Quiz 2 - In-class Quiz #2 Managerial Accounting, Eve Spring...

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Unformatted text preview: In-class Quiz #2 Managerial Accounting, Eve Spring 2008 Take Home 100 Points Rosalie Palmer 3 26 - 08 Quiz is due 3/26/08 by 6:00PM Submit your solution to the quiz in class only, not electronically! No late quizzes will be accepted for credit Instructions: For credit--you must show all calculations as needed, clearly labeled. Star, Inc. manufactures a product that passes through two processes: mixing (department #1) and packaging (department #2). All manufacturing costs are added uniformly in the mixing department. Information for the mixing department for June follows: Beginning work in process, June 1: Units (30% complete) Direct materials Direct labor Overhead Work in Process The following costs were incurred by the mixing department during June: Direct materials Direct labor Overhead Costs added During June, 100,000 units were completed and transferred to packaging. At June 30, 8,000 units that were 70 percent complete remained in the mixing department. Required: Use the weighted average method, and round unit costs to two decimal places: a. Determine equivalent units of production for June. 100,000 + 8,000 (70%) = 105,600 equivalent units b. Determine June's total costs to account for. 9,376 + 92,000 = $101,376 c. Determine total cost per equivalent unit of production. $101,376/105,600 equivalent units = $0.96 per equivalent unit d. Determine the cost of goods transferred to the packaging department. $0.96 * 100,000 = $96,000 15,000 units $4,000 $3,000 $2,376 $9,376 $50,000 30,000 12,000 $92,000 e. Determine the cost of June's ending work in process for the mixing department. $0.96 * 5,600 = $5,376 ...
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Quiz 2 - In-class Quiz #2 Managerial Accounting, Eve Spring...

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