ACCT 2302(Ch 3 - Accounting 2302 Chapter 3 Review 1 In a process cost system the cost of completed production in Department A is transferred to

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Accounting 2302 - Chapter 3 Review 1 . In a process cost system, the cost of completed production in Department A is transferred to Department B by which of the following entries? A) Debit Work in Process--Dept. B; credit Work in Process--Dept. A. B) Debit Work in Process--Dept. B; credit Finished Goods--Dept. A. C) Debit Work in Process--Dept. B; credit Cost of Goods Sold--Dept. A. D) Debit Finished Goods; credit Work in Process--Dept. B. 2. In the manufacture of 10,000 units of a product, direct materials cost incurred was $165,000, direct labor cost incurred was $95,000, and applied factory overhead was $53,500. What is the total conversion cost? A) $260,000 B) $148,500 C) $313,500 D) $53,500 3. Department R had 5,000 units in work in process that were 75% completed as to labor and overhead at the beginning of the period, 30,000 units of direct materials were added during the period, 32,000 units were completed during the period, and 3,000 units were 40% completed as to labor and overhead at the end of the period. All materials are added at the beginning of the process. The first-in, first-out method is used to cost inventories. The number of equivalent units of production for conversion costs for the period was: A) 32,450 B) 29,450 C) 31,950 D) 26,000 4. The portion of whole units that were completed with respect to either materials or conversion costs within a given accounting period is the definition of A) units started and completed. B) equivalent units. C) conversion costs. D) ending work in process. 5. The debits to Work in Process--Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $ 8,000 Conversion costs, 3,000 units, 66.7% completed 6,000 Materials added during April, 10,000 units 30,000 Conversion costs during April 31,000 Goods finished during April, 11,500 units --- April 30 work in process, 1,500 units, 50% completed --- All direct materials are placed in process at the beginning of the process and the first-in, first-out method is used to cost inventories. The materials cost per equivalent unit for April is: A) $3.00 B) $3.80 C) $2.92 D) $2.31 6. The following production data were taken from the records of the Finishing Department for June: Inventory in process, 6-1 ( 30% completed) 4,000 units Completed units during June 71,000 units Ending inventory (60% complete) 7,000 units Determine the number of material equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories and materials were added at the beginning of the process. A) 6,700 units B) 74,000 units C) 78,000 units
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Accounting 2302 - Chapter 3 Review D) 82,000 units 7. The debits to Work in Process--Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $ 7,200 Conversion costs, 3,000 units, 60% completed
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 10/01/2011 for the course ACCT 2302 taught by Professor Dr. during the Spring '11 term at University of Houston-Victoria.

Page1 / 11

ACCT 2302(Ch 3 - Accounting 2302 Chapter 3 Review 1 In a process cost system the cost of completed production in Department A is transferred to

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online