Liberty ACCT 212 Chapter 3 Reading Assignment Answers Complete Solutions
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All of the following are recent trends in process operations except:
A process cost summary summarizes the following process costing steps:
A manufacturing department completed and transferred to finished goods a total of 50,000 units. They also had 2,500 units in ending work in process inventory. Of this ending inventory, direct materials were 60% complete and conversion costs were 20% complete. Their cost per EUP for direct materials is $5.75 and $1.25 for conversion cost. The cost of units completed this period is $ .
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A company completes 21,000 units this month and has ending goods in process inventory of 3,000 units which are estimated to be 40% complete. Direct materials cost per EUP is $5.00 and Conversion cost per EUP is $1.50. The cost transferred to Finished Goods Inventory is $ .
After determining the physical flow of units, the next step in process costing is:
True or false: Using the weighted-average method, the computation of EUP separates units into direct materials and conversion.
Department 1 completed and transferred out 450 units and had ending work in process inventory of 60 units. The ending inventory is 20% complete for materials and 60% complete for labor and overhead. The equivalent units of production for materials is units.
Understanding the cost of partially completed goods allows the manufacturer to:
In process operations, costs are accumulated in each process. In the final process, cost are transferred to:
A department completed and transferred to finished goods 75,000 units. The cost per EUP for direct materials is $8.00 and the cost per EUP for conversion cost is $6.00. The costs transferred to Finished Goods Inventory is $ .
The journal entry to record the factory overhead applied includes:
The journal entry to record the transfer of units to the next department in process accounting is a(n):
The journal entry to record the insurance on the factory equipment is to:
The journal entry to record the transfer of units from Process 1 to the Process 2 in process costing is:
A manufacturing company has 4 processes. All materials are added at the beginning of the first process. Labor and overhead are added evenly throughout the manufacturing process. If 400 units are started, the EUP with respect to labor and overhead are_____after Process 2.
Match the following trends in process operations to their definition or characteristics.
Department Y started 675 units during the accounting period. They had a beginning balance in goods in process inventory of 225 units and an ending balance of 150 units. units were completed and transferred out.
At the end of the accounting period, the overapplied or underapplied balance in Factory Overhead is closed to:
The cost of units transferred from Work in Process Inventory to Finished Goods Inventory is called the cost of goods .
Match each product with the type of manufacturing most likely to be used – job order or process operations.
In a process operation, each process has a separate department which will accumulate costs for each of the following: