acct 221 final exam

Pink Company had no beginning inventory and adds all materials at the very beginning of its only process. Assume 40,000 units were started, and 50% complete at month's end. Total costs were $10,000 for material and $20,000 for conversion. The cost per equivalent unit of conversion is _____________.

Question 8 options:

Jonas Company had no beginning inventory and adds all materials at the very beginning of its only process. Assume 30,000 units were started, and 15,000 units completed. Ending work in process is 50% complete. The cost per equivalent unit of conversion is __________.

Question 9 options:

Swift Company makes units, and each unit requires 2 pounds of material at $2 per pound. 500 and 600 units will be built in May and June, respectively. Jonas keeps material on hand at 10% of the next month's production needs. How much is the material cost for May's output?

Question 10 options:

Anticipated unit sales for January are 5,000; sales for February are 8,000; and sales for March are 9,000. Finished goods are consistently maintained at 60% of the following month's sales. If units cost $8 each to produce, how much is February's total cost of production?

Question 11 options:

Total production of 1,000 units of finished goods required 2,000 actual hours at $11.50 per hour. The standard is 3 hours per unit of finished goods, at a standard rate of $14.00 per hour. Which of the following statements is true?

Question 12 options:

If beginning work in process was 500 units, 1,000 additional units were put into production, and ending work in process was 600 units, how many units were completed?

Question 13 options:

Jagger Company had no beginning inventory and adds all materials at the very beginning of its only process. Assume 20,000 units were started, and 5,000 units completed. Ending work in process is 60% complete. The cost per equivalent unit of material is __________.

Question 14 options:

Assume that actual overhead consisted of $20,000 for indirect labor, $20,000 for indirect material, and $15,000 for depreciation of factory equipment. Based on the preset rates, $50,000 of overhead was applied to work in process. Which of the following statements is true?

Question 15 options:

Directions: This exam tests how well you understood the concepts covered in Weeks 1 - 7.

The first half of the exam features 7 questions with short answers and calculations. For these, omit all general journal entry explanations. Be sure to include correct dollar signs, commas, underlines and double underlines where required. Please use the answer sheet in your LEO assignment folder to complete the problems and upload there before completing and submitting the quiz.

The second half of the exam consists of 20 multiple-choice questions worth 2 points each.

The computer will automatically grade the multiple-choice questions, but grading will not be complete until your instructor manually grades the short-answer questions. Your instructor may grant partial credit on short- answer questions for less than complete answers.

You can take the final exam only once. You can save each question after answering, and you can save the exam before submitting. Once you have submitted the exam and uploaded your answer sheet to your assignment folder, you will receive a score.

The contract interest rate for bonds ___________.

Question 16 options:

Marley Corporation issued $100,000 of 2%, 10-year bonds on April 1, 2020, at 101. Interest is paid on April 1 and October 1. The proper entry to record issuance of the bonds includes a debit to Cash for ____________.

Question 17 options:

Which of the following statements about treasury stock is true?

Question 18 options:

Marshall Company has 100,000 shares of common stock outstanding. On April 15, the board declared a $.40 dividend to be paid to stockholders of record on May 4. The dividend was distributed on May 15. The proper journal entry for Jagger Company on May 15 does includes ____________.

Question 19 options:

In an effort to concentrate its resources in more profitable areas, Sheeran Corporation recently sold its family cookbook segment but retained its restaurant segment. The disposal constitutes ____________.

Question 20 options:

Ziggy Corporation has 30,000, 3%, $100 par preferred shares outstanding. The preferred stock was originally issued at 103. The current dividend has been fully paid. Total stockholders' stock equity is $8,000,000. The common stock equity is ___________.

Question 21 options:

DMX Company's balance sheet included cash ($4,000,000), accounts receivable ($15,000,000), inventories ($10,000,000), prepaid expenses ($3,000,000), accounts payable ($8,000,000), and accrued expenses ($8,000,000). Working capital is ___________.

Question 22 options:

Selected information for 2020 is: cost of goods sold, $5,000,000; average inventory, $2,000,000; net sales, $8,000,000; average receivables, $980,000; and net income, $700,000. Assuming a 360-day year, what was the inventory turnover ratio for 2020?

Question 23 options:

On the schedule of cost of goods manufactured:

Question 24 options:

Which costing method seems ideally suited to the production of homogenous products in continuous throughput?

Question 25 options:

Gaga Company uses a job order cost system and applies overhead based on estimated rates for work in their factory. The overhead application rate is based on total estimated overhead costs of $400,000 and direct labor hours of 50,000. For job 836, direct labor hours were 700 for the month of December. What is the appropriate journal entry for job 836 for the month of December?

Question 26 options:

For job 500, there were 1,000 direct labor hours, and actual overhead was $600 for depreciation and $1,400 for indirect labor. Overhead is applied at $2 per direct labor hour. Which account should be debited for $2,000?

Question 27 options: