Weygandt, Managerial Accounting, 8e

ASSIGNMENT RESOURCES

Chapters 2 and 3

Question 1

The following information is available for completed Job No. 402: Direct materials, $20000; direct labor, $80000; manufacturing overhead applied, $10000; units produced, 5000 units; units sold, 3000 units. The cost of the finished goods on hand from this job is

$40000.

$44000.

$110000.

$66000.

Question 2

Waterway Industries thinks machine hours is the best activity base for its manufacturing overhead. The estimate of annual overhead costs for its jobs was $3050000. The company used 1000 hours of processing on Job No. B12 during the period and incurred overhead costs totaling $2900000. The budgeted machine hours for the year totaled 20000. How much overhead should be applied to Job No. B12?

$2900

$145000

$3050

$152500

Question 3

Cost of goods sold is obtained from

the Raw Materials Inventory control account.

analysis of all the control accounts in the cost system.

the finished goods inventory records.

the work in process inventory records.

Question 4

During 2019, Vaughn Manufacturing expected Job no. 59 to cost $300000 of overhead, $590000 of materials, and $200000 in labor. Vaughn applied overhead based on direct labor cost. Actual production required an overhead cost of $255000, $660000 in materials used, and $310000 in labor. All of the goods were completed. How much is the amount of over- or underapplied overhead?

$45000 underapplied

$45000 overapplied

$210000 underapplied

$210000 overapplied

Question 5

The two basic types of cost accounting systems are

job order and job accumulation systems.

job order and process cost systems.

process cost and batch systems.

job order and batch systems.

Question 6

A characteristic of products that are mass-produced in a continuous fashion is that

they are grouped in batches.

their costs are accumulated on job cost sheets.

they are produced at the time an order is received.

the products are identical or very similar in nature.

Question 7

A primary driver of overhead costs in continuous manufacturing operations is:

direct labor dollars.

machine maintenance dollars.

machine hours.

direct labor hours.

Question 8

The Molding Department of Marigold Company has the following production data: beginning work process 40900 units (60% complete), started into production 737000 units, completed and transferred out 686000 units, and ending work in process 91900 units (40% complete).Assuming materials are entered at the beginning of the process, equivalent units for materials are:

828900.

777900.

645100.

686000.

Question 9

Coronado Company has the following equivalent units of production for July: materials 27750 and conversion costs 22500. Production cost data are:

Materials Conversion

Work in process, July 1$ 6500 $ 4000

Costs added in July 49000 39000

The unit production costs for July are:

Materials Conversion Costs

$1.77 $1.73

$2.00 $1.91

$1.77 $ 1.91

$2.00 $1.73

Question 10

The Cutting Department's output during the period consists of 22500 units completed and transferred out, and 4200 units in ending work in process that were 20% complete as to materials and conversion costs. Beginning inventory was 1600 units that were 20% complete as to materials and conversion costs. Under the FIFO method, what are the equivalent units of production for materials?

24100

23020

23660

23340