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For which situation(s) below would an organization be more

Customer Question

For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system? (Points : 5)
A steel factory that processes iron ore into steel bars
A factory that processes sugar and other ingredients into black licorice
A costume maker that makes specialty costumes for figure skaters
All of these


2. Luft Company uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below:
Units Percent Complete with respect to Conversion
Beginning work in process inventory 11,000 90%
Started in production during June 58,000
Ending work in process inventory 17,000 10%



According to the company's records, the conversion cost in beginning work in process inventory was $79,893 at the beginning of June. Additional conversion costs of $343,830 were incurred in the department during the month.

What was the cost per equivalent unit for conversion costs for the month? (Round off to three decimal places.)
$8.070
$7.891
$5.928
$4.584


3. Lucas Company uses the weighted-average method in its process costing system. The company adds materials at the beginning of the process in the Forming Department, which is the first of two stages in its production process. Information concerning operations in the Forming Department in October follows:
Units Material Cost
Work in process on October 1 6,000 $3,000
Units started in October 50,000 $25,560
Units completed and transferred to next Department during October 44,000


What was the materials cost of work in process at on October 31?
$3,060
$5,520
$6,000
$6,120


4. Which of the following accounts is debited when direct labor is recorded? (Points : 5)
Work in process
Salaries and wages expense
Salaries and wages payable
Manufacturing overhead


5. Stickles Corporation incurred $79,000 of actual Manufacturing Overhead costs during August. During the same period, the Manufacturing Overhead applied to Work in Process was $75,000. The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a: (Points : 5)
debit to Manufacturing Overhead of $79,000.
credit to Manufacturing Overhead of $79,000.
credit to Work in Process of $75,000.
debit to Work in Process of $75,000.


6. Valles Corporation had $22,000 of raw materials on hand on February 1. During the month, the company purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw materials would include a: (Points : 5)
credit to Raw Materials of $97,000.
debit to Raw Materials of $97,000.
credit to Raw Materials of $75,000.
debit to Raw Materials of $75,000.
Submitted: 2 years ago.
Category: Homework
Expert:  Neo replied 2 years ago.
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Neo, Tutor
Category: Homework
Satisfied Customers: 12044
Experience: BS Accounting
Neo and 7 other Homework Specialists are ready to help you
Customer: replied 2 years ago.
Thank you, XXXXX XXXXX but I forgot 4 additional questions do you mind if I add those in. I would have no problem adding a bonus.
Expert:  Neo replied 2 years ago.

Please post them.

Customer: replied 2 years ago.

Job 484 was recently completed. The following data have been recorded on its job cost sheet:

Direct materials

$57,240

Direct labor hours

1,692 DLHs

Direct labor wage rate

$12 per DLHS

Number of units completed

3,600 units



The company applies manufacturing overhead on the basis of direct labor-hours. The predetermined overhead rate is $24 per direct labor-hour.

Compute the unit product cost that would appear on the job cost sheet for this job

 

 

 

Miller Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company's inventory and cost records for the most recently completed year revealed the following information:

Units Materials Conversion
Work in process. Jan. 1 (80% complete with respect to conversion costs)100,000$100,000 $157,500
Units started into production500,000
Costs added during the year:
Materials $650.00
Conversion $997.50
Units completed during the year 450,000


The company uses the weighted-average cost method in its process costing system. The ending inventory is 50% complete with respect to conversion costs.

Required:

i. Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs.

ii. Determine the cost transferred to finished goods.

iii. Determine the amount of cost that should be assigned to the ending work in process inventory.

 

 

(TCO F) Baroche Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.

Work in process, beginning:

Units in process

100

Percent complete with respect to materials.

70%

Percent complete with respect to conversion.

40%

Costs in in the beginning inventory:

Materials cost

$364

Conversion cost

$1,120

Units started into production during the month

23,000

Units completed and transferred out

22,900

Costs added to production during the month:

Materials cost

$124,160

Conversion cost

$637,088

Work in proccss, ending

Units in process

200

Percent complete with respect to materials

80%

Percent complete with respect to conversion

70%




Using the weighted-average method:

i. Determine the equivalent units of production for materials and conversion costs.

ii. Determine the cost per equivalent unit for materials and conversion costs.

iii. Determine the cost of units transferred out of the department during the month.

iv. Determine the cost of ending work in process inventory in the department. (Points : 15)

 

Customer: replied 2 years ago.

Please let me know if this is possible to complete

 

Expert:  Neo replied 2 years ago.
Does it have time limit?

Customer: replied 2 years ago.
Yes just passed
Expert:  Neo replied 2 years ago.

You no longer need the answers?

Customer: replied 2 years ago.
No I do not
Expert:  Neo replied 2 years ago.

Ok.

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