Question : 51) Process-costing FIFO usually applied to both the units entering : 1217019

51) Process-costing FIFO is usually applied to both the units entering a department and the units leaving a department.

52) The weighted average method of process costing assigns the cost of equivalent units worked on during the current period first to complete beginning inventory, next to start and complete new units, and finally to units in ending work-in-process inventory.

53) A major advantage of the weighted-average process costing is that it provides managers with information about changes in the costs per unit from one period to the next.

54) Pet Products Company uses an automated process to manufacture its pet replica products. For June, the company had the following activities:

Beginning work in process inventory

4,500 items, 1/4 complete

Units placed in production

15,000 units

Units completed

17,500 units

Ending work in process inventory

2,000 items, 3/4 complete

Cost of beginning work in process

$5,250

Direct material costs, current

$16,500

Conversion costs, current

$23,945

Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process.

Required:

Prepare a production cost worksheet using the FIFO method.

55) Four Seasons Company makes snow blowers. Materials are added at the beginning of the process and conversion costs are uniformly incurred. At the beginning of September, work in process is 40% complete and at the end of the month it is 60% complete. Other data for the month include:

Beginning work-in-process inventory

1,600 units

Units started

2,000 units

Units placed in finished goods

3,200 units

Conversion costs

$200,000

Cost of direct materials

$260,000

Beginning work-in-process costs:

Materials

$154,000

Conversion

$ 82,080

Required:

a.Prepare a production cost worksheet with supporting schedules using the weighted-average method of process costing.

b.Prepare journal entries to record transferring of materials to processing and from processing to finished goods.

56) Surf Products Company uses an automated process to clean and polish its souvenir items. For March, the company had the following activities:

Beginning work in process inventory

3,000 items, 1/3 complete

Units placed in production

12,000 units

Units completed

9,000 units

Ending work in process inventory

6,000 items, 1/2 complete

Cost of beginning work in process

$2,500

Direct material costs, current

$9,000

Conversion costs, current

$7,700

Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process.

Required:

Prepare a production cost worksheet using the FIFO method.

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July 1, 2023

1) Members of OSHA's $100,000 club have:

A) invested more than $100,000 in health and safety equipment for employees.

B) purchased health and safety insurance coverage of at least $100,000.

C) received fines of $100,000 or more for safety or health violations.

D) paid more than $100,000 in workers' compensation claims.

2) Workplace safety is a significant issue because approximately ________ employees were injured on the job in 2009.

A) 3,000,000

B) 1,000,000

C) 500,000

D) 250,000

3) According to the doctrine of contributory negligence, employers were:

A) not responsible for an employees' injury when another employee's negligence caused the injury.

B) not liable for an employee's injuries when that employee's own negligence caused the injury.

C) responsible for compensating employees for all work-related illnesses and accidents.

D) not responsible for any employees' injuries under any circumstances.

4) Workers' compensation laws vary by state, but all are built on the theory that:

A) employees' personal health insurance should pay the medical costs of any injuries.

B) work-related accidents are costs of doing business and should be paid for by employers.

C) governments are responsible for paying the medical costs related to an employee's injuries.

D) employers are not responsible for employee injuries resulting from the employee's own negligence.

5) Which of the following is a true statement about workers' compensation?

A) Workers' compensation laws are federally mandated and enforced by OSHA.

B) Non-union firms are not required to carry workers' compensation insurance.

C) Workers' compensation is not mandatory in all U.S. states.

D) Most states had workers' compensation programs by 1911.

6) Workers' compensation:

A) pays only if the worker cannot.

B) is considered a no-fault system.

C) is mandatory in all fifty states.

D) covers employees' medical costs with Medicaid.

7) The primary goal of state workers' compensation laws is best described as:

A) providing a means for injured workers to receive care and income without having to sue.

B) determining the cause of work-related accidents and minimizing future accidents.

C) ensuring that employers are not held responsible for accidents caused by worker negligence.

D) spreading the cost of workplace accidents among all workers in the state.

8) The ________ holds that employers are not held liable for an employee's injuries when the negligence of another employee contributed to or caused the accident.

A) doctrine of contributory negligence

B) fellow-servant rule

C) general duty provision

D) "no-fault" rule

9) Which of the following is most likely true?

A) Workers' compensation is a federal program. OSHA is the organization that helps individual states meet workers' compensation standards.

B) Workers' compensation is a federal program that provides compensation to employees injured on the job. OSHA is a federal program that creates and enforces safety standards in the work place.

C) OSHA is a federal program that creates safety standards for work environments. Workers' compensation programs are created by the individual states to provide compensation for employees injured on the job.

D) OSHA is a federal program that provides compensation for employees injured on the job. Workers' compensation programs are state programs that provide compensation for employees injured on the job.

10) Workers' compensation:

A) replaces the worker's entire income until he/she is able to work again.

B) provides benefits for permanent, but not temporary, impairment.

C) gives survivors burial allowances and income benefits.

D) covers medical expenses up to $100,000.