Brankovich Company manufactures generic notebooks.Material is introduced at the beginning of the process in the Printing Department.Conversion costs are applied uniformly throughout the process.The weighted-average method of process costing is used.Data for the Printing Department for the month of June follow: Work-In-Process Inventory,June 1: $\begin{array} { l } \text {Units }&15,000\\ \text { Direct materials ( \( 100 \% $ complete)}&\$35,000\\ \text {Conversion costs ( $ 30 \% $ complete) }&\$14,000\\ \end{array}\) $\begin{array} { l } \text {Units started in June }&65,000\\ \text { Units completed in June}&62,000\\ \text {Work-In-Process Inventory, June 30 }&18,000\\ \end{array}$ $\begin{array} { l } \text { Direct materials added in June}&\$285,000 \\ \text {Conversion costs added in June }&\$ 210,000\\ \end{array}$ With regard to the Work-In-Process Inventory on June 30,materials are 100 percent complete and conversion costs are 60 percent complete.The unit cost for materials is ________.

A) $3.54 B) $3.59 C) $4.00 D) $4.91 A) $3.54 B) $3.59 C) $4.00 D) $4.91

Gerald Eiche Company uses a job-order costing system and has the following data available: $\begin{array}{ll} \text { Beginning Direct Materials Inventory } & \$ 26,000 \\ \text { Beginning Work-In-Process Inventory } & \$ 64,000 \\ \text { Beginning Finished Goods Inventory } & \$ 58,000\\ \text {Direct materials purchased on account }&\$148,000 \\ \text { Direct materials requisitioned}&\$82,000 \\ \text {Direct labor cost incurred }&\$130,000 \\ \text {Factory overhead incurred }&\$ 146,000\\ \text {Cost of goods completed }&\$292,000 \\ \text {Cost of Goods Sold }&\$ 260,000\\ \text { Overhead application rate (based on direct labor cost)}&125\%\\ \end{array}$ The journal entry to record the cost of goods sold would include a ________.

A) Debit to Finished Goods Inventory for $292,000 B) Credit to Finished Goods Inventory for $260,000 C) Credit to Work-In-Process Inventory for $260,000 D) Credit to Cost of Goods Sold for $292,000 A) Debit to Finished Goods Inventory for $292,000 B) Credit to Finished Goods Inventory for $260,000 C) Credit to Work-In-Process Inventory for $260,000 D) Credit to Cost of Goods Sold for $292,000

Freund Company produces calendars in a one-department process.The following data is available for the past month: $\begin{array} { l } \text { Work-in-process inventory, beginning}&0\\ \text { Units started}&15,000\\ \text {Units completed and transferred }&12,000\\ \text {Units in ending inventory }&3,000\\ \end{array}$ $\begin{array} { l } \text {Direct materials added }&\$30,000\\ \text {Direct labor }&\$20,700\\ \text {Factory overhead costs }&\$10,350\\ \end{array}$ The units in process at the end of the month are 100 percent complete with respect to materials and 60 percent complete with respect to conversion costs.What are the total costs to account for?

A) $20,700 B) $30,000 C) $50,700 D) $61,050 A) $20,700 B) $30,000 C) $50,700 D) $61,050

Jones Company manufactures greeting cards.Material is introduced at the beginning of the process in the Printing Department.Conversion costs are applied uniformly throughout the process.The weighted-average method of process costing is used.Data for the Printing Department for the month of September follow: Work-In-Process Inventory,September 1: $\begin{array} { l } \text {Units }&22,500\\ \text { Direct materials ( \( 100 \% $ complete)}&\$51,000\\ \text {Conversion costs ( $ 30 \% $ complete) }&\$20,472\\ \end{array}\) $\begin{array} { l } \text {Units started in September }&127,500\\ \text { Units completed in September}&123,000\\ \text { Work-In-Process Inventory, September } 30&27,000\\ \end{array}$ $\begin{array} { l } \text {Direct materials added in September }&427,500\\ \text {Conversion costs added in September }&\$315,000\\ \end{array}$ With regard to the Work-In-Process Inventory on September 30,materials are 100 percent complete and conversion costs are 60 percent complete.The equivalent units for materials are ________.

A) 125,000 B) 145,500 C) 150,000 D) 154,500 A) 125,000 B) 145,500 C) 150,000 D) 154,500

Williams Company uses a job-order costing system and has the following data available: $\begin{array}{ll} \text { Beginning Direct Materials Inventory } & \$ 26,000 \\ \text { Beginning Work-In-Process Inventory } & \$ 64,000 \\ \text { Beginning Finished Goods Inventory } & \$ 58,000\\ \text {Direct materials purchased on account }&\$148,000 \\ \text { Direct materials requisitioned}&\$82,000 \\ \text {Direct labor cost incurred }&\$130,000 \\ \text {Factory overhead incurred }&\$ 146,000\\ \text {Cost of goods completed }&\$292,000 \\ \text {Cost of Goods Sold }&\$ 256,000\\ \text { Overhead application rate (based on direct labor cost)}&125\%\\ \end{array}$ The journal entry to record the cost of goods completed would include a ________.

A) Credit to Finished Goods Inventory for $292,000 B) Credit to Cost of Goods Sold for $256,000 C) Debit to Work-In-Process Inventory for $256,000 D) Credit to Work-In-Process Inventory for $292,000 A) Credit to Finished Goods Inventory for $292,000 B) Credit to Cost of Goods Sold for $256,000 C) Debit to Work-In-Process Inventory for $256,000 D) Credit to Work-In-Process Inventory for $292,000

Exam 14: Job-Order Costing and Process-Costing Systems

Brankovich Company manufactures generic notebooks.Material is introduced at the beginning of the process in the Printing Department.Conversion costs are applied uniformly throughout the process.The weighted-average method of process costing is used.Data for the Printing Department for the month of June follow: Work-In-Process Inventory,June 1: Units 15,000 Direct materials ( 100 \% complete) \3 5,000 Conversion costs ( 30\% complete) \1 4,000 Units started in June 65,000 Units completed in June 62,000 Work-In-Process Inventory, June 30 18,000 Direct materials added in June \2 85,000 Conversion costs added in June \ 210,000 With regard to the Work-In-Process Inventory on June 30,materials are 100 percent complete and conversion costs are 60 percent complete.The unit cost for materials is ________.

(Multiple Choice)

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Question 61

In job-order costing,the journal entry to record the application of factory overhead costs to jobs includes a Debit to ________.

(Multiple Choice)

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Question 62

Gerald Eiche Company uses a job-order costing system and has the following data available: Beginning Direct Materials Inventory \ 26,000 Beginning Work-In-Process Inventory \ 64,000 Beginning Finished Goods Inventory \ 58,000 Direct materials purchased on account \1 48,000 Direct materials requisitioned \8 2,000 Direct labor cost incurred \1 30,000 Factory overhead incurred \ 146,000 Cost of goods completed \2 92,000 Cost of Goods Sold \ 260,000 Overhead application rate (based on direct labor cost) 125\% The journal entry to record the cost of goods sold would include a ________.

(Multiple Choice)

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Question 63

Wheel and Sprocket Company uses a backflush-costing system to account for bicycles.Bicycles are scheduled for production only after orders are received and products are shipped to customers immediately upon completion.No Finished Goods Inventory is maintained and product costs are applied directly to Cost of Goods Sold.The standard cost for materials is $150 per bicycle.The standard cost for conversion costs is $75 per bicycle. During the current month,Wheel and Sprocket Company purchased $6,000 of direct materials and incurred $3,000 in conversion costs to produce 40 bicycles.The journal entry for the incurrence of conversion costs includes a Debit to ________.

(Multiple Choice)

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Question 64

In job-order costing,a Debit to Work-In-Process Inventory is used to record ________.

(Multiple Choice)

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Question 65

Job-order costing only applies to specific jobs with a single physical unit.

(True/False)

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Question 66

During the month of May,Sonny Company transferred 140,000 gadgets to Finished Goods Inventory.There was no beginning work-in-process inventory.The company had 40,000 gadgets in process at May 31 and the gadgets were 75 percent complete with respect to conversion costs.All direct materials are added at the end of the production process.The equivalent units for conversion costs for May are ________.

(Multiple Choice)

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Question 67

In backflush costing,any remaining balance in the Conversion Costs account at the end of the accounting period is charged to ________.

(Multiple Choice)

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Question 68

Freund Company produces calendars in a one-department process.The following data is available for the past month: Work-in-process inventory, beginning 0 Units started 15,000 Units completed and transferred 12,000 Units in ending inventory 3,000 Direct materials added \3 0,000 Direct labor \2 0,700 Factory overhead costs \1 0,350 The units in process at the end of the month are 100 percent complete with respect to materials and 60 percent complete with respect to conversion costs.What are the total costs to account for?

(Multiple Choice)

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Question 69

In job-order costing,actual factory overhead rates are used to apply factory overhead costs to jobs.

(True/False)

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Question 70

Jones Company manufactures greeting cards.Material is introduced at the beginning of the process in the Printing Department.Conversion costs are applied uniformly throughout the process.The weighted-average method of process costing is used.Data for the Printing Department for the month of September follow: Work-In-Process Inventory,September 1: Units 22,500 Direct materials ( 100 \% complete) \5 1,000 Conversion costs ( 30\% complete) \2 0,472 Units started in September 127,500 Units completed in September 123,000 Work-In-Process Inventory, September 30 27,000 Direct materials added in September 427,500 Conversion costs added in September \3 15,000 With regard to the Work-In-Process Inventory on September 30,materials are 100 percent complete and conversion costs are 60 percent complete.The equivalent units for materials are ________.

(Multiple Choice)

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Question 71

In job-order costing,the journal entry to record applied overhead costs would include a Debit to Work-in-Process Inventory.

(True/False)

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Question 72

Assume a company uses process costing and has several processing departments.When goods are transferred from Department X to Department Y,the journal entry requires a Debit to and a Credit to .

(Multiple Choice)

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Question 73

Direct materials of $10,000 are requisitioned by the production supervisor for the production area.Job-order costing is used.The journal entry to record this transaction is:

(Multiple Choice)

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Question 74

Brother Company prints calendars.All direct materials are added at the inception of the printing process.There were 20,000 units in beginning inventory with a direct material cost of $1,000 and conversion costs of $3,760. During the month of April,160,000 calendars were started and 144,000 calendars were completed.Direct materials cost $26,000 for the month of April.Conversion costs for the month of April were $20,000. Ending work-in-process units are 100% complete with regard to direct materials and 40% complete with regard to conversion costs.The weighted-average method of process costing is used by Binding Company. Required: A) Compute the equivalent units for materials and conversion costs. B) Compute the unit costs for materials and conversion costs. C) Compute the cost of units transferred. D) Compute the cost of ending work-in-process inventory.

(Essay)

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Question 75

Product costing is an averaging process.This statement pertains to ________.

(Multiple Choice)

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Question 76

Williams Company uses a job-order costing system and has the following data available: Beginning Direct Materials Inventory \ 26,000 Beginning Work-In-Process Inventory \ 64,000 Beginning Finished Goods Inventory \ 58,000 Direct materials purchased on account \1 48,000 Direct materials requisitioned \8 2,000 Direct labor cost incurred \1 30,000 Factory overhead incurred \ 146,000 Cost of goods completed \2 92,000 Cost of Goods Sold \ 256,000 Overhead application rate (based on direct labor cost) 125\% The journal entry to record the cost of goods completed would include a ________.

(Multiple Choice)

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Question 77

Burtard Chemical makes a variety of chemicals.The company uses process costing.Materials are added at the end of the process.Conversion costs are added evenly throughout the process.The company has no beginning work-in-process inventory.The Mixing Department had the following data: Units started and completed 8,000 Units started and 30\% complete 2,500 Direct materials costs \1 26,000 Direct labor costs \3 1,250 Factory overhead costs \3 0,000 Required: A) Compute the equivalent units for materials and conversion costs. B) Compute the cost per unit for materials and conversion costs. C) Compute the cost of the goods completed and transferred. D) Compute the cost of the ending work-in-process inventory.

(Essay)

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Question 78

What journal entry is necessary to apply factory overhead to jobs in job-order costing?

(Multiple Choice)

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Question 79

The ________ account is supported by a file of job-cost records for partially completed jobs.

(Multiple Choice)

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Question 80

Showing 61 - 80 of 154

In job-order costing,the journal entry to record the application of factory overhead costs to jobs includes a Debit to ________.

In job-order costing,a Debit to Work-In-Process Inventory is used to record ________.

Job-order costing only applies to specific jobs with a single physical unit.

In backflush costing,any remaining balance in the Conversion Costs account at the end of the accounting period is charged to ________.

In job-order costing,actual factory overhead rates are used to apply factory overhead costs to jobs.

In job-order costing,the journal entry to record applied overhead costs would include a Debit to Work-in-Process Inventory.

Assume a company uses process costing and has several processing departments.When goods are transferred from Department X to Department Y,the journal entry requires a Debit to and a Credit to .

Direct materials of $10,000 are requisitioned by the production supervisor for the production area.Job-order costing is used.The journal entry to record this transaction is:

Product costing is an averaging process.This statement pertains to ________.

What journal entry is necessary to apply factory overhead to jobs in job-order costing?

The ________ account is supported by a file of job-cost records for partially completed jobs.

Managerial Accounting,the Business Organization,and Professional Ethics

Introduction to Cost Behavior and Cost Volume Profit Relationships

Measurement of Cost Behavior

Cost Management Systems and Activity-Based Costing

Relevant Information for Decision Making With a Focus on Pricing Decisions

Relevant Information for Decision Making With a Focus on Operational Decisions

Introduction to Budgets and Preparing the Master Budget

Flexible Budgets and Variance Analysis

Management Control Systems and Responsibility Accounting

Management Control in Decentralized Organizations

Capital Budgeting

Cost Allocation

Accounting for Overhead Costs

Basic Accounting: Concepts, techniques, and Conventions

Understanding Corporate Annual Reports: Basic Financial Statements

Understanding and Analyzing Consolidated Financial Statements

Filters

Exam 14: Job-Order Costing and Process-Costing Systems

In job-order costing,the journal entry to record the application of factory overhead costs to jobs includes a Debit to ________.

In job-order costing,a Debit to Work-In-Process Inventory is used to record ________.

Job-order costing only applies to specific jobs with a single physical unit.

In backflush costing,any remaining balance in the Conversion Costs account at the end of the accounting period is charged to ________.

In job-order costing,actual factory overhead rates are used to apply factory overhead costs to jobs.

In job-order costing,the journal entry to record applied overhead costs would include a Debit to Work-in-Process Inventory.

Assume a company uses process costing and has several processing departments.When goods are transferred from Department X to Department Y,the journal entry requires a Debit to ________ and a Credit to ________.

Direct materials of $10,000 are requisitioned by the production supervisor for the production area.Job-order costing is used.The journal entry to record this transaction is:

Product costing is an averaging process.This statement pertains to ________.

What journal entry is necessary to apply factory overhead to jobs in job-order costing?

The ________ account is supported by a file of job-cost records for partially completed jobs.

Managerial Accounting,the Business Organization,and Professional Ethics

Introduction to Cost Behavior and Cost Volume Profit Relationships

Measurement of Cost Behavior

Cost Management Systems and Activity-Based Costing

Relevant Information for Decision Making With a Focus on Pricing Decisions

Relevant Information for Decision Making With a Focus on Operational Decisions

Introduction to Budgets and Preparing the Master Budget

Flexible Budgets and Variance Analysis

Management Control Systems and Responsibility Accounting

Management Control in Decentralized Organizations

Capital Budgeting

Cost Allocation

Accounting for Overhead Costs

Basic Accounting: Concepts, techniques, and Conventions

Understanding Corporate Annual Reports: Basic Financial Statements

Understanding and Analyzing Consolidated Financial Statements

Filters

Assume a company uses process costing and has several processing departments.When goods are transferred from Department X to Department Y,the journal entry requires a Debit to and a Credit to .