Question : 81. Frank Inc., has the following information available: Costs from Costs from : 1233776

81. Frank Inc., has the following information available: 

Costs from

Costs from

Beginning Inventory

Current Period

Direct materials

$2,500

$22,252

Conversion Costs

  6,200

150,536

At the beginning of the period, there were 500 units in process that were 40 percent complete as to conversion costs and 100 percent complete as to direct materials costs. During the period 4,500 units were started and completed. Ending inventory contained 340 units that were 80 percent complete as to conversion costs and 100 percent complete as to materials costs. (Assume that the company uses the FIFO process cost method.)The total costs that will be transferred into Finished Goods for units started and completed were A. $161,775B. $156,960C. $162,855D. $161,505

82. Equivalent production units, usually are determined for A. direct materials and conversion costs.B. direct materials only.C. conversion costs only.D. direct materials and direct labor costs only.

83. The number of units that could have been completed 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.

84. Which of the following is not included in conversion costs? A. Direct labor.B. Factory overhead.C. Indirect labor.D. Direct materials.

85. A form prepared periodically for each processing department summarizing (1) the units for which the department is accountable and the units to be assigned costs and (2) the costs charged to the department and the allocation of these costs is termed a: A. factory overhead production reportB. manufacturing cost reportC. process cost reportD. cost of production report

86. Department W had 2,400 units, one-third completed at the beginning of the period, 12,000 units were transferred to Department X from Department W during the period, and 1,800 units were one-half completed at the end of the period. What are the total number of units to be assigned cost on the cost of production report for Department W A. 12,000 unitsB. 13,600 unitsC. 12,700 unitsD. 13,800 units

87. Department W had 2,400 units, one-third completed at the beginning of the period, 12,000 units were transferred to Department X from Department W during the period, and 1,800 units were one-half completed at the end of the period. What is the equivalent units of production used to compute unit conversion cost on the cost of production report for Department W (Assuming the company uses FIFO)? A. 12,100 unitsB. 12,000 unitsC. 15,000 unitsD. 11,400 units

88. Department J had no work in process at the beginning of the period, 18,000 units were completed during the period, 2,000 units were 30% completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period (Assuming the company uses FIFO): 

Direct materials (20,000 at $4)

$  80,000

Direct labor

102,300

Factory overhead

37,200

Assuming that all direct materials are placed in process at the beginning of production, what is the total cost of the departmental work in process inventory at the end of the period? A. $4,500B. $23,000C. $6,900D. $12,500

89. Department J had no work in process at the beginning of the period, 18,000 units were completed during the period, 2,000 units were 30% completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period (Assuming the company uses FIFO): 

Direct materials (20,000 at $4)

$  80,000

Direct labor

102,300

Factory overhead

37,200

Assuming that all direct materials are placed in process at the beginning of production, what is the total cost of the 18,000 units completed during the period? A. $139,500B. $219,500C. $80,000D. $207,000

90. Lombardi Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $50,000, $60,000, and $70,000, respectively. In addition, work in process at the beginning of the period for Department 1 totaled $75,000, and work in process at the end of the period totaled $60,000. The journal entry to record the flow of costs into Department 1 during the period for direct materials is: A. Work in Process–Department 1               100,000  Materials                                                                           100,000B. Work in Process–Department 1                 50,000  Materials                                                                             50,000C. Materials                                                  100,000  Work in Process–Department 1                                        100,000D. Materials                                                    50,000  Work in Process–Department 1                                          50,000