ACCOUNTING
ACCOUNTING
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Which of the following statements is (are) true? |
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In a process costing system, the journal entry used to record the transfer of units from Department A, a processing department, to Department B, the next processing department, includes a debit to: |
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Goethe Company uses the weighted-average method in its process costing system. The following information was available about one of the company’s processing departments:
The ending work in process inventory in the department: |
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Golden Company uses the weighted-average method in its process costing system. The following information was available for one of its processing departments:
The number of units started during the month in that department was: |
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Barnes Company uses the weighted-average method in its process costing system. The company sold 250,000 units during the current month. The following data were taken from the company’s accounting records: What were the equivalent units of production for conversion costs in the Packing Department for the current month? |
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Zook Company uses the weighted-average method in its process costing system. The following data for the Mixing Department were taken from the company’s accounting records. The equivalent units of production for conversion costs were: |
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Addingly Company uses the weighted-average method in its process costing system. The following information pertains to one of its processing departments for the current month: All materials are added at the beginning of the process. The cost per equivalent unit for materials is closest to: |
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Erie Company uses the weighted-average method in its process costing system. The company has only a single processing department. The company’s ending work in process inventory consisted of 36,000 units. The units in the ending work in process inventory were 50% complete with respect to materials and 30% complete with respect to labor and overhead. If the costs per equivalent unit for the current period were $5.50 for materials and $8.50 for labor and overhead, the total cost assigned to the ending work in process inventory was: |
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Ontario Company uses the weighted-average method in its process costing system. The Baking Department is the third department in its production process. The data below summarize the department’s operations during the current month: The Baking Department’s production report indicates that the cost per equivalent unit for conversion cost for the current month was $8.24. How much conversion cost was assigned to the units transferred out of the Baking Department during the current month? |
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The beginning work in process inventory in the Milling Department consisted of 10,000 units, 50% complete with respect to materials cost and 60% complete with respect to conversion costs. The total cost of the beginning inventory was $60,000. During the month, 50,000 units were transferred out of this department. The equivalent unit cost was computed to be $4.00 for materials and $7.40 for conversion costs under the weighted-average method. Given this information, the total cost of the units completed and transferred out of this department during the month was: |
