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Bizhelp
Bizhelp, CPA
Category: Homework
Satisfied Customers: 5726
Experience:  Bachelors Degree and CPA with Accounting work experience
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Multiple Choice Questions ( 1 point each ) Select the ONE,

Resolved Question:

Multiple Choice Questions ( 1 point each ) Select the ONE, BEST Answer

1. A process cost summary is a managerial accounting report that describes:
A) The costs charged to a department.
B) The equivalent units of production by the department.
C) How the costs were assigned to the output.
D) Physical transfers for a department.
E) All of the above.


2. A company that applies process costing is most frequently characterized by:
A) Low standardization and high production volume.
B) Custom orders and homogeneous products.
C) Repetitive production and heterogeneous products.
D) Repetitive production and low production volume.
E) Homogeneous product and high production volume.


3. A company's beginning work in process inventory consisted of 20,000 units that were 1/5 complete with respect to direct labor. These beginning units were completed and another 90,000 units were started during the current period. Of those started, 60,000 were finished and the remaining 30,000 were 1/3 complete at the end of the period. The equivalent units of production were:
A) 60,000.
B) 74,000.
C) 76,000.
D) 86,000.
E) 96,000.


4. To compute an equivalent unit of production, one must be able to reasonably estimate:
A) The percentage of completion.
B) Units completed.
C) Units started and completed.
D) Direct labor cost.
E) Materials cost.


Problem ( 6 points )

The following is information about the Painting Department in the Richardson Factory for the month of June. Richardson Factory uses the FIFO method of inventory costing.

Beginning goods in process inventory:
Physical Units.......................................... 5,000 Units
% Complete for materials........................... 70%
% Complete for labor and overhead.............. 25%
Materials cost for May............................... $7, 350
Labor and overhead cost for May................... $3, 125
Product started and completed:
Physical Units............................................. 40,000 units
Ending goods in process inventory:
Physical Units............................................. 4,000 units
% complete for materials.............................. 40%
% complete for labor and overhead................. 10%
Manufacturing Costs for June:
Materials..................................................... $96,975
Labor and OVerhead...................................... $79,470

How many equivalent units of materials were added to all units processed during June? How many equivalent units of labor and overhead were added to all units processed during June?


Figure the materials equivalent units. Then do another set up and figure the equivalent units for labor and overhead.
Submitted: 2 years ago.
Category: Homework
Expert:  Bizhelp replied 2 years ago.
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Bizhelp, CPA
Category: Homework
Satisfied Customers: 5726
Experience: Bachelors Degree and CPA with Accounting work experience
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