1. Finished products shipped to customers had a production cost of $350,000 and

Question

1. Finished products shipped to customers had a production cost of $350,000 and the cost of production of completed and finished goods during the period amounted to $500,000. From the following, select the entry to record the transfer of costs from work in process to finished goods.

2.

Which of the following would be a part of the cost of the product in a manufacturing company?

3. Topco Products made the following data available:
                                                Whole Units         % Conversion Added this month
Beginning WIP Inventory                  900                             70%
Units Started and Completed        1,600                            100%
Ending WIP Inventory                      600                              20%

What is the Equivalent Units of Production for Conversion?

4.Changes in cost as the related activity changes relates to

5. In cost-volume-profit analysis, all costs are classified into the following two categories:

Explanation / Answer

1 Finished Goods       500,000            Work in Process                   500,000 2 Depreciation on factory machinery 3 Equivalent Units of Production for Conversion=(900*70%)+1600+(600*20%)=2350 4 Changes in cost as the related activity changes relates to cost behavior 5 In cost-volume-profit analysis, all costs are classified into fixed cost and variable cost

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