Cost Ch.17 Problems

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Hudson Dock Company manufactures boat docks on an assembly line. Its standard costing system utilizes two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Finishing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Data for the Assembly Department for May 20x3 are: Work in process, beginning inventory: 70 units Direct materials (100% complete) Conversion costs (25% complete) Units started during May 40 units Work in process, ending inventory: 10 units Direct materials (100% complete) Conversion costs (50% complete) Costs for May: Standard costs for Assembly: Direct materials $4,000 per unit Conversion costs $16,000 per unit Work in process, beginning inventory: Direct materials $140,000 Conversion costs $260,000 62. Which of the following journal entries records the Assembly Department's conversion costs for the month, assuming conversion costs are 20% higher than expected? a. Assembly Department Conversion Cost Control $1,680,000 Various accounts $1,680,000 b. Materials Inventory $1,680,000 Assembly Department Conversion Cost Control $1,680,000 c. Assembly Department Conversion Cost Control $1,400,000 Materials Inventory $1,400,000 d. Materials Inventory $1,680,000 Work in Process - Assembly $1,680,000

Injection Molding, Inc., manufactures plastic moldings for car seats. Its costing system utilizes two cost categories, direct materials and conversion costs. Each product must pass through Department A and Department B. Direct materials are added at the beginning of production. Conversion costs are allocated evenly throughout production. Data for Department A for February 20x3 are: Work in process, beginning inventory, 40% converted 200 units Units started during February 600 units Work in process, ending inventory: 100 units 30% complete as to conversion costs 100% complete as to materials Costs for the Department A for February 20x3 are: Work in process, beginning inventory: Direct materials $100,000 Conversion costs $100,000 Direct materials costs added during February $1,000,000 Conversion costs added during February $1,250,000 33. What were the equivalent units of direct materials and conversion costs, respectively, at the end of February? Assume Injection Molding, Inc., uses the weighted-average process costing method. a. 800, 730 b. 800, 800 c. 800, 700 d. 600, 500

The Rest-a-Lot Chair Company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 75,000 chairs. During the month, the firm completed 85,000 chairs and transferred them to the Finishing Department. The firm ended the month with 10,000 chairs in ending inventory. All direct materials costs are added at the beginning of the production cycle. Weighted-average costing is used by Rest-a-Lot. 46. What were the equivalent units for conversion costs for February if beginning inventory was 70% complete as to conversion costs and ending inventory was 40% complete as to conversion costs? a. 89,000 b. 75,000 c. 85,000 d. 95,000

The Rest-a-Lot Chair Company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 75,000 chairs. During the month, the firm completed 85,000 chairs and transferred them to the Finishing Department. The firm ended the month with 10,000 chairs in ending inventory. All direct materials costs are added at the beginning of the production cycle. Weighted-average costing is used by Rest-a-Lot. 45. What were the equivalent units for materials for February? a. 95,000 chairs b. 85,000 chairs c. 80,000 chairs d. 75,000 chairs

The Rest-a-Lot chair company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 75,000 chairs. During the month, the firm completed 80,000 chairs, and transferred them to the Finishing Department. The firm ended the month with 10,000 chairs in ending inventory. There were 15,000 chairs in beginning inventory. All direct materials costs are added at the beginning of the production cycle and conversion costs are added uniformly throughout the production process. The FIFO method of process costing is used by Rest-a-Lot. Beginning work in process was 30% complete as to conversion costs, while ending work in process was 80% complete as to conversion costs. Beginning inventory: Direct materials $24,000 Conversion costs $35,000 Manufacturing costs added during the accounting period: Direct materials $168,000 Conversion costs $278,000 52. What were the equivalent units for conversion costs during February? a. 83,500 b. 85,000 c. 75,000 d. 79,500

The Swiss Clock Shop manufactures clocks on a highly automated assembly line. Its costing system utilizes two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Swiss Clock Shop uses weighted-average costing. Data for the Assembly Department for June 20x3 are: Work in process, beginning inventory 250 units Direct materials (100% complete) Conversion costs (50% complete) Units started during June 800 units Work in process, ending inventory: 150 units Direct materials (100% complete) Conversion costs (75% complete) Costs for June 20x3: Work in process, beginning inventory: Direct materials $180,000 Conversion costs $270,000 Direct materials costs added during June $1,000,000 Conversion costs added during June $1,000,000 42. What amount of direct materials costs is assigned to the ending Work-in-Process account for June? a. $168,571.50 b. $283,552.50 c. $259,530 d. $236,850

The Swiss Clock Shop manufactures clocks on a highly automated assembly line. Its costing system utilizes two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Swiss Clock Shop uses weighted-average costing. Data for the Assembly Department for June 20x3 are: Work in process, beginning inventory 250 units Direct materials (100% complete) Conversion costs (50% complete) Units started during June 800 units Work in process, ending inventory: 150 units Direct materials (100% complete) Conversion costs (75% complete) Costs for June 20x3: Work in process, beginning inventory: Direct materials $180,000 Conversion costs $270,000 Direct materials costs added during June $1,000,000 Conversion costs added during June $1,000,000 40. What is the direct materials cost per equivalent unit during June? a. $1,123.81 b. $1,730.20 c. $1,579,00 d. $1,890.35

The Swiss Clock Shop manufactures clocks on a highly automated assembly line. Its costing system utilizes two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Swiss Clock Shop uses weighted-average costing. Data for the Assembly Department for June 20x3 are: Work in process, beginning inventory 250 units Direct materials (100% complete) Conversion costs (50% complete) Units started during June 800 units Work in process, ending inventory: 150 units Direct materials (100% complete) Conversion costs (75% complete) Costs for June 20x3: Work in process, beginning inventory: Direct materials $180,000 Conversion costs $270,000 Direct materials costs added during June $1,000,000 Conversion costs added during June $1,000,000 41. What is the conversion cost per equivalent unit in June? a. $1,254.32 b. $1,579.14 c. $1,730.20 d. $1,890.35

Ampco Disk Company operates a computer disk manufacturing plant. Direct materials are added at the end of the process. The following data were presented for June 20x3: Work in process, beginning inventory 50,000 units Transferred-in costs (100% complete) Direct materials (0% complete) Conversion costs (90% complete) Transferred in during current period 150,000 units Completed and transferred out 175,000 units Work in process, ending inventory Transferred-in costs (100% complete) Direct materials (0% complete) Conversion costs (65% complete) How many units must be accounted for during the period? a. 225,000 units b. 200,000 units c. 179, 500 units d. 150,000 units

The Swiss Clock Shop manufactures clocks on a highly automated assembly line. Its costing system utilizes two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Swiss Clock Shop uses weighted-average costing. Data for the Assembly Department for June 20x3 are: Work in process, beginning inventory 250 units Direct materials (100% complete) Conversion costs (50% complete) Units started during June 800 units Work in process, ending inventory: 150 units Direct materials (100% complete) Conversion costs (75% complete) Costs for June 20x3: Work in process, beginning inventory: Direct materials $180,000 Conversion costs $270,000 Direct materials costs added during June $1,000,000 Conversion costs added during June $1,000,000 38. What are the equivalent units for direct materials and conversion costs, respectively, for June? a. 1,200.5 units; 1,160.64 units b. 1,050 units; 1,012.5 units c. 1,050 units; 1,050 units d. 962 units; 990 units

Hudson Dock Company manufactures boat docks on an assembly line. Its standard costing system utilizes two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Finishing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Data for the Assembly Department for May 20x3 are: Work in process, beginning inventory: 70 units Direct materials (100% complete) Conversion costs (25% complete) Units started during May 40 units Work in process, ending inventory: 10 units Direct materials (100% complete) Conversion costs (50% complete) Costs for May: Standard costs for Assembly: Direct materials $ 4,000 per unit Conversion costs $ 16,000 per unit Work in process, beginning inventory: Direct materials $140,000 Conversion costs $260,000 64. Which of the following journal entries properly records direct materials requisitions for the work-in-process inventory and direct materials variances, assuming that the Assembly Department used 10% less materials than expected? a. Work in Process - Assembly $160,000 Assembly Department Materials Cost Control $160,000 b. Work in Process - Assembly $160,000 Direct Materials Variance $ 16,000 Assembly Department Materials Cost Control $144,000 c. Work in Process - Assembly $144,000 Assembly Department Materials Cost Control $144,000 d. Work in Process - Assembly $144,000 Direct Materials Variances $ 16,000 Assembly Department Materials Cost Control $160,000

Injection Molding, Inc., manufactures plastic moldings for car seats. Its costing system utilizes two cost categories, direct materials and conversion costs. Each product must pass through Department A and Department B. Direct materials are added at the beginning of production. Conversion costs are allocated evenly throughout production. Data for Department A for February 20x3 are: Work in process, beginning inventory, 40% converted 200 units Units started during February 600 units Work in process, ending inventory 100 units Costs for Department A for February 20x3 are: Work in process, beginning inventory: Direct materials $100,000 Conversion costs $100,000 Direct materials costs added during February $1,000,000 Conversion costs added during February $1,250,000 31. What is the unit cost per equivalent unit in Department A? a. $1,000 b. $1,750 c. $3,500 d. $3,750

The Rest-a-Lot Chair Company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 75,000 chairs. During the month, the firm completed 85,000 chairs and transferred them to the Finishing Department. The firm ended the month with 10,000 chairs in ending inventory. All direct materials costs are added at the beginning of the production cycle. Weighted-average costing is used by Rest-a-Lot. 44. How many chairs were in inventory at the beginning of the month? Conversion costs are incurred uniformly over the production cycle. a. 10,000 chairs b. 20,000 chairs c. 15,000 chairs d. 25,000 chairs

The Rest-a-Lot chair company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 75,000 chairs. During the month, the firm completed 80,000 chairs, and transferred them to the Finishing Department. The firm ended the month with 10,000 chairs in ending inventory. There were 15,000 chairs in beginning inventory. All direct materials costs are added at the beginning of the production cycle and conversion costs are added uniformly throughout the production process. The FIFO method of process costing is used by Rest-a-Lot. Beginning work in process was 30% complete as to conversion costs, while ending work in process was 80% complete as to conversion costs. Beginning inventory: Direct materials $24,000 Conversion costs $35,000 Manufacturing costs added during the accounting period: Direct materials $168,000 Conversion costs $278,000 53. What is the amount of direct materials cost assigned to ending work-in-process inventory at the end of February? a. $19,200 b. $22,400 c. $25,600 d. $22,500

The Rest-a-Lot chair company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 75,000 chairs. During the month, the firm completed 80,000 chairs, and transferred them to the Finishing Department. The firm ended the month with 10,000 chairs in ending inventory. There were 15,000 chairs in beginning inventory. All direct materials costs are added at the beginning of the production cycle and conversion costs are added uniformly throughout the production process. The FIFO method of process costing is used by Rest-a-Lot. Beginning work in process was 30% complete as to conversion costs, while ending work in process was 80% complete as to conversion costs. Beginning inventory: Direct materials $24,000 Conversion costs $35,000 Manufacturing costs added during the accounting period: Direct materials $168,000 Conversion costs $278,000 54. What is the cost of the goods transferred out during February? a. $417,750 b. $456,015 c. $476,750 d. $505,000

The Swiss Clock Shop manufactures clocks on a highly automated assembly line. Its costing system utilizes two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Swiss Clock Shop uses weighted-average costing. Data for the Assembly Department for June 20x3 are: Work in process, beginning inventory 250 units Direct materials (100% complete) Conversion costs (50% complete) Units started during June 800 units Work in process, ending inventory: 150 units Direct materials (100% complete) Conversion costs (75% complete) Costs for June 20x3: Work in process, beginning inventory: Direct materials $180,000 Conversion costs $270,000 Direct materials costs added during June $1,000,000 Conversion costs added during June $1,000,000 39. What is the total amount debited to the Work-in-Process account during the month of June? a. $450,000 b. $2,000,000 c. $2,270,000 d. $2,450,000

The Swiss Clock Shop manufactures clocks on a highly automated assembly line. Its costing system utilizes two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Swiss Clock Shop uses weighted-average costing. Data for the Assembly Department for June 20x3 are: Work in process, beginning inventory 250 units Direct materials (100% complete) Conversion costs (50% complete) Units started during June 800 units Work in process, ending inventory: 150 units Direct materials (100% complete) Conversion costs (75% complete) Costs for June 20x3: Work in process, beginning inventory: Direct materials $180,000 Conversion costs $270,000 Direct materials costs added during June $1,000,000 Conversion costs added during June $1,000,000 43. What amount of conversion costs are assigned to ending Work-in-Process account for June? a. $101,956.64 b. $141,111.00 c. $126,450.50 d. $188,148.00

Hudson Dock Company manufactures boat docks on an assembly line. Its standard costing system utilizes two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Finishing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Data for the Assembly Department for May 20x3 are: Work in process, beginning inventory: 70 units Direct materials (100% complete) Conversion costs (25% complete) Units started during May 40 units Work in process, ending inventory: 10 units Direct materials (100% complete) Conversion costs (50% complete) Costs for May: Standard costs for Assembly: Direct materials $4,000 per unit Conversion costs $16,000 per unit Work in process, beginning inventory: Direct materials $140,000 Conversion costs $260,000 63. Which of the following journal entries properly records the assignment of conversion costs to work-in-process inventory and the conversion-cost variances of the Assembly Department, assuming that conversion costs are 20% higher than expected? a. Work in Process - Assembly $1,680,000 Conversion-Cost Variances $ 280,000 Assembly Department Conversion Cost Control $1,400,000 b. Work in Process - Assembly $1,680,000 Direct Materials Variances $ 280,000 Testing Department Conversion Cost Control $1,400,000 c. Work in Process - Assembly $1,400,000 Conversion-Cost Variances $ 280,000 Assembly Department Conversion Cost Control $1,680,000 d. Work in Process - Testing $1,400,000 Assembly Department Conversion Cost Control $1,400,000

Injection Molding, Inc., manufactures plastic moldings for car seats. Its costing system utilizes two cost categories, direct materials and conversion costs. Each product must pass through Department A and Department B. Direct materials are added at the beginning of production. Conversion costs are allocated evenly throughout production. Data for Department A for February 20x3 are: Work in process, beginning inventory, 40% converted 200 units Units started during February 600 units Work in process, ending inventory 100 units Costs for Department A for February 20x3 are: Work in process, beginning inventory: Direct materials $100,000 Conversion costs $100,000 Direct materials costs added during February $1,000,000 Conversion costs added during February $1,250,000 32. How many units were completed and transferred out of Department A during February? a. 100 units b. 600 units c. 700 units d. 800 units

The Rest-a-Lot Chair Company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 75,000 chairs. During the month, the firm completed 85,000 chairs and transferred them to the Finishing Department. The firm ended the month with 10,000 chairs in ending inventory. All direct materials costs are added at the beginning of the production cycle. Weighted-average costing is used by Rest-a-Lot. 47. Of the 75,000 units Rest-a-Lot started during February, how many were finished during the month? a. 75,000 b. 85,000 c. 65,000 d. 95,000

Ampco Disk Company operates a computer disk manufacturing plant. Direct materials are added at the end of the process. The following data were presented for August 20x3: Work in process, beginning inventory 100,000 units Transferred-in costs (100% complete) Direct materials (0% complete) Conversion costs (90% complete) Transferred in during current period 300,000 units Completed and transferred out 250,000 units Work in process, ending inventory 50,000 Transferred-in costs (100% complete) Direct materials (0% complete) Conversion costs (65% complete) Calculate equivalent units for conversion costs using the FIFO method. a. 401,500 units b. 350,000 units c. 300,000 units d. 292,500 units

The Rest-a-Lot chair company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 75,000 chairs. During the month, the firm completed 80,000 chairs, and transferred them to the Finishing Department. The firm ended the month with 10,000 chairs in ending inventory. There were 15,000 chairs in beginning inventory. All direct materials costs are added at the beginning of the production cycle and conversion costs are added uniformly throughout the production process. The FIFO method of process costing is used by Rest-a-Lot. Beginning work in process was 30% complete as to conversion costs, while ending work in process was 80% complete as to conversion costs. Beginning inventory: Direct materials $24,000 Conversion costs $35,000 Manufacturing costs added during the accounting period: Direct materials $168,000 Conversion costs $278,000 51. How many of the units that were started during February were completed during February? a. 85,000 b. 80,000 c. 75,000 d. 65,000

Cost Ch.17 Problems

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