ACC221sampleexam02sp08answerkey

ACC221sampleexam02sp08answerkey - ACC 221 Cost Accounting...

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ACC 221 Cost Accounting Exam 2 Name :_____________Key __________________________________________________ Instructions for Part 1: Indicate the response you believe is the most correct for the multiple choice (MC) questions by circling the appropriate letter to indicate your answer. No partial credit can be earned on multiple choice questions. Therefore, choose your answers carefully. Only choose one response for MC questions, indicating two selections will invalidate your answer. Instructions for Part 2: You will be given a problem question. When attempting a problem, please be sure your handwriting is legible. No points will be earned of illegible work. Enter your answers to problem immediately following the problem and in the worksheet provided. 1. When the weighted-average method of process costing is used, a department's equivalent units are computed by: A) subtracting the equivalent units in beginning inventory from the equivalent units in ending inventory. B) subtracting the equivalent units in beginning inventory from the equivalent units for work performed during the period. C) adding the units transferred out to the equivalent units in ending inventory. D) subtracting the equivalent units in beginning inventory from the sum of the units transferred out and the equivalent units in ending inventory. 2. Which of the following journal entries would be used to record direct labor costs in a company having two processing departments (Department A and Department B)? A) Work in Process XXX Salaries and Wages Payable XXX B) Salaries and Wages Expense XXX Salaries and Wages Payable XXX C) Work in Process-Department A XXX Work in Process-Department B XXX Salaries and Wages Payable XXX D) Salaries and Wages Payable XXX Work in Process XXX 1
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3. Darvin Company uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 20,000 units in its beginning work in process inventory that were 10% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $7,000. An additional 63,000 units were started into production during the month. There were 10,000 units in the ending work in process inventory of the Welding Department that were 10% complete with respect to conversion costs. A total of $237,600 in conversion costs were incurred in the department during the month. What would be the cost per equivalent unit for conversion costs for the month? (Round off to three decimal places.) A) $3.255 B) $3.771 C) $3.500 D) $3.305 4. . Bricker Company uses the weighted-average method in its process costing system. The Assembly Department started the month with 5,000 units in its beginning work in process inventory that were 60% complete with respect to conversion costs. An additional 81,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 18,000 units in the ending work in process inventory of the Assembly
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This note was uploaded on 06/09/2008 for the course ACC 221 taught by Professor Tribunella during the Spring '08 term at Rochester.

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ACC221sampleexam02sp08answerkey - ACC 221 Cost Accounting...

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