Chapter 20 mock quiz

What is the major difference between process cost and job order cost?

Process order cost relates to mass manufacturing where job order cost relates to specific jobs

The production Department started the month with beginning work-in-process inventory of $20,000. During the month, it was a sign the following costs: direct materials, $152,000; direct labor, $45,000; overhead applied at the rate of 40% of direct labor cost. inventory with a cost of $218,000 was transferred to finished goods. the ending balance of work-in-progress inventory is.

$17,000

The corporation has 45,000 EUP the beginning work-in-process had $6,000 and conversion cost and the $84,000 in conversion was added during this period. What is the cost per EUP 4 conversion?

$2.00 per EUP

The corporation has 41,000 EUP completed and transferred out and units ending work in progress is 3,000 EUP with respect to direct materials, and 1,800 EUP with respect to conversion. All direct materials are added to products when processing begins. What is the percentage complete of units in ending work in progress inventory for Direct materials and for Conversion

100% 60%

During the period, the Mixing Department completed 500 units and transferred them out to the Baking Department. At the end of the period, there were 4,000 units that are 40% complete as to direct materials in the Mixing Department. The equivalent units of production for direct materials equal:

2100

A Company's beginning work-in-process inventory consists of 10,000 units that are 20% complete with respect to conversion costs. A total of 40,000 units are completed this period. There are 15,000 units in for work in progress, 1/3 complete for conversion, at period-end. equivalent units of production with respect to conversion at period-end, assuming the weighted-average method, are

45,000 EUP

Assume that Delaware Ice Cream Company uses the FIFO method to calculate equivalent units. It has unit costs of $10 for materials and a conversion cost of $30. There are 2,500 units in ending goods in process, 100 percent complete with respect to materials and 40 percent complete with respect to conversion. What is the total cost assignable to its ending work in process inventory?

55,000

A tennis ball manufacturing company had 1,250,000 tennis balls 50% complete in terms of direct materials and 15% complete in terms of Conversion. What was there EUP for direct materials and for Conversion

625,000 187,500

Direct materials, direct labor, and overhead costs are commonly associated with which production system?

Both job order and process systems

In the cost per equivalent unit for a process, the equivalent units are divided into the:

costs incurred by a process.

Equivalent units of production (or EUP) is a phrase that refers to the number of units that:

could have been started and completed during the period.

Which of the following is NOT a process operation

Tennis Courts