Question : 36.Labor and overhead often grouped together and referred to as A.prime : 1302707

 

 

36.Labor and overhead are often grouped together and referred to as

A.prime costs.

B.conversion costs.

C.total manufacturing costs.

D.equivalent unit costs.

 

37.Which of the following statements about process costing is true?

A.Total transferred-in cost is equal to the total transferred-out cost during a period.

B.The costs of inventory completed in its final department in the manufacturing process will be transferred to Finished Goods inventory.

C.If a department has transferred-in costs, it means that the inventory accounts were not closed correctly at the end of the last period.

D.None of the answer choices are correct.

 

38.A cost incurred by the Baking Department that is transferred to the Packaging Department is called a

A.conversion cost by the Baking Department.

B.transferred-out cost by the Packaging Department.

C.equivalent unit cost by the Baking Department.

D.transferred-in cost by the Packaging Department.

 

39.When direct labor costs are incurred in the Mixing Department, the journal entry to record the transaction includes a

A.debit to Wages Payable.

B.credit to Manufacturing Overhead.

C.credit to Work in Process, Mixing Department.

D.debit to Work in Process, Mixing Department.

 

40.In a process costing system, manufacturing overhead is added to Work in Process

A.using a predetermined overhead rate or based on actual overhead.

B.only in the final production department.

C.at the same rate as the direct materials are added.

D.only when Work in Process is transferred to Finished Goods.

 

41.Transferred-in costs are recorded with a journal entry that includes a credit to

A.Raw Materials.

B.Manufacturing Overhead.

C.Work in Process.

D.Finished Goods.

 

42.Which of the following will never be a component of the cost of Work in Process in a company’s initial production department?

A.Direct material

B.Direct labor

C.Transferred-in costs

D.Manufacturing overhead

 

43.How are equivalent units calculated in a process costing system?

A.By adding the units started to the equivalent units in beginning and ending inventory

B.By adding the units completed to the equivalent units in ending Work in Process

C.By subtracting the equivalent units in beginning inventory from the total units to account for

D.By adding the units started to the equivalent units in ending inventory

 

44.In the calculation of the cost per equivalent unit, the denominator

A.is the total work done during the period plus the equivalent units in ending inventory.

B.includes both the number of units completed and the number of equivalent units in ending Work in Process.

C.equals the work done during the period less the work remaining to finish ending inventory.

D.is the work done for the current and preceding departments.

 

45.The Baking Department began the period with 16,000 units which were 45% complete. During the period, the department received another 78,000 units from the previous department, and at the end of the period, 9,000 units remained which were 40% complete. Conversion costs are added evenly throughout the process and materials are added at the beginning of the process. How much are equivalent units for conversion costs in the Baking Department’s Work in Process inventory at the end of the period?

A.5,400 units

B.3,600 units

C.3,000 units

D.9,000 units

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more