question 7 10 pts Kalamazoo Corporation is currently using the process costing method. A number of transactions that occurred during the current month are listed below. (1) Raw materials that cost $28, 300 are withdrawn from the storeroom for use in the Mixing Department. All of these raw materials are classified as direct materials. (2) Direct labor costs of $18,800 are incurred, but not yet paid, in the Mixing Department 3) Manufacturing overhead of $46,800 is applied in the Mixing Department using the department's predetermined overhead rate. (4) Units with a carrying cost of $90,800 finish processing in the Mixing Department and are transferred to the Drying Department for further processing (5) Units with a carrying cost of $98,100 finish processing in the Drying Department , the final step in the production process, and are transferred to the finished goods warehouse (6) Finished goods with a carrying cost of $82,300 are sold, Regarding transaction (4), the correct entry to record this transaction is: Debit Work in Process Mixing $90,800, credit Work in Process Drying $90,800 True False O pts Question 8 Please show or explain the calculation that brought you to the answer for the preceding question. Thank you. Canvas Question 9 10 pts Kalamazoo Corporation is currently using the process costing method. A number of transactions that occurred during the current month are listed below. (1) Raw materials that cost $28,300 are withdrawn from the storeroom for use in the Mixing Department. All of these raw materials are classified as direct materials. (2) Direct labor costs of $18,800 are incurred, but not yet paid, in the Mixing Department (3) Manufacturing overhead of $46,800 is applied in the Mixing Department using the department's predetermined overhead rate. (4) Units with a carrying cost of $90,800 finish processing in the Mixing Department and are transferred to the Drying Department for further processing (5) Units with a carrying cost of $98,100 finish processing in the Drying Department, the final step in the production process, and are transferred to the finished goods warehouse. (6) Finished goods with a carrying cost of $82,300 are sold. Regarding transaction (5), the correct entry to record this transaction is: Debit Finished Goods Inventory $98,100, credit Work in Process Drying $98,100 True False Question 10 O pts Canvas Question 11 10 pts Kalamazoo Corporation is currently using the process costing method. A number of transactions that occurred during the current menth are listed below. (1) Raw materials that cost $28,300 are withdrawn from the storeroom for use in the Mixing Department. All of these raw materials are classified as direct materials. (2) Direct labor costs of $18,800 are incurred, but not yet paid, in the Mixing Department (3) Manufacturing overhead of S46,800 is applied in the Mixing Department using the department's predetermined overhead rate. (4) Units with a carrying cost of $90,800 finish processing in the Mixing Department and are transferred to the Drying Department for further processing (5) Units with a carrying cost of $98,100 finish processing in the Drying Department, the final step in the production process, and are transferred to the finished goods warehouse (6) Finished goods with a carrying cost of $82,300 are sold. Regarding transaction (6), the correct entry to record this transaction is: Debit Cost of Goods Sold $82.300. Credit Finished Goods Inventory $82,300. Thue False O pts u Question 12 Please show or explain the calculation that brought you to the answer for the preceding question. Thank you. Question 13 10 pts India, Inc. is currently using the weighted average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory. 700 Materials costs. $8,600 Conversion costs. $15,600 Percent complete with respect to materials. 70% Percent complete with respect to conversion. 50% Units started into production during the month 7,000 Units transferred to the next department during the 6,200 month ........ Materials costs added during the month. $97,600 Conversion costs added during the month $253,200 Ending work in process inventory: Units in ending work in process inventory. 1,500 Percent complete with respect to materials 90% 15% Percent complete with respect to conversion. Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. What are the equivalent units for conversion costs for the month in the first processing department? O 6,425 6.500 06.200 225 x 9 A Question 15 10 pts The information below was obtained from the records of the first processing department of California Corporation for the current month. California uses the weighted average method in its process costing system. Units Percent Completed: Labor and Overhead Work in process inventory, July 1 20,000 40% Started during the month 70,000 Completed during the month. 80,000 Work in process inventory, July 31 ..... 2 2596 ENDING INVENTORY 50% COMPLETE WITH RESPECT TO MATERIALS The equivalent units for material for the month is: 85,000 90,000 80,000 82,500 O pts Question 16 Canvas Question 17 10 pts The information below was obtained from the records of the first processing department of California Corporation for the current month. California uses the weighted-average method in its process costing system. Units Percent Completed: Labor and Overhead Work in process inventory, July 1. 20,000 40% Started during the month... 70,000 Completed during the month. 80,000 Work in process inventory, July 31 25% ENDING INVENTORY 50% COMPLETE WITH RESPECT TO MATERIALS, The equivalent units for labor and overhead for the month is: 70,000 90,000 80,000 82,500 O pts Caras Question 19 10 pts Boston Corporation uses a weighted average process costing system to collect costs related to production in its Milling Department. The following information relates to Milling Department production for the current month: Beginning Inventory Units transferred in from prior department Units completed and transferred out Ending inventory 10,000 units 41,000 units 42,000 units 9,000 units ENDING INVENTORY IS 100% COMPLETE WITH REGARD TO MATERIALS AND 30% COMPLETE WITH REGARD TO CONVERSION What are the Milling Department's equivalent units related to materials and conversion for the current month? 37.000 and 44,700 51,000 and 44,700 42,000 and 43,700 46,000 and 43.700 O pts Question 20

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Bank Stability, Sovereign Debt And Derivatives

Authors: Author

1st Edition

113733214X, 9781137332141

More Books

Students also viewed these Accounting questions

Question

=+Why were they effective? How could you continue the campaign?

Answered: 1 week ago

Question

=+Who's your primary audience?

Answered: 1 week ago

Question

=+What do they need to hear?

Answered: 1 week ago