Question : 51. Wintergreen Products allocates overhead based direct labor hours. During 2011 : 1291678

51. Wintergreen Products allocates overhead based on direct labor hours. During 2011 overhead was overapplied by $4,000. Assuming that the year-end adjustment to clear out the overapplied overhead has not yet been done, which of the following statements is most likely trueif there are no ending inventories? 
A. Direct material costs are understated
B. Direct labor costs are understated
C. Cost of goods sold is overstated
D. Net income is overstated

52. Newman Manufacturing underapplied its manufacturing overhead during 2011. Which of the following statements is true regarding the adjustment to clear out the underapplied overhead? 
A. Period costs will be increased
B. Cost of goods sold will be increased
C. Work-in-process will be decreased
D. Finished goods will be decreased

53. If the under- or overapplied overhead amount is considered material, which of the following accounts would be the least likely to be adjusted at the end of the year? 
A. Work-in-process
B. Finished goods
C. Cost of goods sold
D. Raw materials

54. Which of the following statements is true regarding process costing? 
A. Product costs are tracked and assigned to each job.
B. Product costs are tracked to particular departments and then assigned evenly to the products that pass through each department.
C. There should not be any beginning or ending work-in-process inventory.
D. The units produced by a processing department should all be different in some way or another.

55. Which type(s) of cost(s) are accumulated, tracked, and assigned to products when a company uses process costing? 
A. Direct materials only
B. Direct labor only
C. Direct labor and overhead only
D. Direct materials, direct labor, and overhead

56. In its initial year of operation, Montoya Manufacturing started and completed 4,000 identical widgets and had 1,000 widgets that were 40% complete in work-in-process at the end of the year. Total production costs for the year were $55,000. What was the equivalent units of production during the year? 
A. 4,600 equivalent units
B. 5,000 equivalent units
C. 4,000 equivalent units
D. 4,400 equivalent units

57. In its initial year of operation, Montoya Manufacturing started and completed 4,000 identical widgets and had 1,000 widgets that were 40% complete in work-in-process at the end of the year. Total production costs for the year were $55,000. What is the cost per equivalent unit? 
A. $12.50
B. $11.00
C. $11.96
D. $13.75

58. Howell Manufacturers had no units in process at the beginning of the year. During the current year, 40,000 units were started. There were 5,000 units in work-in-process at the end of the year. These units were 35% complete. How many total equivalent units were completed during the year? 
A. 38,250 equivalent units
B. 36,750 equivalent units
C. 43,250 equivalent units
D. 41,750 equivalent units

59. Howell Manufacturers had no units in process at the beginning of the year. During the current year, 40,000 units were started. There were 5,000 units in work-in-process at the end of the year. These units were 35% complete. If total production costs for the year were $275,625, what should be the cost per equivalent unit? 
A. $6.37
B. $6.13
C. $7.21
D. $7.50

60. Reliable Manufacturers had no units in process at the beginning of the year. During the current year, 140,000 units were started. There were 15,000 units in work-in-process at the end of the year. These units were 40% complete. If total production costs for the year were $393,000 what should be the cost per equivalent unit? 
A. $3.00
B. $3.14
C. $2.69
D. $2.93