Question 1 Which of the following businesses is most likely to use process costi
ID: 2436170 • Letter: Q
Question
Question 1
Which of the following businesses is most likely to use process costing?
Answer
chemical plant
architectural firm
dentist's office
manufacturer of fine furniture
Question 2
Which of the following businesses is most likely to use process costing?
Answer
chemical plant
architectural firm
dentist's office
manufacturer of fine furniture
Question 2
Conversion costs include:
Answer
direct materials and direct labor
direct labor and manufacturing overhead
direct materials and manufacturing overhead
direct labor and administrative
Question 3
Figure 6-3.
Kramer, Inc., manufactures a product that passes through two processes: mixing and molding. All manufacturing costs are added uniformly in the mixing department.
Information for the mixing department for April follows:
Work in process, April 1:
Units (35% complete)
5,000
Direct materials
$24,000
Direct labor
$30,000
Overhead
$10,000
During April, 25,000 units were completed and transferred to the molding department. The following costs were incurred by the mixing department during April:
Direct materials
$ 90,000
Direct labor
120,000
Overhead
30,000
By April 30, 2,500 units that were 80 percent complete remained in Mixing. Kramer uses the weighted average method.
Refer to Figure 6-3. Kramer's equivalent units of production using the weighted average method would be
Answer
28,750
20,000
27,000
23,000
Question 4
Figure 6-3.
Kramer, Inc., manufactures a product that passes through two processes: mixing and molding. All manufacturing costs are added uniformly in the mixing department.
Information for the mixing department for April follows:
Work in process, April 1:
Units (35% complete)
5,000
Direct materials
$24,000
Direct labor
$30,000
Overhead
$10,000
During April, 25,000 units were completed and transferred to the molding department. The following costs were incurred by the mixing department during April:
Direct materials
$ 90,000
Direct labor
120,000
Overhead
30,000
By April 30, 2,500 units that were 80 percent complete remained in Mixing. Kramer uses the weighted average method.
Refer to Figure 6-3. Kramer's total costs to account for would be
Answer
$304,000
$264,000
$240,000
$176,000
Question 5
Figure 6-3.
Kramer, Inc., manufactures a product that passes through two processes: mixing and molding. All manufacturing costs are added uniformly in the mixing department.
Information for the mixing department for April follows:
Work in process, April 1:
Units (35% complete)
5,000
Direct materials
$24,000
Direct labor
$30,000
Overhead
$10,000
During April, 25,000 units were completed and transferred to the molding department. The following costs were incurred by the mixing department during April:
Direct materials
$ 90,000
Direct labor
120,000
Overhead
30,000
By April 30, 2,500 units that were 80 percent complete remained in Mixing. Kramer uses the weighted average method.
Refer to Figure 6-3. Kramer's total cost per equivalent unit of production would be
Answer
$12.16
$11.26
$9.76
$6.52
Which of the following businesses is most likely to use process costing?
Answer
0
chemical plant
architectural firm
dentist's office
manufacturer of fine furniture
Explanation / Answer
Which of the following businesses is most likely to use process costing?
Chemical Plant
Conversion costs include:
Kramer's equivalent units of production using the weighted average method would be
Units completed and transferred 25,000 units
Work In Process Inventory 2,500 x 80% 2,000 units
Equivalent units of production 27,000 units
========
Kramer's total costs to account for would be
Begining WIP Inventory
($24,000 + $30,00 + $10,000) $64,000
Cost added ($90,000+$120,000+$30,000) $240,000
-------------
Total cost $304,000
==========
Kramer's total cost per equivalent unit of production would be Kramer's total cost per equivalent unit of
production would be
$304,000 / 27,000 units = $11.26
Which of the following businesses is most likely to use process costing?
Chemical Plant
Conversion costs include:
direct labor and manufacturing overhead
Kramer's equivalent units of production using the weighted average method would be
Units completed and transferred 25,000 units
Work In Process Inventory 2,500 x 80% 2,000 units
Equivalent units of production 27,000 units
========
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.