Practice Exam 3

Practice Exam 3 - ACCT 2102, Summer 2005, Exam 3 I(7pts.)

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ACCT 2102, Summer 2005, Exam 3 I (7 pts.) Winery ("We whip 'em till they wine."). On December 1, Uncle Abe’s Vineyards had 10,000 pounds of  grapes that were 40 percent complete for conversion costs. The conversion costs in the beginning work in  process inventory were $20,000. In December, 150,000 pounds of grapes were started in process. Conversion  costs in December amounted to $790,000. On December 31, 20,000 pounds of grapes were 40 percent  complete for conversion costs. The weighted average method of process costing is used. Determine the conversion costs per pound: $____________ II. (14 pts.) Blue, Inc. manufactures a vitamin product. On October 1, it had 6,000 units in process that were 25 percent   complete for conversion costs.  Materials (a coating) are added at the end of the process. The cost of the  beginning work in process was $1,800. October conversion costs were $36,000, and the materials costs were  $17,000. Blue, Inc. started and completed 60,000 units in October. The work in process inventory on October  31 of 10,000 units was 60 percent complete. FIFO process costing is used. 1. What was the total cost of work transferred to the finished goods inventory in October? $____________
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2. Determine the cost of work in process inventory on October 31: $____________ III (15 pts.) The following information is available for Department A for the month of July:
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Practice Exam 3 - ACCT 2102, Summer 2005, Exam 3 I(7pts.)

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