Transferred to finished goods 60,000
Ending inventory 10,000 70% complete
Materials added at the beginning of the process
Required: Calculate the equivalent units for
a. material costs under the weighted average process cost method;
b. conversion costs under the weighted average process cost method;
c. material costs under the FIFO process cost method; and
d. conversion costs under the FIFO process cost method.2. Questions:
Glass Company manufactures a product through a continuous single-step process. All materials are added at the beginning of processing. Production and cost data for the company for the current month are as follows…………………………Required Prepare a cost of production report for current month. Use Weighted Average process costing.
ACCT 344 Week 2 Quiz
1. Question: (TCO 3) The appropriate cost accounting system to use when inventory items are produced on an assembly line is
2. Question: (TCO 3) As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in
3. Question: (TCO 3) “Equivalent units” expresses all activity of the period in terms of
4. Question: (TCO 3) Holly Inc. manufactures dolls. The following data were provided for production results for the current month. 0 Units, beginning work-in-process 300 Units started ? Units completed 100 Units, ending work-in-process (40% complete) Which are the equivalent units?
5. Question: (TCO 3) When products and their costs are moved from one process to the next process, these costs are referred to as
6. Question: (TCO 3) Keller Inc. manufactures office chairs. The following data were provided for production results for the current month. 0 Units, beginning work-in-process 6,000 Units started ? Units completed 2,000 Units, ending work-in-process $440,000 Cost of direct materials $64,000 Cost of conversion Ending inventory is 100% complete for materials and 20% complete for conversion. How many units were started and completed?
7. Question: (TCO 3) The two methods used to determine equivalent units of production are
8. Question: (TCO 3) Abby Corp. adds raw materials to production at the beginning of the process in the Assembly Dept. Materials data for this department for the current month are as follows.
9. Question: (TCO 3) The following information was provided by Sally Company...........How many equivalent units for materials would there be using the weighted average method?
10. Question: (TCO 3) The material cost per equivalent unit using the weighted average method is calculated as