Accounting 2

EA  1. 

LO 5.1 How many units were started into production in a period if there were zero units of beginning work in process inventory, 1,100 units in ending work in process inventory, and 21,500 completed and transferred out units?

EA  3. 

LO 5.3 Given the following information, determine the equivalent units of ending work in process for materials and conversion under the weighted-average method:

· beginning inventory of 2,500 units is 100% complete with regard to materials and 60% complete with regard to conversion

· 18,000 units were started during the period

· 17,500 units were completed and transferred

· ending inventory is 100% complete with materials and 65% complete with conversion

EA  7. 

· LO 5.3 How many units must be in ending inventory if beginning inventory was 15,000 units, 55,000 units were started, and 57,000 units were completed and transferred out?

EA  9. 

· LO 5.3 Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 55,000 units were started in production; and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 35% complete with respect to conversion.

EA  11. 

· LO 5.3 Mazomanie Farm completed 20,000 units during the quarter and has 2,500 units still in process. The units are 100% complete with regard to materials and 55% complete with regard to conversion costs. What are the equivalent units for materials and conversion?

EA  12. 

· LO 5.3 What are the total costs to account for if a company’s beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?

EA  13. 

· LO 5.3 A company started the month with 8,329 units in work in process inventory. It started 23,142 units and had an ending inventory of 9,321. The units were 100% complete to materials and 67% complete with conversion. How many units were transferred out during the period?

EA  14. 

· LO 5.4 A production department within a company received materials of $10,000 and conversion costs of $10,000 from the prior department. It added material of $27,200 and conversion costs of $53,000. The equivalent units are 20,000 for material and 18,000 for conversion. What is the unit cost for materials and conversion?

EA  15. 

· LO 5.4 Production data show 35,920 units were transferred out of a stage of production and 6,150 units remained in ending WIP inventory that was 100% complete to material and 35% complete to conversion. The unit material cost is $5 for material and $8 for conversion. What is the amount of inventory transferred out and remaining in ending work in process inventory?

EA  17. 

· LO 5.5 Prepare the journal entry to record the factory wages of $28,000 incurred for a single production department assuming payment will be made in the next pay period.

EA  18. 

· LO 5.5 Prepare the journal entry to record the transfer of 3,000 units from the packaging department to finished goods if the material cost per unit is $4 and the conversion cost per unit is $5.50.

EA  19. 

· LO 5.5 Prepare the journal entry to record the sale of 2,000 units that cost $8 per unit and sold for $15 per unit.