Quizizz NAMI CLASS : DATE : Quiz: chap 3-4 20 Questions 1. The following entry would be used to record depreciation on manufacturing equipment: Manufacturing Overhead XXX ‘Accumulated Depreciation XXX A| TRUE B FALSE 2. Ifa company uses a predetermined overhead rate, actual manufacturing overhead costs of a period will be recorded in the Manufacturing Overhead account and will be recorded on the job cost sheets Al FALSE B) TRUE 3. The journal entry for cost of goods manufactured includes the costs of units that are partially completed Al TRUE B| FALSE 4. Inthe Schedule of Cost of Goods Manufactured, Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory. A FALSE B TRUE 5. Ifa company closes any underapplied or overapplied manufacturing overhead to the Cost of Goods Sold account, then Cost of Goods Sold will be debited if manufacturing overhead is overapplied for the period. Al TRUE B) FALSE10. In a job-order costing system, indirect labor cost is usually recorded as a debit to’ Finished Goods. B) Work in Process. Cost of Goods Sold, D) Manufacturing Overhead. In ajob-order costing system, which of the following events would trigger recording data on a job cost sheet? the payment of fire insurance on the Bg) _ the purchase of direct materials factory building the payment for product advertising D| none of the choices Under a job-order costing system, the dollar amount transferred from Work in Process to Finished Goods is the sum of the costs charged to all jobs: completed and sold during the period. [8] _ completed during the period. in process during the period. D| _ started in process during the period. In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the “Total raw materials available” is computed by adding together the "Beginning raw materials inventory" and: Raw materials used in production B| _ Ending raw materials inventory Indirect materials included in 5) Purchases of raw materials manufacturing overhead Shane Corporation has provided the following data concerning last month's operations. Direct materials $ 23,000 Direct labor $ 58,000 Manufacturing overhead applied to Work in Process $ 92,000 Beginning Ending Work in process inventory $ 56,000 $ 69,000 Finished goods inventory $ 33,000 $ 36,000 How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold? $160,000 B) $157,000 $193,000 D) $161,000" 12. 13. 14, 15. A ob-order costing system would be best suited for production of a large quantity of a homogeneous product, FALSE B) TRUE Process costing is employed in industries that produce basically homogeneous products such as bricks, flour, or cement but would not be appropriate for assembly-type operations such as those that manufacture computers. FALSE B) TRUE In process costing, a separate work in process account is kept for each: individual order. g) cost category (i, materials, conversion cost). processing department. D| equivalent unit. Under the weighted-average method, the cost of units transferred out of a department is computed as follows for a cost category: Costs added during the period + Cost of 5.) Units in ending work in process inventory beginning work in process inventory x Cost per equivalent unit Cost of ending work in process inventory - Units transferred to the next department Cost of beginning work in process D| Cost per equivalent unit inventory The Werner Corporation uses the weighted-average method in its process costing system. The company recorded 24,400 equivalent units for conversion costs for November in a particular department. There were 6,000 units in the ending work in process inventory on, November 30 which were 60% complete with respect to conversion costs. The November 1 work in process inventory consisted of 5,000 units which were 40% complete with respect to conversion costs. A total of 22,000 units were completed and transferred out of the department during the month. The number of units started during November in the department was: 21,000 units B 22,000 units 26,000 units D) 17,000 units16. 7. Jared Beverage Corporation uses a process costing system to collect costs related to the production of its celery flavored cola. The cola is first processed in a Mixing Department and is then transferred out and finished up in the Bottling Department. The finished cases of cola are then transferred to Finished Goods Inventory. The following information relates to the company’s two departments for the month of January: Mixing Cases of cola in work in process, January 1 10,000 Cases of cola completed/transferred out during January 65,000 Cases of cola in work in process, January 31 4,000 Bottling Cases of cola in work in process, January 1 5,000 Cases of cola completed/transferred out during January 22? Cases of cola in work in process, January 31 7,000 How many cases of cola were completed and transferred to Finished Goods Inventory during January? 77,000 B) 70,000 63,000 D) 58,000 Bims Corporation uses the weighted-average method in its process costing system. The Assembly Department started the month with 2,000 units in its beginning work in process inventory that were 70% complete with respect to conversion costs. An additional 61,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 18,000 units in the ending work in process inventory of the Assembly Department that were 60% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Assembly Department for the month? 55,800 B) 54,400 45,000 D) 77,00018. 19. The Richmond Corporation 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 on August 31 consisted of 18,000 units. The units in the ending work in process inventory were 100% complete with respect to materials and 60% complete with respect to labor and overhead. If the cost per equivalent unit for August was $2.75 for materials and $4.25 for labor and overhead, the total cost assigned to the ending work in process inventory was: $75,600 B_ $126,000 $80,100 D) $95,400 Haffner Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 500 Materials costs $ 7,800 Conversion costs $ 9,100 Percent complete with respect to materials 85 % Percent complete with respect to conversion 55 % Units started into production during the month 7,000 Units transferred to the next department during the month 6,100 Materials costs added during the month $ 102,700 Conversion costs added during the month $ 184,000 Ending work in process inventory: Units in ending work in process inventory 1,400 Percent complete with respect to materials 60 % Percent complete with respect to conversion 50.% The cost per equivalent unit for materials for the month in the first processing department is closest to: $15.92 B) $14.73 $14.80 D) $13.6920, Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels are attached to a canoe- shaped aluminum frame. The canoes are then transferred to the Waterproofing department to be coated with sealant. Arona uses a weighted-average process cost system to collect costs in both departments. All materials in the Fabrication Department are added at the beginning of the production process. On July 1, the Fabrication Department had 30 canoes in process that were 20% complete with respect to conversion cost. On July 31, Fabrication had 20 canoes in process that were 40% complete with respect to conversion cost. During July, the Fabrication Department completed 70 canoes and transferred them to the Waterproofing Department. What are the Fabrication Department's equivalent units of production related to conversion costs for July? 62 B) 100 78 a)‘Answer Key 1a 5.b od 13.¢ a ed 10.b 14.4 18.4 3.b 7d ta 15.8 19.8 4.b &b 1a 16.¢ 20.¢