Question 2 (5 points) Period costs include a) current assets on the balance sheet b) current liabilities on the balance sheet c) operating costs that are shown on the income statement when products are sold O'd) operating costs that are shown on the income statement in the period in which they are incurred Question 8 (5 points) Period costs are a) found on the balance sheet b) not involved in the production process c) classified as direct labor, direct material, or factory overhead d) found on the job order cost sheets Materials cost, 3,000 units $ 8.000 Conversion costs, 3,000 units, 66.7% completed 6,000 30,000 Materials added during May, 10,000 units Conversion costs during May 31,000 0 Goods finished during May, 11,500 units May 31 work in process, 1,500 units, 50% completed 0 All direct materials are placed in process at the beginning of the process and the first in, first-out method is used to cost inventories. The materials cost per equivalent unit for May is $3.00 Ob) S3.80 OC) $2.92 d) $2.31 Inventory in process, June 1 (30% completed) 4.000 units Completed units during June 65,000 units Ending inventory (60% complete) 7,000 units What is the number of conversion equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories? a) 68,000 units Ob) 70,400 units OC) 66,200 units d) 4,200 units Question 15 (5 points) Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. Work in process at the beginning of the period for Department I was $75,000, and work in process at the end of the period totaled $60,000. The records indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $50,000, 560,000, and $70,000, respectively. In addition, work in process at the beginning of the period for Department 2 totaled $75,000, and work in process at the end of the period totaled $60,000. The journal entry to record the flow of costs into Department 3 during the period is a) Work in Process-Department 3 585,000 Work in Process-Department 2 585,000 570,000 O) ) Work in Process Department 3 Work in Process --Department 2 570,000 Oc) Work in Process -- Department 3 Work in Process-Department 2 555,000 555,000 d) Work in Process-Department 3 Work in Process Department 2 165,000 165,000 Direct Labor Hours (dlh) Product Overhead B Painting Dept. S248,000 10,000 dih 16 dlh 4 dlh 72.000 Finishing Dept. 4 10,000 16 Totals S320,000 20,000 dlh 20 dlh 20 dlh Using a single plantwide rate, determine the overhead rate per unit for Blue Ridge Marketing Inc.'s Product B. Oa) $496.00 O) $144.00 c) $640.00 O d) S320.00 Painting Dept. $248,000 10,000 dlh 16 dih 4 dlh Finishing Dept. 4 72.000 10,000 16 Totals $320,000 20,000 dlh 20 dth 20 dih Determine the overhead from both production departments allocated to each unit of Product A if Blue Ridge Marketing Inc, uses a multiple department rate system. a) $396.80 per unit b) $425.60 per unit Oc) $320.00 per unit d) $214.40 per unit HELLES Product Number of units Rings 1,000 4 6 Dings 2,000 3 9 All of the machine hours take place in the Fabrication Department, which has an estimated overhead of $90,000. All of the labor hours take place in the Assembly Department, which has an estimated total overhead of $105,000. The Aleutian Company uses departmental overhead rates. The Fabrication Department uses machine hours for an allocation base, and the Assembly Department uses labor hours. What is the Assembly Department overhead rate per labor hour? a) $10.50 Ob) $19.50 Oc) $3.75 d) $4.38 per unit per unit Blinks 1,000 4 5 Dinks 2,000 2 8 All of the machine hours take place in the Fabrication department, which has an estimated overhead of $84,000. All of the labor hours take place in the Assembly department, which has an estimated total overhead of $72,000. The Ramapo Company uses a single overhead rate to apply all overhead costs based on labor hours. What is the overhead cost per unit for Dinks? a) 877.00 b) $39.00 OC) $19.50 d) $59.92