Acct 505 Quiz 2 Essay

748 words - 3 pages

Grade Details - All Questions
Page: 1 2
Question 1. Question : (TCO F) For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system?


Student Answer: A steel factory that processes iron ore into steel bars
A factory that processes sugar and other ingredients into black licorice
A costume maker that makes specialty costumes for figure skaters
All of these
Instructor Explanation: Chapter 3


Points Received: 0 of 5
Comments:



Question 2. Question : (TCO F) Luft Company uses the weighted-average method in its ...view middle of the document...

891




Points Received: 5 of 5
Comments:



Question 3. Question : (TCO F) Unizat Corporation uses the weighted-average method in its process costing system. The following information pertains to one of the company's processing departments for a recent month:


Units
Material Cost

Beginning work in process
30,000
$22,000

Started during the month
80,000
$72,000

Units completed
85,000


Ending work in process
25,000



All materials are added at the beginning of the process. The cost per equivalent unit for materials is closest to:


Student Answer: $0.86
$0.90
$1.10
$1.18
Instructor Explanation:

To solve for ending work in process:
+ Work in process, beginning
30,000

+ Units started into production during the month
80,000

- Units completed and transferred out during the month
85,000

= Work in process, ending
25,000


Equivalent Units of Production

Materials

Transferred to next department
85,000

Ending work in process


(conversion: 25,000 units x 10% complete)
25,000

Equivalent units of production
110,000


Cost per Equivalent Unit

Conversion

Cost of beginning work in process
$22,000

Cost added during the period
72,000

Total cost (a)
$94,000




Equivalent units of production (b)
110,000

Cost per equivalent unit (a) / (b)
$0.85




Points Received: 5 of 5
Comments:...

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