How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Neo Your Own Question
Neo
Neo, Tutor
Category: Homework
Satisfied Customers: 12101
Experience:  BS Accounting
4224391
Type Your Homework Question Here...
Neo is online now
A new question is answered every 9 seconds

1. Equivalent units of production are equal to A. The

Resolved Question:

1. Equivalent units of production are equal to: XXXXX number of units that could have been completed if all effort had been applied to units that were started and completed that period.
B. The number of finished units actually produced that period.
C. The number of units introduced into the process that period.
D. The number of units still in process that period.
E. Physical units that were completed this period from all effort being applied to them.


2. Which of the following characteristics applies to process cost accounting and not to job order cost accounting?

A. Use of a predetermined overhead rate.
B. Identifiable lots of production.
C. Equivalent units of production.
D. Labor time ticket for each employee.
E. Use of a single Goods in Process account.


3. After posting all actual factory overhead and applying factory overhead to production departments in a process costing system,

A. There will never be underapplied overhead.
B. There will never be overapplied overhead.
C. There will always be underapplied overhead.
D. There will always be overapplied overhead.
E. There may be over or underapplied overhead.


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 ( 60 points )
A company's January 1 goods in process inventory contained 30,000 units that were 1/4 complete with respect to direct labor. The beginning inventory was completed this year and another 120,000 units were started. Of those started, 80,000 were finished and the remaining 40,000 were left 1/5 complete. Calculate the equivalent units of production for the year.





1. Equivalent units of production are equal to: XXXXX number of units that could have been completed if all effort had been applied to units that were started and completed that period.
B. The number of finished units actually produced that period.
C. The number of units introduced into the process that period.
D. The number of units still in process that period.
E. Physical units that were completed this period from all effort being applied to them.


2. Which of the following characteristics applies to process cost accounting and not to job order cost accounting?

A. Use of a predetermined overhead rate.
B. Identifiable lots of production.
C. Equivalent units of production.
D. Labor time ticket for each employee.
E. Use of a single Goods in Process account.


3. After posting all actual factory overhead and applying factory overhead to production departments in a process costing system,

A. There will never be underapplied overhead.
B. There will never be overapplied overhead.
C. There will always be underapplied overhead.
D. There will always be overapplied overhead.
E. There may be over or underapplied overhead.


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 ( 60 points )
A company's January 1 goods in process inventory contained 30,000 units that were 1/4 complete with respect to direct labor. The beginning inventory was completed this year and another 120,000 units were started. Of those started, 80,000 were finished and the remaining 40,000 were left 1/5 complete. Calculate the equivalent units of production for the year.
Submitted: 6 years ago.
Category: Homework
Expert:  Neo replied 6 years ago.
THIS ANSWER IS LOCKED!

You need to spend $3 to view this post. Add Funds to your account and buy credits.
Neo and 4 other Homework Specialists are ready to help you

Related Homework Questions