devry acct 505 week 2 quiz

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(TCO F) Computing unit product costs involves averaging in:

Job-Order Costing

Process Costing

A

Yes

No

B

Yes

Yes

C

No

Yes

D

No

No

Choice A.

Choice B.

Choice C.

Choice D.

Question 2. Question
:

(TCO F) Process costing would be appropriate for each of the
following except:

custom furniture manufacturing.

oil refining.

grain milling.

newsprint production.

Question 3. Question
:

(TCO F) Assume there was no beginning work in process
inventory and the ending work in process inventory is 70% complete with respect
to conversion costs. Under the weighted-average method, the number of
equivalent units of production with respect to conversion costs would be:

the same as the units completed.

less than the units completed.

the same as the units started during the
period.

less than the units started during the period.

:

Question 4. Question
:

(TCO F) Which of the following accounts is debited when
direct labor is recorded?

Work in process

Salaries and wages expense

Salaries and wages payable

Manufacturing overhead

Question 5. Question
:

(TCO F) Stickles Corporation incurred $79,000 of actual
Manufacturing Overhead costs during August. During the same period, the
Manufacturing Overhead applied to Work in Process was $75,000. The journal
entry to record the incurrence of the actual Manufacturing Overhead costs would
include a:

debit to Manufacturing Overhead of $79,000.

credit to Manufacturing Overhead of $79,000.

credit to Work in Process of $75,000.

Question 6. Question
:

(TCO F) Wedd Corporation had $35,000 of raw materials on
hand on May 1. During the month, the company purchased an additional $68,000 of
raw materials. During May, $92,000 of raw materials were requisitioned from the
storeroom for use in production. These raw materials included both direct and
indirect materials. The indirect materials totaled $5,000. The debits to the
Work in Process account as a consequence of the raw materials transactions in
May total:

$92,000.

$0.

$68,000.

$87,000.

(TCO F) Some companies use process costing and some use
job-order costing. Which method a company uses depends on its industry. A
number of companies in different industries are listed below:

i. Specialty coffee roaster (roasts small batches of
specialty coffee beans)

ii. Custom aircraft builder

iii. Brick manufacturer

iv. Microbrewery that produces a number of different beers

v. Steel company making chain link fences from iron ore

For each company, indicate whether the company is most
likely to use job-order costing or process costing.

Question 2. Question
:

(TCO F) Job 728 was recently completed. The following data
have been recorded on its job cost sheet:

Direct materials

$81,000

Direct labor hours

1,220 labor hours

Direct labor wage rate

$15 per labor-hour

Machine Hours

1,520 machine hours

Number of units completed

4,400 units

The company applies manufacturing overhead on the basis of
machine-hours. The predetermined overhead rate is $16 per machine-hour.

Compute the unit product cost that would appear on the job
cost sheet for this job.

Question 3. Question
:

(TCO F) Harmon Company uses the weighted-average method in
its process costing system. The Curing Department of Harmon Company reported
the following information for the month of November.

Units Percentage
complete with respect to conversion

Work in process, November 1 10,000 80%

Units started 28,000

Completed and transferred out 30,000

Work in process, November 30 8,000 30%

Costs for November Materials Conversion

Work in process,
November 1 $34,500 $48,600

Added during the
month $146,000 $194,400

All materials are added at the beginning of the process.

Required: Compute the following items using the
weighted-average method:

i. The equivalent units of production for materials.

ii. The cost per equivalent unit for conversion.

iii. The total cost assigned to units transferred out of the
Curing Department during November.

iv. The cost assigned to work in process inventory as of
November 30.

Question 4. Question
:

(TCO F) Honeysuckle Corporation has provided the following
data for the month of January:

Inventories

Beginning

Ending

Raw materials

$40,000

$23,000

Work In process

$9,000

$13,000

Finished goods

$52,000

$45,000

Additional Information

Raw material purchases

$68,000

Direct labor costs

$90,000

Manufacturing overhead cost incurred

$44,000

Indirect materials included in manufacturing overhead costs
incurred

$8,000

Manufacturing overhead cost applied to work in process

$39,000

Prepare a Schedule of Cost of Goods Manufactured and a
Schedule of Cost of Goods Sold in good form.

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