Question : 61. In its initial year of operation, Montoya Manufacturing started and : 1295568

61. 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. $12.50B. $11.00C. $11.96D. $13.75

62. 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 unitsB. 36,750 equivalent unitsC. 43,250 equivalent unitsD. 41,750 equivalent units

63. 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. $6.37B. $6.13C. $7.21D. $7.50

64. 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. $3.00B. $3.14C. $2.69D. $2.93

65. Jet Products had no units in process at the beginning of the year. Jet uses process costing and has calculated 45,000 total equivalent units completed during the year. If there were 53,000 units started in the current period and 10,000 units in ending work-in-process, what percentage complete were the ending inventory units? A. 50%B. 85%C. 20%D. 22%

66. Which of the following statements is false regarding process costing? A. Units that are partially complete can be expressed in terms of equivalent units.B. Only one work-in-process account is allowed.C. The products produced by a certain process are all identical.D. The use of a predetermined overhead rate is allowed.

67. Lee Manufacturing uses process costing. The following information is available for the current year: 

Number of units in beginning inventory —————–

1,000

Number of units started in the current period ———-

10,000

Number of units available in the current period ——–

11,000

Number of units in ending inventory ——————–

(1,600)

Number of units completed in the current period ——

9,400

If Lee uses the FIFO method of process costing, which units are assumed to be the first ones finished during the year? A. The 1,600 units in ending inventoryB. 9,400 out of the 10,000 units that were started in the current periodC. The 1,000 units in beginning inventoryD. One-half of the beginning units and one-half of the ending units

68. Which of the following statements is true regarding the FIFO method of process costing? A. It assumes that the units in beginning inventory were finished last during the current period.B. It assumes that the units in beginning inventory were started in the current period.C. It assumes that the units in beginning inventory were finished first during the current period.D. It assumes that the units in beginning inventory were the same percentage complete as the ending inventory units.

69. Which of the following statements is true regarding the weighted-average method of process costing? A. It assumes that there are an equal number of units in beginning and ending inventories.B. It assumes that the units in beginning inventory were started in the current period.C. It assumes that the units in beginning inventory were finished last in the current period.D. It assumes that the units in beginning inventory were the same percentage complete as the units in ending inventory.

70. Which costs should be included in the calculation of the cost per equivalent unit using the FIFO method of process costing? A. Current period costs onlyB. Current period costs plus those from beginning work-in-process inventoryC. Current period costs less those from beginning work-in-process inventoryD. Current period costs less those from ending work-in-process inventory