SampleCostExam2_1

SampleCostExam2_1 - Central Missouri State University Cost...

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Central Missouri State University SAMPLE EXAM #2 A Sample of the Types of Questions Dr. Fessler Asks on His Exams. .. (30 minute time limit) [Use the following information to solve questions 1 and 2] South River Chemical manufactures a product called Zbek. Direct materials are added at the beginning of the process, and conversion activity occurs uniformly throughout the process. The beginning work-in-process inventory is 60% complete with respect to conversion; the ending work-in-process inventory is 20% complete. The following data pertain to May: Total Units Direct Materials Conversion Costs Work in process, May 1 15,000 Units started during May 60,000 Units completed and transferred out 68,000 Work in process, May 31 7,000 Costs: Work in process, May 1 $ 41,250 $ 16,500 $ 24,750 Costs incurred during May 234,630 72,000 162,630 Totals $275,880 $88,500 $187,380 1. Using the weighted-average method of process costing, the equivalent units of conversion activity are calculated to be: a. 60,400 b. 68,000 c. 69,400 d. 74,000 e. 75,000 2. Using the weighted average method of process costing, the total costs remaining in work in process on May 31 are calculated to be: a. $ 0 b. $12,040 c. $17,480 d. $25,640 e. $26,320 Page 1 of 6
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3. If a company sells goods that cost $70,000 for $82,000, the firm will (remember the t-accounts): a. Reduce Finished Goods Inventory by $70,000 b. Reduce Finished Goods Inventory by $82,000 c. Report sales revenue of $70,000 d. Reduce Cost of Goods Sold by $70,000
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This note was uploaded on 09/08/2010 for the course ACCT 3506 taught by Professor Mark during the Spring '10 term at UCM.

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SampleCostExam2_1 - Central Missouri State University Cost...

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