FINN ACCT Test ch 5 6 7

At Hodgson Corporation, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details include: Beginning WIP direct materials$32,000Beginning WIP conversion costs$20,250Costs of materials added$384,100Costs of conversion added$271,125WIP beginning19,200 unitsUnits started119,500 unitsUnits completed and transferred out115,700 unitsWIP ending (60% for conversion)23,000 units What is the cost per equivalent unit for conversion costs?

Conversion costs $20,250 + 271,125 = 291,375 / 129,500 units = 2.25Units completed 115,700WIP 23,000 × 60% 13,800Total 129,500 answer 2.25

At Hodgson Corporation, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details include: Beginning WIP direct materials$32,000Beginning WIP conversion costs$20,250Costs of materials added$384,100Costs of conversion added$271,125WIP beginning 19,200 unitsUnits started119,500 unitsUnits completed and transferred out115,700 unitsWIP ending (60% for conversion)23,000 units What is the cost per equivalent unit for direct materials?

3.00

If conversion costs are added evenly throughout the production process, and the units have made it 50% of the way through the production process, then the percentage completion for conversion costs is

50%

A company manufactures mirrors. Last month's costs were: Direct materials$89,000 Direct labor 140,000 Manufacturing Overhead 165,000 What were the conversion costs for the month?

Direct labor $140,000 MOH +165,000 Conversion costs 305,000 Answer 305,000

Beginning WIP Inventory is 700 units; completed and transferred out were 4000 units; and Ending WIP Inventory is 700 units. What is the number of units started?

End inv 700 Beg inv 700 Trans out 4000 Started 4000 Answer 4000

Process costing is most likely used in which of the following industries?

Pharmaceuticals

At Hodgson Corporation, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details include: WIP beginning 19,200 unitsUnits started 119,500 unitsUnits completed and transferred out 115,700 unitsWIP ending (60% for conversion) 23,000 unitsBeginning WIP direct materials$32,000 Beginning WIP conversion costs$20,250 Costs of materials added$384,100 Costs of conversion added $271,125

Units completed 115,700 WIP 23,000 × 100% 23,000 Total 138,700

At Hodgson Corporation, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details include: Beginning WIP direct materials$32,000Beginning WIP conversion costs$20,250Costs of materials added$384,100Costs of conversion added$271,125WIP beginning 19,200 unitsUnits started119,500 unitsUnits completed and transferred out115,700 unitsWIP ending (60% for conversion)23,000 units What are the total equivalent units for conversion costs?

Units completed 115,700WIP 23,000 × 60% 13,800Total 129,500

If all direct materials are added at the end of the production process, and the units have made it 50% of the way through the production process, then the percentage completion for direct materials is

0%