BifcO\'s production depart to the next stage of prodction and 10,000 output for
ID: 2331931 • Letter: B
Question
BifcO's production depart to the next stage of prodction and 10,000 output for the most recent month consisted of 10,000 units inventory both direct mater inventory, and they were 70% complete with respect to both direct materia, ind Calculate the The units in ending goods in process units in ending eoods in completed process with respect to ials and conversion costs. There were 1000 ints in begrning inventory were 50% complete equivalent units of production for the month, assuming the company oses the en erineo. A) 10,000 units B) 10,300 units C 15,000 units D) 15,300 units 10,700 units 9 S. Byers Co uses a process cost accounting system. its assembly department's beginning inventory consisted of 50,000 units, % complete with respect to direct labor and overhead. The department started finished 127,500 units this period. T respect to direct labor and overhead. All materials are added at the beginning of the process. The department incurred direct labor costs of $24,000 and overhead costs of $32,000 for the period Assuming FIFO, the direct labor cost per equivalent unit is: A) $0.371 B) $O.295 C) $O.178 D) $O.160 E) $0.126 and he ending inventory consists of 40,000 units that are % ermore with Which of the following statements is most accurate? A) In process costing. estimating the degree of completion of E, 10. units is usually more accurate for Ar conversion costs than for direct materials B) The weighted average method uses the stage of completion of the current period's beginning goods in process inventory account in calculating equivalent units The weighted average method focuses on the total costs and total equivalent units completed The FIFO method of calculating equivalent units of production merges the work and the costs of the beginning inventory with the work and the costs done during the current period. It is not possible for there to be a significant difference between the cost of completed units between the weighted average and the FIFO methods Or C) D) E) Direct labor and indirect labor are recorded, respectively, to: A) Factory Overhead and Goods in Process B) Goods in Process and Factory Overhead C) Finished Goods and Goods in Process D) Goods in Process and Finished Goods E) Cost of Goods Sold and Finished Goods 11. 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. 12. A company that applies process costing is most frequently characterized byExplanation / Answer
8 Equivalent units fo production for the month = 10000+(10000*50%) = 15000 units 9 Equivalent units for direct labor = (50000/4*1)+127500+(40000/4*1)= 150000 Direct labor cost per equivalent unit = 24000/150000= $0.160 10 It is not possible for there to be a significant difference between the cost of completed units between the weighted average and the FIFO methods. 11 Direct labor and indirect labor are recorded respectively to Goods in Process and Factory overhead 12 A company that applies process costing is most frequently characterized by homogeneous product and high production volume
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