Financial Accounting > EXAM > ACCT 505 WEEK 2 QUIZ 1 | LATEST UPDATE (All)

ACCT 505 WEEK 2 QUIZ 1 | LATEST UPDATE

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1. 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 (Points : 5) Choice A. Choice ... B. Choice C. Choice D. 2. (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: Units Percent Complete with respect to Conversion Beginning work in process inventory 11,000 90% Started in production during June 58,000 Ending work in process inventory 17,000 10% According to the company's records, the conversion cost in beginning work in process inventory was $79,893 at the beginning of June. Additional conversion costs of $343,830 were incurred in the department during the month. What was the cost per equivalent unit for conversion costs for the month? (Round off to three decimal places.) (Points : 5) $8.070 $7.891 $5.928 $4.584 3. (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: (Points : 5) 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. 4. (TCO F) Which of the following accounts is debited when direct labor is recorded? (Points : 5) Work in process Salaries and wages expense Salaries and wages payable Manufacturing overhead 5. (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: (Points : 5) debit to Raw Materials of $74,000. debit to Work in Process of $68,000. credit to Manufacturing Overhead of $6,000. debit to Work in Process of $74,000. 6. (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: (Points : 5) $92,000. $0. $68,000. $87,000. [Show More]

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