Question :
Use the information below to answer the following question(s).
Plastic Molding, : 1186097
Use the information below to answer the following question(s).
Plastic Molding, Inc.’s costing system utilizes two cost categories; direct materials and conversion costs. Each product must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of production. Conversion costs are allocated evenly throughout production. Data for the Assembly Department for March are:
Work in process, beginning inventory, 40% converted
400 units
Units started during March
1,200 units
Work in process, ending inventory
200 units
Work in process, beginning inventory:
Direct materials
$200,000
Conversion costs
$200,000
Direct materials costs added during March
$2,000,000
Conversion costs added during March
$2,500,000
11) Which of the following journal entries correctly reflects the transfer of goods completed from the Assembly Department to the Testing Department?
A)
Work in Process – Assembly
XXX
Work-in-process – Testing
XXX
B)
Work in Process – Testing
XXX
Work-in-process – Assembly
XXX
C)
Work in Process – Assembly
XXX
Finished Goods – Testing
XXX
D)
Finished Goods – Testing
XXX
Work-in-process – Assembly
XXX
E)
Finished Goods – Testing
XXX
Work-in-process – Testing
XXX
12) The final of the accounting for processes with respect to process costing is to
A) compute the amount of debits to work-in-process.
B) compute the amount of credits to work-in-process.
C) compute the equivalent units for the period.
D) account for all units placed in process during the period.
E) account for all units in ending inventory at the end of the period.
Use the information below to answer the following question(s).
Father Time Clock Shop manufactures clocks on an automated assembly line. It utilizes two cost categories: direct materials and conversion costs. Each product must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of production, while conversion costs are allocated evenly throughout production, and the company uses weighted-average costing.
Data for the Assembly Department are:
Work in process, beginning inventory
250 units
Direct materials (100% complete)
Conversion costs (50% complete)
Units started during June
800 units
Work in process, ending inventory
150 units
Direct materials (100% complete)
Conversion costs (75% complete)
Work in process, beginning inventory
Direct materials
$180,000
Conversion costs
$270,000
Direct materials costs added during June
$1,000,000
Conversion costs added during June
$1,000,000
13) What are the equivalent units for direct materials and conversion costs, respectively?
A) 1,200.5 units; 1,160.64 units
B) 1,050 units; 1,012.5 units
C) 1,050 units; 887.5 units
D) 962 units; 990 units
E) 990 units and 962 units
14) What is the total amount debited to the work-in-process account during the month of June?
A) $450,000
B) $2,000,000
C) $2,270,000
D) $2,450,000
E) $3,250,000
15) What is the direct materials cost per equivalent unit during June?
A) $982.92
B) $1,226.61
C) $952.38
D) $1,123.81
E) $1,000.00
16) What is the conversion cost per equivalent unit in June?
A) $1,254.32
B) $1,430.99
C) $987.65
D) $1,282.83
E) $1,320.17
17) What amount of conversion costs are assigned to ending work-in-process for June?
A) $160,986.38
B) $137,993.63
C) $141,111.00
D) $188,148.00
E) $111,110.63
18) Process-costing systems separate costs into cost categories according to which factor(s)?
A) physical units
B) indirect labour
C) fixed and variable costs
D) standard costs
E) direct materials, conversion costs, and in some cases, transferred-in costs
19) Which one of the following methods focuses on the total costs and total equivalent units completed to date?
A) equivalent-units method
B) first-in, first-out method
C) standard-costs method
D) weighted-average method
E) last-in, last-out method
20) When using the weighted-average method, work completed in beginning work-in-process and work done during the current period are included in the
A) equivalent units.
B) process units.
C) qualitative units.
D) standard units.
E) normal units.
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