accounting connect video chapter 5
Daffy Taffy uses the weighted-average method in its process costing system. The company provided the following information: What is the number of equivalent units of production with respect to materials during the period?
2750
Equivalent units is computed using which of the following formulas?
Equivalent units = Number of partially completed units x Percentage completion
Which of the following statements about processing costing is false?
Process costing is used when a company produces a continuous flow of units that are distinguishable from one another.
Which of the following statements about companies that use processing costing is false?
Raw material costs are added only to the first processing department.
Sneaker Styles Company manufactures a wide variety of sneakers. Which of the following systems is most suitable for Sneaker Styles?
operation costing
The cost of beginning work in process inventory plus the costs added to production during the period equals the _______.
total cost to be accounted for
Consider the following information from the records of Bennington Corporation. The company uses the weighted-average method. a. When computing the cost per equivalent unit for conversion, what is the total cost that will be included in the numerator of that calculation? b. What is the cost per equivalent unit for conversion?
a. $3,735 b. $2.25
A company has three processing departments: Mixing, Baking, and Packaging. The Baking Department transfers 500 units to the Packaging Department. How will the Packaging Department account for the costs of those 500 units?
costs transferred in
Consider the following information from the records of Willette Corporation. The company uses the weighted-average method. a. What is the Bottling Department's cost of ending work in process inventory? b. What is the cost of the units transferred out of the Bottling Department during May?
a. $9,900 b. $59,500
Conversion cost is composed of _______.
direct labor cost and manufacturing overhead