Question :
120.Dazzle, Inc. produces beads for jewelry making use. The following : 1258506
120.Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The journal entry to record June production activities for overhead allocation is:
Direct materials used$87,000
Direct labor used160,000
Predetermined overhead rate (based on direct labor)155%
Goods transferred to finished goods432,000
Cost of goods sold444,000
Credit sales810,000
A. Debit Factory Overhead $248,000; credit Cash $248,000.
B. Debit Work in Process Inventory $160,000; credit Factory Payroll $160,000.
C. Debit Work in Process Inventory $248,000; credit Factory Overhead $248,000.
D. Debit Work in Process Inventory $160,000; credit Factory Overhead $160,000.
E. Debit Work in Process Inventory $160,000; credit Cash $160,000.
121.Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The journal entry to record June production activities for goods transferred from production to finished goods is:
Direct materials used$87,000
Direct labor used160,000
Predetermined overhead rate (based on direct labor)155%
Goods transferred to finished goods432,000
Cost of goods sold444,000
Credit sales810,000
A. Debit Finished Goods Inventory $432,000; credit Work in Process Inventory $432,000.
B. Debit Work in Process Inventory $444,000; credit Finished Goods Inventory $444,000.
C. Debit Work in Process Inventory $432,000; credit Finished Goods Inventory $432,000.
D. Debit Finished Goods Inventory $444,000; credit Work in Process Inventory $444,000.
E. Debit Work in Process Inventory $432,000; credit Cash $432,000.
122.Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations and sales activities for June. The journal entry to record June sales is:
Direct materials used$87,000
Direct labor used160,000
Predetermined overhead rate (based on direct labor)155%
Goods transferred to finished goods432,000
Cost of goods sold444,000
Credit sales810,000
A. Debit Accounts Receivable $810,000; credit Cost of Goods Sold $810,000.
B. Debit Accounts Receivable $810,000; credit Sales $366,000; credit Finished Goods Inventory $444,000.
C. Debit Cost of Goods Sold $444,000; credit Sales $444,000.
D. Debit Finished Goods Inventory $444,000; debit Sales $810,000; credit Accounts Receivable $810,000; credit Cost of Goods Sold $444,000.
E. Debit Accounts Receivable $810,000; credit Sales $810,000; debit Cost of Goods Sold $444,000; credit Finished Goods Inventory $444,000.
123.Andrews Corporation uses a process costing system for manufacturing. The following information is available for the February in its Polishing Department:
Equivalent units of production—direct materials110,000 EUP
Equivalent units of production—conversion95,000 EUP
Costs in beginning Work in Process—direct materials$49,000
Costs in beginning Work in Process—conversion$36,000
Costs incurred in February—direct materials$414,000
Costs incurred in February—conversion520,000
The cost per equivalent unit of production for conversion is: A. $9.26
B. $4.21
C. $5.85
D. $5.05
E. $4.97
124.Andrews Corporation uses a process costing system for manufacturing. The following information is available for the February in its Polishing Department:
Equivalent units of production—direct materials110,000 EUP
Equivalent units of production—conversion95,000 EUP
Costs in beginning Work in Process—direct materials$49,000
Costs in beginning Work in Process—conversion$36,000
Costs incurred in February—direct materials$414,000
Costs incurred in February—conversion520,000
The cost per equivalent unit of production for direct materials is:
A. $9.26
B. $4.21
C. $4.97
D. $5.05
E. $5.85
125.During March, the production department of a process operations system completed and transferred to finished goods 25,000 units that were in process at the beginning of March and 110,000 units that were started and completed in March. March’s beginning inventory units were 100% complete with respect to materials and 55% complete with respect to conversion. At the end of March, 30,000 additional units were in process in the production department and were 100% complete with respect to materials and 30% complete with respect to conversion. Compute the number of physical units transferred to finished goods.
A. 110,000.
B. 135,000.
C. 105,000.
D. 165,000.
E. 144,000.
126.During March, the production department of a process operations system completed and transferred to finished goods 25,000 units that were in process at the beginning of March and 110,000 units that were started and completed in March. March’s beginning inventory units were 100% complete with respect to materials and 55% complete with respect to conversion. At the end of March, 30,000 additional units were in process in the production department and were 100% complete with respect to materials and 30% complete with respect to conversion. Compute the number of equivalent units with respect to both materials and conversion respectively for March using the weighted-average method.
A. 165,000; 165,000.
B. 135,000; 119,000.
C. 140,000; 130,250.
D. 165,000; 144,000.
E. 144,000; 144,000.
127.During November, the production department of a process operations system completed and transferred to finished goods 35,000 units that were in process at the beginning of November and 110,000 units that were started and completed in November. November’s beginning inventory units were 100% complete with respect to materials and 55% complete with respect to conversion. At the end of November, 40,000 additional units were in process in the production department and were 100% complete with respect to materials and 30% complete with respect to conversion. Compute the number of equivalent units with respect to materials for November using the weighted-average method.
A. 145,000.
B. 40,000.
C. 105,000.
D. 112,000.
E. 185,000.
128.During November, the production department of a process operations system completed and transferred to finished goods 35,000 units that were in process at the beginning of November and 110,000 that were started and completed in November. November’s beginning inventory units were 100% complete with respect to materials and 55% complete with respect to conversion. At the end of November, 40,000 additional units were in process in the production department and were 100% complete with respect to materials and 30% complete with respect to conversion. Compute the number of equivalent units with respect to conversion for November using the weighted-average method.
A. 145,000.
B. 157,000.
C. 55,500.
D. 83,500.
E. 185,000.
129.During March, the production department of a process operations system completed and transferred to finished goods 25,000 units that were in process at the beginning of March and 110,000 units that were started and completed in March. March’s beginning inventory units were 100% complete with respect to materials and 55% complete with respect to labor. At the end of March, 30,000 additional units were in process in the production department and were 100% complete with respect to materials and 30% complete with respect to labor. The production department incurred direct materials cost of $253,000 and its beginning inventory included materials cost of $93,500. Compute the direct materials cost per equivalent unit for the department using the weighted-average method.
A. $1.53.
B. $2.48.
C. $2.10.
D. $2.57.
E. $2.40.
