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Question : 41) What amount of conversion costs assigned to ending work-in-process for : 1196128

Accounting

 

41)

What amount of conversion costs are assigned to ending work-in-process for June? 41)

______ A)

$188,148.00 B)

$141,111.00 C)

$126,450.50 D)

$215,940.00 E)

$101,956.64

42)

Carnival Furniture had 60,000 foam cushions in process at May 1 (70% converted) and 40,000 cushions in process at May 31 (50% converted). All direct materials are added at the beginning of the production process. During the month, 140,000 cushions were transferred to finished goods.

What is the equivalent units for materials costs for May using the weighted average method? 42)

______ A)

140,000 cushions B)

160,000 cushions C)

118,000 cushions D)

123,000 cushions E)

180,000 cushions

43)

Carnival Furniture had 60,000 foam cushions in process at May 1 (70% converted) and 40,000 cushions in process at May 31 (50% converted). All direct materials are added at the beginning of the production process. During the month, 140,000 cushions were transferred to finished goods.

What is the equivalent units for conversion costs for May using the weighted average method? 43)

______ A)

140,000 cushions B)

160,000 cushions C)

180,000 cushions D)

123,000 cushions E)

118,000 cushions

44)

Hard Plastics Company manufactures plastic molding for automobiles. Its 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 20×1 are:

 

Work in process, beginning inventory, 40% converted400 units

Units started during March1,200 units

Work in process, ending inventory 200 units

 

Costs for the Assembly Department for March 20×1 are:

 

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

 

Which of the following journal entries correctly reflects the transfer of goods completed from the Assembly Department to the Testing Department? 44)

______ A)

Finished Goods – TestingXXX

Work-in-process – AssemblyXXX B)

Work in Process – AssemblyXXX

Finished Goods – TestingXXX C)

Finished Goods – TestingXXX

Work-in-process -TestingXXX D)

Work in Process – AssemblyXXX

Work-in-process – TestingXXX E)

Work in Process – TestingXXX

Work-in-process – AssemblyXXX

45)

Carnival Furniture had 60,000 foam cushions in process at May 1 (70% converted) and 40,000 cushions in process at May 31 (50% converted). All direct materials are added at the beginning of the production process. During the month, 140,000 cushions were transferred to finished goods.

How many cushions were started during May? 45)

______ A)

180,000 cushions B)

140,000 cushions C)

120,000 cushions D)

60,000 cushions E)

223,000 cushions

46)

The first-in, first-out method computes unit costs by 46)

______ A)

adding opening inventory units to work-in-process units and dividing by total cost B)

dividing total units by units completed this period. C)

confining equivalent units to the work completed during the current period only. D)

separately identifying the conversion costs of beginning and ending inventories. E)

the standard-costing method.

47)

Hollywood North Magic, a cosmetic manufacturer, began operations in January 20×1. During the first month of operations, $60,000 was incurred for direct materials and $80,000 was incurred for conversion costs. During January, 30,000 litres of cosmetics were started and 6,000 litres were unfinished at the end of the month. Ending work-in-process was 45% completed. All inputs are added evenly throughout the production process.

Calculate the equivalent units for conversion costs in January using the FIFO method. 47)

______ A)

30,000 litres B)

39,000 litres C)

36,000 litres D)

24,000 litres E)

26,700 litres

48)

Hollywood North Magic, a cosmetic manufacturer, began operations in January 20×1. During the first month of operations, $60,000 was incurred for direct materials and $80,000 was incurred for conversion costs. During January, 30,000 litres of cosmetics were started and 6,000 litres were unfinished at the end of the month. Ending work-in-process was 45% completed. All inputs are added evenly throughout the production process.

What is the materials cost per unit in January using the FIFO method? 48)

______ A)

$2.50 B)

$2.00 C)

$2.25 D)

$1.75 E)

$2.20

49)

Which of the following items is NOT a component of “total costs to be accounted for in a given department’s operations?” 49)

______ A)

transferred-out costs to the next department B)

the cost of materials requisitioned and used by the given department C)

conversion costs D)

direct manufacturing labour used in the given department E)

transferred-in costs from the prior processing department

50)

Bag Company had a beginning inventory of 4,000 bags with costs of $18,000 on January 1. The direct materials were complete and all overhead had been assigned; however, only 40 percent of direct manufacturing labour was added in the prior period. Another 20,000 units were started and completed during the current period. Unit costs are as follows: materials, $8.00; labour, $9.00; and overhead, $5.00.

What is the total cost of goods transferred out using the FIFO method? 50)

______ A)

$519,500 B)

$479,600 C)

$491,600 D)

$440,000 E)

$472,400

 

 

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July 1, 2023
    

 

The following table shows the quantity of a good sold by a monopolist at different prices.

 

Quantity (units)

Price ($)

150

9

200

8

250

7

300

6

350

5

400

4

450

3

 

11) Refer to the table above. What is the marginal revenue of the monopolist when it sells 400 units of its product?

A) $2

B) -$2

C) $3

D) -$3

12) Refer to the table above. Which of the following statements is true of the monopolist's marginal revenue?

A) As the monopolist reduces the price of its product from $9 through $3, the marginal revenue decreases.

B) As the monopolist reduces the price of its product from $9 through $3, the marginal revenue increases.

C) As the monopolist reduces the price of its product from $9 through $3, the marginal revenue first increases then decreases.

D) As the monopolist reduces the price of its product from $9 through $3, the marginal revenue first decreases then increases.

13) The quantity effect of a price decrease by a monopolist is based on:

A) the law of supply.

B) the law of demand.

C) the law of increasing returns.

D) the law of diminishing returns.

14) The quantity effect of a price reduction causes:

A) a decrease in revenue because of a lower price.

B) an increase in revenue because of increased sales.

C) an increase in labor demand due to increased sales of the product.

D) a decrease in labor demand because of a lower price of the final product.

15) The price effect of a price decrease by a monopolist refers to:

A) the loss in revenue due to the price reduction.

B) the increase in sales due to the price reduction.

C) the increase in revenue because of an increase in sales.

D) the decrease in the demand for labor due to the lower price of the final product.

16) Over a particular price range, if the quantity effect of a price decrease is larger than the price effect, it implies that:

A) demand is inelastic in the price range.

B) demand is elastic in the price range.

C) demand curve is vertical in the price range.

D) demand curve is upward sloping in the price range.

17) Over a particular price range, if the quantity effect of a price decrease is smaller than the price effect, it implies that:

A) demand is elastic in the price range.

B) demand is inelastic in the price range.

C) demand curve is horizontal in the price range.

D) demand curve is upward sloping in the price range.

18) Refer to the scenario above. What is the quantity effect of the price change?

A) $50

B) $75

C) $150

D) $300

19) Refer to the scenario above. What is the price effect of the price change?

A) $50

B) $75

C) $100

D) $250

20) Refer to the scenario above. What is the change in total revenue due to the price reduction?

A) The total revenue increases by $25.

B) The total revenue increases by $50.

C) The total revenue decreases by $105.

D) The total revenue decreases by $175.

 

 

default image
July 1, 2023
    

 

The following table shows the quantity of a good sold by a monopolist at different prices.

 

Quantity (units)

Price ($)

150

9

200

8

250

7

300

6

350

5

400

4

450

3

 

11) Refer to the table above. What is the marginal revenue of the monopolist when it sells 400 units of its product?

A) $2

B) -$2

C) $3

D) -$3

12) Refer to the table above. Which of the following statements is true of the monopolist's marginal revenue?

A) As the monopolist reduces the price of its product from $9 through $3, the marginal revenue decreases.

B) As the monopolist reduces the price of its product from $9 through $3, the marginal revenue increases.

C) As the monopolist reduces the price of its product from $9 through $3, the marginal revenue first increases then decreases.

D) As the monopolist reduces the price of its product from $9 through $3, the marginal revenue first decreases then increases.

13) The quantity effect of a price decrease by a monopolist is based on:

A) the law of supply.

B) the law of demand.

C) the law of increasing returns.

D) the law of diminishing returns.

14) The quantity effect of a price reduction causes:

A) a decrease in revenue because of a lower price.

B) an increase in revenue because of increased sales.

C) an increase in labor demand due to increased sales of the product.

D) a decrease in labor demand because of a lower price of the final product.

15) The price effect of a price decrease by a monopolist refers to:

A) the loss in revenue due to the price reduction.

B) the increase in sales due to the price reduction.

C) the increase in revenue because of an increase in sales.

D) the decrease in the demand for labor due to the lower price of the final product.

16) Over a particular price range, if the quantity effect of a price decrease is larger than the price effect, it implies that:

A) demand is inelastic in the price range.

B) demand is elastic in the price range.

C) demand curve is vertical in the price range.

D) demand curve is upward sloping in the price range.

17) Over a particular price range, if the quantity effect of a price decrease is smaller than the price effect, it implies that:

A) demand is elastic in the price range.

B) demand is inelastic in the price range.

C) demand curve is horizontal in the price range.

D) demand curve is upward sloping in the price range.

18) Refer to the scenario above. What is the quantity effect of the price change?

A) $50

B) $75

C) $150

D) $300

19) Refer to the scenario above. What is the price effect of the price change?

A) $50

B) $75

C) $100

D) $250

20) Refer to the scenario above. What is the change in total revenue due to the price reduction?

A) The total revenue increases by $25.

B) The total revenue increases by $50.

C) The total revenue decreases by $105.

D) The total revenue decreases by $175.

 

 

default image
July 1, 2023
    

 

The following table shows the quantity of a good sold by a monopolist at different prices.

 

Quantity (units)

Price ($)

150

9

200

8

250

7

300

6

350

5

400

4

450

3

 

11) Refer to the table above. What is the marginal revenue of the monopolist when it sells 400 units of its product?

A) $2

B) -$2

C) $3

D) -$3

12) Refer to the table above. Which of the following statements is true of the monopolist's marginal revenue?

A) As the monopolist reduces the price of its product from $9 through $3, the marginal revenue decreases.

B) As the monopolist reduces the price of its product from $9 through $3, the marginal revenue increases.

C) As the monopolist reduces the price of its product from $9 through $3, the marginal revenue first increases then decreases.

D) As the monopolist reduces the price of its product from $9 through $3, the marginal revenue first decreases then increases.

13) The quantity effect of a price decrease by a monopolist is based on:

A) the law of supply.

B) the law of demand.

C) the law of increasing returns.

D) the law of diminishing returns.

14) The quantity effect of a price reduction causes:

A) a decrease in revenue because of a lower price.

B) an increase in revenue because of increased sales.

C) an increase in labor demand due to increased sales of the product.

D) a decrease in labor demand because of a lower price of the final product.

15) The price effect of a price decrease by a monopolist refers to:

A) the loss in revenue due to the price reduction.

B) the increase in sales due to the price reduction.

C) the increase in revenue because of an increase in sales.

D) the decrease in the demand for labor due to the lower price of the final product.

16) Over a particular price range, if the quantity effect of a price decrease is larger than the price effect, it implies that:

A) demand is inelastic in the price range.

B) demand is elastic in the price range.

C) demand curve is vertical in the price range.

D) demand curve is upward sloping in the price range.

17) Over a particular price range, if the quantity effect of a price decrease is smaller than the price effect, it implies that:

A) demand is elastic in the price range.

B) demand is inelastic in the price range.

C) demand curve is horizontal in the price range.

D) demand curve is upward sloping in the price range.

18) Refer to the scenario above. What is the quantity effect of the price change?

A) $50

B) $75

C) $150

D) $300

19) Refer to the scenario above. What is the price effect of the price change?

A) $50

B) $75

C) $100

D) $250

20) Refer to the scenario above. What is the change in total revenue due to the price reduction?

A) The total revenue increases by $25.

B) The total revenue increases by $50.

C) The total revenue decreases by $105.

D) The total revenue decreases by $175.

 

 

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