RandallHallAC202Quiz5 - A. The percentage of completion....

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AC 202 Principles of Accounting II Name Randall Hall Park University Quiz 5A-Chapter 20 Multiple Choice Questions ( 10 points )Select the ONE, BEST Answer 1. Equivalent units of production are equal to: A. The number of units that could have been completed if all effort had been applied to units that were started and completed that period. 2. Which of the following characteristics applies to process cost accounting and not to job order cost accounting? A. Use of a predetermined overhead rate. 3. After posting all actual factory overhead and applying factory overhead to production departments in a process costing system, E. There may be over or underapplied overhead. 1
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4. To compute an equivalent unit of production, one must be able to reasonably estimate:
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Unformatted text preview: A. The percentage of completion. Problem ( 60 points ) A company's January 1 goods in process inventory contained 30,000 units that were 1/4 complete with respect to direct labor. The beginning inventory was completed this year and another 120,000 units were started. Of those started, 80,000 were finished and the remaining 40,000 were left 1/5 complete. Calculate the equivalent units of production for the year. 25% of 30,000 (7,500) complete 100% of 80,000 (80,000) complete 20% of 40,000 (8,000) complete 7,500 + 80,000 + 8,000 = 95,500 Equivalent units of production for the year = 95,000...
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This note was uploaded on 07/10/2011 for the course AC 202 taught by Professor Nancyeverett during the Spring '09 term at Park.

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RandallHallAC202Quiz5 - A. The percentage of completion....

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