the first step in preparing a cost of production report is
The first step in preparing a cost of production report is a. computing the equivalent units of production. O b. determining the cost per equivalent unit. c. allocating costs to units transferred out. d. determining the units to be assigned costs. AN During the current month, Grey Company sold 60,000 units for $10 each. Each unit had an equivalent cost of $6 each. The Journal entry to record the sale would include which of the following? O a. Finished Goods 360,000 Cost of Goods Sold 360,000 Ob. Finished Goods 600,000 Cost of Goods Sold 600,000 O c. Cost of Goods Sold 600,000 Finished Goods 600,000 d. Cost of Goods Sold 360,000 Finished Goods 350,000 10 12 em #8 of 13 For the month of September, Ponda, Inc., Incurs a direct materials cost of $12,000 for 7.500 gallons of strawberry lemonade produced in its Mixing Department. It also incurs conversion costs of $5,000 with 80% completed. If the conversion cost per equivalent unit was $1.15 per gallon in August, what is the difference in the conversion cost per equivalent in between the two months? a $0.45 Ob. 51.15 c. $1.60 d. 30.15 Which of the following measures would not help managers to control and improve manufacturing operations O a. Product yields b. Cost changes for specific products c. Unit production d. Commissions paid per time period Which of the following is not a way in which process and job order cost systems are similar? a. Both maintain perpetual Inventories b. Both categorize manufacturing costs into direct materials, direct labor, and factory overhead. Oc. Both allocate factory overhead costs to products. d. Both must calculate equivalent units to calculate per-unit costs. 10+ MacBook Ain Problem 11 of 13 Carmel company manufactures a single product by a continuous process involving the production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $160,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $40.000, 150,000, and $70,000, respectively. In addition, work in process at the beginning of the period for Department 1 totaled $75,000, and work in process at the end of the period totaled $60,000. The journal entry to record the row of costs into Department 2 during the period for direct materials is 40.000 40,000 40,000 40,000 a. Work in Process-Department 2 Materials b. Materials Work in Process-Department 2 Dc Materials Work in process-Department 1 d. Work in Process-Department 1 Materials 160,000 160,000 170,000 170,000 11 To compute equivalent units for conversion costs, it is necessary to know O a. how many equivalent units of raw materials are calculated. b. how direct labor and factory overhead enter the manufacturing process. O c. how many pounds of raw materials are needed at each stage of the manufacturing process. d. the cost of raw materials put into production. AwN 13 To compute equivalent units for conversion costs, it is necessary to know a. how many equivalent units of raw materials are calculated. Ob. how direct labor and factory overhead enter the manufacturing process. c. how many pounds of raw materials are needed at each stage of the manufacturing process. Od the cost of raw materials put into production
