ACCT 505 week 2 quiz

1. (TCO F) Assume there is no beginning work in process inventory and the ending work in process inventory is 100% complete with respect to materials costs. The number of equivalent units with respect to materials costs under the weighted-average method is: (Points : 5)

Question 2.2. (TCO F) Job 484 was recently completed. The following data have been recorded on its job cost sheet:

Direct materials	$57,240
Direct labor hours	1,692 DLHs
Direct labor wage rate	$12 per DLHS
Number of units completed	3,600 units

The company applies manufacturing overhead on the basis of direct labor-hours. The predetermined overhead rate is $24 per direct labor-hour.

Compute the unit product cost that would appear on the job cost sheet for this job. (Points : 15)

Question 3.3. (TCO F) Miller Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company's inventory and cost records for the most recently completed year revealed the following information:

	Units	Materials	Conversion
Work in process. Jan. 1 (80% complete with respect to conversion costs)	100,000	$100,000	$157,500
Units started into production	500,000
Costs added during the year:
Materials		$650,000
Conversion			$997,500
Units completed during the year	450,000

The company uses the weighted-average cost method in its process costing system. The ending inventory is 50% complete with respect to conversion costs.

Required:

i. Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs.

ii. Determine the cost transferred to finished goods.

iii. Determine the amount of cost that should be assigned to the ending work in process inventory. (Points : 15)

Question 4.4. (TCO F) Weisinger Corporation has provided the following data for the month of January:

Inventories		Beginning	Ending
	Raw materials	$28,000	$29,000
	Work In process	$16,000	$14,000
	Finished goods	$42,000	$54,000

Additional Information
	Raw material purchases	$56,000
	Direct labor costs	$87,000
	Manufacturing overhead cost incurred	$51,000
	Indirect materials included in manufacturing overhead costs incurred	$3,000
	Manufacturing overhead cost applied to work in process	$55,000

Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form. (Points : 15)

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