Buy Solved ACCT 505 Week 2 Quiz

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ACCT 505 Week 2 Quiz (Version 1)
Page:  1
  1. Question: (TCO B) Assume there was no beginning work in the process inventory and the ending work in the process inventory is 70% complete concerning conversion costs. Under the weighted average method, the number of equivalent units of production concerning conversion costs would be
  2. Question: (TCO B) Process costing would be appropriate for each of the following except
  3. Question: (TCO B) Luft Company uses the weighted-average method in its process costing system. Operating data for the first processing department for June appear below.
  4. Question: (TCO B) The journal entry to record the incurrence of indirect supervisory labor costs is which of the following?
  5. Question: (TCO B) During December at Ingrim Corporation, $74,000 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 $6,000. The journal entry to record the requisition from the storeroom would include a
  6. Question: (TCO B) During February, Degan Inc. transferred $60,000 from work in process to finished goods and recorded a cost of goods sold of $65,000. The journal entries to record these transactions would include a
Page:  2
  1. Question: (TCO B) Whether a company uses process costing or job-order costing
  2. Question: (TCO B) Job 827 was recently completed. The following data have been recorded on its job cost sheet.
  3. Question: (TCO B) Auger Inc. uses the weighted average method in its process costing system. The following data concern the operations of the company’s first processing department for a recent month.
  4. Question: (TCO A) Honeysuckle Corporation has provided the following data for January.

ACCT 505 Week 2 Quiz (Version 2)
  1. Question: (TCO F) Computing unit product costs involves averaging in
  2. Question: (TCO F) Luft Company uses the weighted-average method in its process costing system. Operating data for the first processing department for June appear below:
  3. Question: (TCO F) Assume there was no beginning work in the process inventory and the ending work in the process inventory is 70% complete concerning conversion costs. Under the weighted-average method, the number of equivalent units of production concerning conversion costs would be:
  4. Question: (TCO F) Which of the following accounts is debited when direct labor is recorded?
  5. Question: (TCO F) During December at Ingrim Corporation, $74,000 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 $6,000. The journal entry to record the requisition from the storeroom would include a
  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 in raw materials………. 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:
  7. Question: (TCO F) Whether a company uses process costing or job-order costing depends on its industry. Several companies in different industries …….. :
  8. Question: (TCO F) Job 728 was recently completed. The following data have been recorded on its job cost sheet:
    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 November.
  9. Question: (TCO F) Weisinger Corporation has provided the following data for January:… Prepare a Schedule of the Cost of Goods Manufactured and a Schedule of the Cost of Goods Sold in good form.

ACCT 505 Week 2 Quiz (Version 3)
  1. Question (TCO B) Some companies use process costing and some use job-order costing. Which method a company uses depends on its industry. Several companies in different industries are listed below.
  • Specialty coffee roaster (roasts small batches of specialty coffee beans)
  • Custom aircraft builder
  • iii. Brick manufacturer
  • A microbrewery that produces several specialty beers
  • Steel company making chain link fences from iron ore
  • Breakfast cereal manufacturer

For each company, indicate whether the company is most likely to use job-order costing or process costing. (Points: 15)

  1. Question (TCO B) Job 728 was recently completed. The following data have been recorded on its job cost sheet.
  • Direct materials         $89,925
  • Direct-labor hours    1,220 labor hours
  • Direct labor wage rate is $15 per labor hour
  • Machine hours          1,550 machine hours
  • Number of units completed 4,500 units

The company applies manufacturing overhead based on machine hours. The predetermined overhead rate is $18 per machine hour. Compute the unit product cost that would appear on the job cost sheet for this job. (Points: 15)

  1. Question (TCO A) Honeysuckle Corporation has provided the following data for 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 of $68,000
  • Direct labor costs    $81,000
  • Manufacturing overhead cost incurred  $47,000
  • Indirect materials included in manufacturing overhead costs incurred          $8,000
  • Manufacturing overhead cost applied to work in process        $39,000

Prepare a Schedule of the Cost of Goods Manufactured and a Schedule of the Cost of Goods Sold in good form. (Points: 15)

 

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