Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Processcostaccountingisusedwhen A. theproductionprocessiscontinuous. B. productionisaimedatfillingaspecificcustomerorder. C. dissimilarproductsareinvolved. D. costsaretobeassignedtospecificjobs. In a process cost system, A. a W-I-P account is kept for each product. B. a
- Processcostaccountingisusedwhen
A. theproductionprocessiscontinuous. B. productionisaimedatfillingaspecificcustomerorder. C. dissimilarproductsareinvolved. D. costsaretobeassignedtospecificjobs. - In a process cost system,
A. a W-I-P account is kept for each product. B. a materials requisition must identify the job on which the materials will be used. C. a W-I-P account is kept for each process. D. one W-I-P account is maintained for all the processes, similar to a job order cost system.
- Department 1 of a two department production process shows: Units Beginning Work in Process 10,000 Ending Work in Process 15,000 Total units to be accounted for 40,000 How many units were started into production in Department 1?
A. 25,000. B. 65,000. C. 55,000. D. 30,000.
- Department 1 of a two department production process shows: Units Beginning Work in Process 10,000 Ending Work in Process 15,000 Total units to be accounted for 40,000How many units were transferred out to Department 2?
A. 25,000. B. 65,000. C. 55,000. D. 30,000.
1 points
- A department adds raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process. For the month of January, there were no units in the beginning work in process inventory 30,000 units were started into production in January and there were 8,000 units that were 45% complete in the ending work in process inventory at the end of January. What were the equivalent units of production for materials for the month of January?
A. 33,600 equivalent units B. 25,600 equivalent units C. 30,000 equivalent units D. 38,000 equivalent units
1 points
- A department adds raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process. For the month of January, there were no units in the beginning work in process inventory 30,000 units were started into production in January and there were 8,000 units that were 45% complete in the ending work in process inventory at the end of January.What were the equivalent units of production for conversion costs for the month of January?
A. 33,600 equivalent units B. 25,600 equivalent units C. 30,000 equivalent units D. 38,000 equivalent units
1 points
- When manufacturing overhead costs are assigned to production in a process cost system, they are debited to
A. the Finished Goods Inventory account. B. Cost of Goods Sold. C. a Manufacturing Overhead account. D. the Work in Process account.
1 points
- In the month of June, a department had 7,000 units in beginning work in process that were 90% complete. During June, 14,000 units were transferred into production from another department. At the end of June there were 1,000 units in ending work in process that were 30% complete. Materials are added at the beginning of the process while conversion costs are incurred uniformly throughout the process.How many units were transferred out of the process in June?
A. 20,000 units B. 21,000 units C. 22,000 units D. 15,000 units
1 points
- In the month of June, a department had 7,000 units in beginning work in process that were 90% complete. During June, 14,000 units were transferred into production from another department. At the end of June there were 1,000 units in ending work in process that were 30% complete. Materials are added at the beginning of the process while conversion costs are incurred uniformly throughout the process.The equivalent units of production for materials for June was
A. 20,000 equivalent units. B. 21,000 equivalent units. C. 22,000 equivalent units. D. 20,300 equivalent units.
1 points
- In the month of June, a department had 7,000 units in beginning work in process that were 90% complete. During June,14,000 units were transferred into production from another department. At the end of June there were 1,000 units in ending work in process that were 30% complete. Materials are added at the beginning of the process while conversion costs are incurred uniformly throughout the process.The equivalent units of production for conversion costs for June was
A. 20,000 equivalent units. B. 21,000 equivalent units. C. 20,700 equivalent units. D. 20,300 equivalent units.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Government and Not-for-Profit Accounting Concepts and Practices
Authors: Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese, Daniel L. Smith
8th edition
1119495814, 1119495857, 1119495819, 9781119495819 , 978-1119495857
