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 Materials added during May, 10,000 units 30,000 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 a) $3.00 O b) $3.80 $2.92 d) $2.31 The following production data were taken from the records of the Finishing Department for June: 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 c) 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 1 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, S60,000, 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 Work in Process Department 2 585,000 585,000 Ob) Work in Process - Department 3 Work in Process --Department 2 570,000 570,000 Oc) Work in Process-Department 3 Work in Process-Department 2 555,000 555,000 Od) Work in Process-Department 3 Work in Process-Department 2 165,000 165,000 Direct Labor Hours (dib Product Overhead A . Painting Dept. $248,000 10,000 dih 16 dlh 4 dlh Finishing Dept. 72.000 10.000 16 Totals $320,000 20,000 dih 20 din 20 dih Using a single plantwide rate, determine the overhead rate per unit for Blue Ridge Marketing Inc.'s Product B. a) $496.00 Ob) $144.00 Oc) S640.00 d) $320.00
