ACCT 505 Week 2 Quiz
ACCT 505 Week 2 Quiz (Version 1)
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- Question: (TCO B) 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
- Question: (TCO B) Process costing would be appropriate for each of the following except
- Question: (TCO B) Luft Company uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below.
- Question: (TCO B) The journal entry to record the incurrence of indirect supervisory labor costs is which of the following?
- 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
- 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
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- Question: (TCO B) Whether a company uses process costing or job-order costing
- Question: (TCO B) Job 827 was recently completed. The following data have been recorded on its job cost sheet.
- 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.
- Question: (TCO A) Honeysuckle Corporation has provided the following data for the month of January.
ACCT 505 Week 2 Quiz (Version 2)
- Question: (TCO F) Computing unit product costs involves averaging in
- Question: (TCO F) Luft Company uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below:
- 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:
- Question: (TCO F) Which of the following accounts is debited when direct labor is recorded?
- 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
- 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………. 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:
- Question: (TCO F) Whether a company uses process costing or job-order costing depends on its industry. A number of companies in different industries …….. :
- 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 the month of November. - Question: (TCO F) Weisinger Corporation has provided the following data for the month of January:… Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form.
ACCT 505 Week 2 Quiz (Version 3)
- 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
- Microbrewery that produces a number of 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)
- 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 $15 per labor hour
- Machine hours 1,550 machine hours
- Number of units completed 4,500 units
The company applies manufacturing overhead on the basis of 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)
- Question (TCO A) 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 $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 Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form. (Points : 15)
