35) Both job order costing and process costing A) follow last-in, first-out method for inventory valuation B) have the same type of product costs C) treat all period costs as product costs D) maintain a single Work-in-Process Inventory account 36) Jabari Manufacturing, a widgets manufacturing company, divides its production operations into 36) three processes-Department 1, Department 2, and Department 3. The company uses a process costing system. Jabari incurred the following costs during the year to produce 4800 units rtment tment rtment 7,000 3 10,000 If Jabari could sell only 3100 units during the year, what will be the cost per unit of widge produced? (Round your answer to the nearest cent.) A) $3.54 $7.08 D) $5.00 Under process costing, thetotal production costs incurred in each process must be split between the units that have been completed in that process and transferred to the next process and the A) Cost of Goods Sold when the units are sold B) Work-in-Process Inventory of the previous department when there are no sales C) units not completed and remaining in Work-in-Process Inventory for that department D) Finished Goods Inventory if it is the first process 2 PM 38) Which of the following best describes the term equivalent units? A) partially completed units of output that will be sold as is BT partially completed units expressed in terms of fully completed units C) substitute of units that are partially completed D) different types of units that have same selling price 39) The Refining Department of SweetBeet, Inc. had 79,000 tons of sugar to account for in July Of the 39) 9,000 tons, 49,000 tons were completed and transferred to the Boiling Department, and the remaining 30,000 tons were 50% complete. The materials required for production are added at the beginning of the process. Conversion costs are weighted-average method is used. Caleulate the total equivalent units of production for direct added evenly throughout the refining process. The materials 5 15,000 units B) 79,000 units C 64,000 units D) 49,000 units 40) If 34,000 units are 80% complete with respect to direct materials, then the equivalent units of production for direct materials areThe weighted-average method is used A) 6800 units B) 34,000 units 27,200 units D) 40,800 urits 41) Which of the following is a step in the preparation of a production cost report? A) computation of amount of materials required for production B) computation of expected units of production G) assignment of costs to units completed and units in process D) summarization of the flow of physical units to the suppliers 42) The beginning inventory costs and the product costs of the current period are combined to 42) determine the average cost of equivalent units of production under the Aj conversion costs method first-in, first-out method B) equivalent units method D) weighted-average method of Binary, Inc, a manufacturer of computers, had a beginning inventory 43) units. During November, it assembled 2000 units and transferred them to the Packaging Department. It incurred $250,000 in direct materials and $75,000 in conversion costs. The inventory in November was 6000 units, which were 100% and 60% complete with respect to materials and conversion costs, respectively. Calculate the total equivalent units of production for conversion costs for November. The weighted-average method is used B) 2000 units C) 5600 units 3600 units A) 8000 units 44) 44) The Assembly Department of Interface, Inc, manufacturer of computers, had 4500 units of beginning inventory in September, and 8000 units were transferred to it from the Production Department. The Assembly Department completed 4000 units during the month and transferred them to the Packaging Department. The weighted-average method is used. Calculate the total number of units to account for by the Assembly Department B) 3500 units C 8000 units D) 4500 units A) 12,500 units 45) Alchemy Manufacturing produces a pesticide chemical and uses process costing. There are three 45 processing departments-Mixing, Refining, and Packaging. On January 1, the first department -Mixing-had no beginning inventory. During January, 56,000 fl. oz of chemicals were started in production. Of these, 30,000 fl. or. were completed and 26,000 fl. oz. remained in process. In the Mixing Department, all direct materials are added at the beginning of the production process, and conversion costs are applied evenly throughout the process. The weighted-average method is used. At the end of the month, Alchemy calculated equivalent units. The ending inventory in the Mixing Department was 79% complete with respect to conversion costs with respect to direct materials, what is the number of equivalent units in the ending inventory? A) 30,000 equuivalent units B) 26,000 equivalent units D) 56,000 equivalent units ) 19,500 equivalent units de) The Assembly Department of ByteSize, Inc, manufacturer of computers, incurred $280,000 in direct 4 material costs and $70,000 in conversion costs. The equivalent units of production for direct materials and conversion costs are 1500 and 600, respectively. The weighted-average method is (Round used. The yOur aswer to the neanest cent.) cost per equivalent unit of production (EUP) for conversion costs is s11667 per EUP 9 $186 67 per EUP B) 546.67 per EUP D) $466.67 per EUP 47) onder process costing, costs assigned to goods sold are transferred to the Cost of Goods Sold 47) account from the A perpetual inventory system is used. A) Work-in-Process Inventory account O Sales Revenue account B) Raw Materials Inventory account D) Finished Goods Inventory account 46) Which of the Which of the folowing inverntory costing methods yields the highest net income during a period of 6) rising innventory costs B) last-in, finst-out A) weighted-average O finst-in, fiest-out 47) B) Accounts Receivable D) Merchandise Inventory 47) Which of the folowing assets mast be neported at the lower-of-cost-or-market value? A) Prepald insurance C) Notes Receivable 18) The ending merchandise inventory for the curment year is overstated by $25,000. What effect wili4) this error have on the following year's net income? A) The net income will be overstated by $25,000 The net income will be understated by S5000 C) The net income will be understated by $25,000 D) The net income will be overstated by $50,000. 9) The ending Merchandise Inventory for the current accounting period is understabed by $2.700 49) What effect will this error have on Cost of Goods Sold and Net Income for the current accounting period? Understa 50) Anderson Farms Company provided the following for 2018 50) Cost of Goods Sold(Cost of sales) se Inventory 300,000 640,000 e the company's inventory tumover ratio for the year. (Round your answer to two decimal places) A) 1.28 times per year C) 255 times per year B) 1.88 times per year D) 400 times per year
