Question 1 (10 points)

Just-in-time operations attempt to significantly reduce

Question 1 options:

	profits
	raw material needed to produce products
	obsolete inventory and inventory carrying cost
	processing time

Question 2 (10 points)

Equivalent production units are generally determined for

Question 2 options:

	direct materials and conversion costs
	direct materials only
	conversion costs only
	direct materials and direct labor costs only

Question 3 (10 points)

If 16,000 units of materials enter production during the first year of operations (no beginning WIP), 12,000 of the units are finished, and 4,000 are 75% completed, using the weighted average method, What would be the number of equivalent units of production?

Question 3 options:

	12,000
	14,000
	15,000
	16,000

Question 4 (10 points)

Conversion cost includes

Question 4 options:

	materials
	direct labor
	factory overhead
	direct labor and factory overhead
	materials and labor

Question 5 (10 points)

Biltmore Corporation uses the weighted-average process costing method. During the month of April the direct material equivalent unit cost was $11 and the conversion cost equivalent unit was $4. Biltmore completed and transferred $190,000 of production to the finished goods inventory for the month of April. Use this information to determine the number of units that were transferred from the Work in Process. Round answer to closest dollar (do not enter cents).

Your Answer:

Question 5 options:

Answer

Question 6 (10 points)

Easton Company, on March 1, 2021 has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production. There is only one production WIP inventory. On March 1, Easton started into production 12,000 units. At the end of the month there were 9,000 units completed and transferred into the Finished Goods Inventory. The ending WIP was 80% complete with respect to conversion. For the month of March the following costs were incurred and recorded in the WIP:

Direct Material$20,000

Direct Labor 14,000

Factory Overhead 35,000

Easton uses the weighted-average process costing method. Use this information to determine the conversion cost per equivalent unit for the month of March. (Round your answer to the closest cent per unit)

Your Answer:

Question 6 options:

Answer

Question 7 (10 points)

On April 1, 2021, Easton Company's beginning work in process inventory had 9,000 units in its only production department. Beginning WIP units were 50% complete as to conversion costs. Easton introduces direct materials at the beginning of the production process.During April, a total of 17,000 units were started and a total of 20,000 units were completed. The remaining units in Easton's ending WIP inventory was 60% complete as to conversion costs. Easton uses the weighted average method. Use this information to determine for April 2021 the equivalent units of production for conversion costs. (Round and enter to nearest whole number of units)

Your Answer:

Question 7 options:

Answer

Question 8 (10 points)

For the year 2021, Jones Company budgeted $210,000 for direct labor and $380,000 for factory overhead. Jones also budgeted 8,000 direct labor hours. Jones applies overhead based on direct labor hours. What is the standard overhead rate per hour for 2021? Round answer to closest cent.

Your Answer:

Question 8 options:

Answer

Question 9 (10 points)

Atlantis Company, on March 1, 2021 has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production. There is only one production WIP inventory. During the month 90,000 units were started. At the end of the month all started units were 70% complete with respect to conversion. Direct Materials placed into production had a total cost of $30,000 and the total conversion cost for the month was $16,000. Atlantis uses the weighted-average process costing method. Use this information to determine the cost per equivalent unit of direct material for the month of March. Round and enter final answers to the nearest cent.

Your Answer:

Question 9 options:

Answer

Question 10 (10 points)

Atlantis Company, on March 1, 2021 has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production. There is only one production WIP inventory. On March 1, Atlantis started into production 10,000 units. At the end of the month there were 5,000 units completed and transferred into the Finished Goods Inventory. The ending WIP was 80% complete with respect to conversion. For the month of March the following costs were incurred and recorded in the WIP:

Direct Material$40,000

Direct Labor 15,000

Factory Overhead 38,000

Atlantis uses the weighted-average process costing method. Use this information to determine the cost per unit transferred to finished goods for the month of March: Round and enter final answers to the nearest cent.

Your Answer:

Question 10 options:

Answer