Essay\u00a04\tMultiple\u00a0Choice\u00a06\t\u00a0\t\u00a0\u00a0\tQuestion\u00a01. Question\u00a0: (TCO\u00a0B)\u00a0Assume\u00a0there\u00a0is\u00a0no\u00a0beginning\u00a0work\u00a0in\u00a0process\u00a0inventory\u00a0and\u00a0the\u00a0ending\u00a0work\u00a0in\u00a0process\u00a0inventory\u00a0is\u00a0100%\u00a0complete\u00a0with\u00a0respect\u00a0to\u00a0materials\u00a0costs.\u00a0The\u00a0number\u00a0of\u00a0equivalent\u00a0units\u00a0with\u00a0respect\u00a0to\u00a0materials\u00a0costs\u00a0under\u00a0the\u00a0weighted\u00a0average\u00a0method\u00a0is\t\u00a0\t\u00a0 Student\u00a0Answer: \u00a0the\u00a0same\u00a0as\u00a0the\u00a0number\u00a0of\u00a0units\u00a0completed.\u00a0\u00a0\t\u00a0 \u00a0less\u00a0than\u00a0the\u00a0number\u00a0of\u00a0units\u00a0put\u00a0into\u00a0production.\u00a0\u00a0\t\u00a0 \u00a0 \u00a0the\u00a0same\u00a0as\u00a0the\u00a0number\u00a0of\u00a0units\u00a0put\u00a0into\u00a0production.\u00a0\u00a0\t\u00a0 \u00a0less\u00a0than\u00a0the\u00a0number\u00a0of\u00a0units\u00a0completed.\u00a0\u00a0\t\u00a0\u00a0\t\u00a0\tQuestion\u00a02. Question\u00a0: (TCO\u00a0B)\u00a0For\u00a0which\u00a0situation(s)\u00a0below\u00a0would\u00a0an\u00a0organization\u00a0be\u00a0more\u00a0likely\u00a0to\u00a0use\u00a0a\u00a0job-order\u00a0costing\u00a0system\u00a0of\u00a0accumulating\u00a0product\u00a0costs\u00a0rather\u00a0than\u00a0a\u00a0process\u00a0costing\u00a0system?\t\u00a0\t\u00a0 Student\u00a0Answer: \u00a0A\u00a0steel\u00a0factory\u00a0that\u00a0processes\u00a0iron\u00a0ore\u00a0into\u00a0steel\u00a0bars\u00a0\u00a0\t\u00a0 \u00a0 \u00a0A\u00a0computer\u00a0consulting\u00a0firm\u00a0\u00a0\t\u00a0 \u00a0A\u00a0factory\u00a0that\u00a0processes\u00a0sugar\u00a0and\u00a0other\u00a0ingredients\u00a0into\u00a0candy\u00a0\u00a0\t\u00a0 \u00a0All\u00a0of\u00a0the\u00a0above\u00a0\u00a0\t\u00a0\u00a0\t\u00a0\tQuestion\u00a03. Question\u00a0: (TCO\u00a0B)\u00a0Luft\u00a0Company\u00a0uses\u00a0the\u00a0weighted-average\u00a0method\u00a0in\u00a0its\u00a0process\u00a0costing\u00a0system.\u00a0Operating\u00a0data\u00a0for\u00a0the\u00a0first\u00a0processing\u00a0department\u00a0for\u00a0the\u00a0month\u00a0of\u00a0June\u00a0appear\u00a0below.\t\u00a0 Units Percent\u00a0Complete\u00a0With\u00a0Respect\u00a0to\u00a0Conversion\tBeginning\u00a0work\u00a0in\u00a0process\u00a0inventory 11,000 90%\tStarted\u00a0in\u00a0production\u00a0during\u00a0June 58,000 \u00a0\tEnding\u00a0work\u00a0in\u00a0process\u00a0inventory 17,000 10%\t\u00a0\tAccording\u00a0to\u00a0the\u00a0company’s\u00a0records,\u00a0the\u00a0conversion\u00a0cost\u00a0in\u00a0beginning\u00a0work\u00a0in\u00a0process\u00a0inventory\u00a0was\u00a0$79,893\u00a0at\u00a0the\u00a0beginning\u00a0of\u00a0June.\u00a0Additional\u00a0conversion\u00a0costs\u00a0of\u00a0$343,830\u00a0were\u00a0incurred\u00a0in\u00a0the\u00a0department\u00a0during\u00a0the\u00a0month.\t\u00a0\tWhat\u00a0was\u00a0the\u00a0cost\u00a0per\u00a0equivalent\u00a0unit\u00a0for\u00a0conversion\u00a0costs\u00a0for\u00a0the\u00a0month?\u00a0(Round\u00a0to\u00a0three\u00a0decimal\u00a0places.)\t\u00a0\t\u00a0 Student\u00a0Answer: \u00a0 \u00a0$7.891\u00a0\u00a0\t\u00a0 \u00a0$8.070\u00a0\u00a0\t\u00a0 \u00a0$5.928\u00a0\u00a0\t\u00a0 \u00a0$4.584\u00a0\u00a0\t\u00a0\t\u00a0\u00a0\t\u00a0\tQuestion\u00a04. Question\u00a0: (TCO\u00a0B)\u00a0In\u00a0a\u00a0job-order\u00a0costing\u00a0system,\u00a0the\u00a0use\u00a0of\u00a0direct\u00a0materials\u00a0that\u00a0have\u00a0been\u00a0previously\u00a0purchased\u00a0is\u00a0recorded\u00a0as\u00a0a\u00a0debit\u00a0to\u00a0\t\u00a0\t\u00a0 Student\u00a0Answer: \u00a0raw\u00a0materials.\u00a0\u00a0\t\u00a0 \u00a0finished\u00a0goods.\u00a0\u00a0\t\u00a0 \u00a0 \u00a0work\u00a0in\u00a0process.\u00a0\u00a0\t\u00a0 \u00a0manufacturing\u00a0overhead.\u00a0\u00a0\t\u00a0\u00a0\t\u00a0\tQuestion\u00a05. Question\u00a0: (TCO\u00a0B)\u00a0During\u00a0October,\u00a0Crusan\u00a0Corporation\u00a0incurred\u00a0$62,000\u00a0of\u00a0direct\u00a0labor\u00a0costs\u00a0and\u00a0$4,000\u00a0of\u00a0indirect\u00a0labor\u00a0costs.\u00a0The\u00a0journal\u00a0entry\u00a0to\u00a0record\u00a0the\u00a0accrual\u00a0of\u00a0these\u00a0wages\u00a0would\u00a0include\u00a0a\t\u00a0\t\u00a0 Student\u00a0Answer: \u00a0debit\u00a0to\u00a0work\u00a0in\u00a0process\u00a0of\u00a0$66,000.\u00a0\u00a0\t\u00a0 \u00a0credit\u00a0to\u00a0work\u00a0in\u00a0process\u00a0of\u00a0$66,000.\u00a0\u00a0\t\u00a0 \u00a0credit\u00a0to\u00a0work\u00a0in\u00a0process\u00a0of\u00a0$62,000.\u00a0\u00a0\t\u00a0 \u00a0 \u00a0debit\u00a0to\u00a0work\u00a0in\u00a0process\u00a0of\u00a0$62,000.\u00a0\u00a0\t\u00a0\u00a0\t\u00a0\tQuestion\u00a06. Question\u00a0: (TCO\u00a0B)\u00a0During\u00a0February,\u00a0Degan\u00a0Inc.\u00a0transferred\u00a0$60,000\u00a0from\u00a0work\u00a0in\u00a0process\u00a0to\u00a0finished\u00a0goods\u00a0and\u00a0recorded\u00a0a\u00a0cost\u00a0of\u00a0goods\u00a0sold\u00a0of\u00a0$65,000.\u00a0The\u00a0journal\u00a0entries\u00a0to\u00a0record\u00a0these\u00a0transactions\u00a0would\u00a0include\u00a0a\t\u00a0\t\u00a0 Student\u00a0Answer: \u00a0debit\u00a0to\u00a0finished\u00a0goods\u00a0of\u00a0$65,000.\u00a0\u00a0\t\u00a0 \u00a0credit\u00a0to\u00a0cost\u00a0of\u00a0goods\u00a0sold\u00a0of\u00a0$65,000.\u00a0\u00a0\t\u00a0 \u00a0 \u00a0credit\u00a0to\u00a0work\u00a0in\u00a0process\u00a0of\u00a0$60,000.\u00a0\u00a0\t\u00a0 \u00a0credit\u00a0to\u00a0finished\u00a0goods\u00a0of\u00a0$60,000.\u00a0\u00a0\t\u00a0\u00a0\t\u00a0\t\u00a0*\u00a0Times\u00a0are\u00a0displayed\u00a0in\u00a0(GMT-07:00)\u00a0Mountain\u00a0Time\u00a0(US\u00a0&\u00a0Canada)\tGrading\u00a0Summary\tThese\u00a0are\u00a0the\u00a0automatically\u00a0computed\u00a0results\u00a0of\u00a0your\u00a0exam.\u00a0Grades\u00a0for\u00a0essay\u00a0questions,\u00a0and\u00a0comments\u00a0from\u00a0your\u00a0instructor,\u00a0are\u00a0in\u00a0the\u00a0“Details”\ufffd\u00a0section\u00a0below.\u00a0 Date\u00a0Taken:\u00a0 5\/15\/2016\tTime\u00a0Spent: 1\u00a0h\u00a0,\u00a027\u00a0min\u00a0,\u00a022\u00a0secs\u00a0\tPoints\u00a0Received: 71\u00a0\/\u00a090\u00a0\u00a0(78.9%)\u00a0\t\u00a0\t\u00a0\t\u00a0\tGrade\u00a0Details\u00a0“\ufffd\u00a0All\u00a0Questions\u00a0\tPage:\u00a0\u00a0 1\u00a0\u00a02\u00a0\u00a0\u00a0\tQuestion\u00a01. Question\u00a0: (TCO\u00a0B)\u00a0Some\u00a0companies\u00a0use\u00a0process\u00a0costing\u00a0and\u00a0some\u00a0use\u00a0job-order\u00a0costing.\u00a0Which\u00a0method\u00a0a\u00a0company\u00a0uses\u00a0depends\u00a0on\u00a0its\u00a0industry.\u00a0Several\u00a0companies\u00a0in\u00a0different\u00a0industries\u00a0are\u00a0listed\u00a0below.\t\u00a0\t5.\u00a0Frozen\u00a0cranberry\u00a0juice\u00a0processor\tii.\u00a0Custom\u00a0boat\u00a0builder\tiii.\u00a0Concrete\u00a0block\u00a0manufacturer\tiv.\u00a0Winery\u00a0that\u00a0produces\u00a0a\u00a0number\u00a0of\u00a0specialty\u00a0wines\tv.\u00a0Aluminum\u00a0refiner\u00a0that\u00a0makes\u00a0aluminum\u00a0ingots\u00a0from\u00a0bauxite\u00a0ore\tvi.\u00a0External\u00a0auditing\u00a0firm\t\u00a0\tFor\u00a0each\u00a0company,\u00a0indicate\u00a0whether\u00a0the\u00a0company\u00a0is\u00a0most\u00a0likely\u00a0to\u00a0use\u00a0job-order\u00a0costing\u00a0or\u00a0process\u00a0costing.\t\u00a0\u00a0\t\u00a0\tQuestion\u00a02. Question\u00a0: (TCO\u00a0B)\u00a0Job\u00a0728\u00a0was\u00a0recently\u00a0completed.\u00a0The\u00a0following\u00a0data\u00a0have\u00a0been\u00a0recorded\u00a0on\u00a0its\u00a0job\u00a0cost\u00a0sheet.\t\u00a0\u00a0\tDirect\u00a0materials $89,925\tDirect\u00a0labor\u00a0hours 1,220\u00a0labor\u00a0hours\tDirect\u00a0labor\u00a0wage\u00a0rate $15\u00a0per\u00a0labor\u00a0hour\tMachine\u00a0hours 1,550\u00a0machine\u00a0hours\tNumber\u00a0of\u00a0units\u00a0completed 4,500\u00a0units\t\u00a0\tThe\u00a0company\u00a0applies\u00a0manufacturing\u00a0overhead\u00a0on\u00a0the\u00a0basis\u00a0of\u00a0machine\u00a0hours.\u00a0The\u00a0predetermined\u00a0overhead\u00a0rate\u00a0is\u00a0$18\u00a0per\u00a0machine\u00a0hour.\t\u00a0\tCompute\u00a0the\u00a0unit\u00a0product\u00a0cost\u00a0that\u00a0would\u00a0appear\u00a0on\u00a0the\u00a0job\u00a0cost\u00a0sheet\u00a0for\u00a0this\u00a0job.\u00a0\t\u00a0\t\u00a0\t\u00a0\u00a0\t\u00a0\tQuestion\u00a03. Question\u00a0: (TCO\u00a0B)\u00a0Harmon\u00a0Company\u00a0uses\u00a0the\u00a0weighted\u00a0average\u00a0method\u00a0in\u00a0its\u00a0process\u00a0costing\u00a0system.\u00a0The\u00a0Curing\u00a0Department\u00a0of\u00a0Harmon\u00a0Company\u00a0reported\u00a0the\u00a0following\u00a0information\u00a0for\u00a0the\u00a0month\u00a0of\u00a0November.\u00a0\t\u00a0 Units Percent\u00a0complete\u00a0with\u00a0respect\u00a0to\u00a0\u00a0materials Percentage\u00a0complete\u00a0with\u00a0respect\u00a0to\u00a0conversion\tWork\u00a0in\u00a0process,\u00a0November\u00a01 10,000 100% 80%\tUnits\u00a0started 28,000 \u00a0 \u00a0\tCompleted\u00a0and\u00a0transferred\u00a0out 30,000 \u00a0 \u00a0\tWork\u00a0in\u00a0process,\u00a0November\u00a030 8,000 100% 30%\t\u00a0 \u00a0 \u00a0 \u00a0\t\u00a0 \u00a0 \u00a0 \u00a0\tCosts\u00a0for\u00a0November Materials \u00a0 Conversion\t\u00a0\u00a0\u00a0\u00a0Work\u00a0in\u00a0process,\u00a0November\u00a01 $34,500\u00a0 \u00a0 $48,600\u00a0\t\u00a0\u00a0\u00a0\u00a0Added\u00a0during\u00a0the\u00a0month $146,000\u00a0 \u00a0 $194,400\t\u00a0\tAll\u00a0materials\u00a0are\u00a0added\u00a0at\u00a0the\u00a0beginning\u00a0of\u00a0the\u00a0process.\t\u00a0\tRequired:\u00a0Compute\u00a0the\u00a0following\u00a0items\u00a0using\u00a0the\u00a0weighted\u00a0average\u00a0method.\t\u00a0\t5.\u00a0The\u00a0equivalent\u00a0units\u00a0of\u00a0production\u00a0for\u00a0materials\tii.\u00a0The\u00a0cost\u00a0per\u00a0equivalent\u00a0unit\u00a0for\u00a0conversion\tiii.\u00a0The\u00a0total\u00a0cost\u00a0assigned\u00a0to\u00a0units\u00a0transferred\u00a0out\u00a0of\u00a0the\u00a0curing\u00a0department\u00a0during\u00a0November\tiv.\u00a0The\u00a0cost\u00a0assigned\u00a0to\u00a0work\u00a0in\u00a0process\u00a0inventory\u00a0as\u00a0of\u00a0November\u00a030\u00a0\t\u00a0\u00a0\t\u00a0\tQuestion\u00a04. Question\u00a0: (TCO\u00a0A)\u00a0Hunsicker\u00a0Corporation\u00a0has\u00a0provided\u00a0the\u00a0following\u00a0data\u00a0for\u00a0the\u00a0month\u00a0of\u00a0January.\t\u00a0\u00a0\tInventories \u00a0 Beginning Ending\t\u00a0 Raw\u00a0materials $30,000\u00a0 $33,000\u00a0\t\u00a0 Work\u00a0in\u00a0process $20,000\u00a0 $18,000\u00a0\t\u00a0 Finished\u00a0goods $52,000\u00a0 $50,000\u00a0\t\u00a0\t\u00a0\u00a0\tAdditional\u00a0Information \u00a0\t\u00a0 Raw\u00a0material\u00a0purchases $63,000\u00a0\t\u00a0 Direct\u00a0labor\u00a0costs $92,000\u00a0\t\u00a0 Manufacturing\u00a0overhead\u00a0cost\u00a0incurred $75,000\u00a0\t\u00a0 Indirect\u00a0materials\u00a0included\u00a0in\u00a0manufacturing\u00a0overhead\u00a0costs\u00a0incurred $6,000\u00a0\t\u00a0 Manufacturing\u00a0overhead\u00a0cost\u00a0applied\u00a0to\u00a0work\u00a0in\u00a0process $72,000\u00a0\t\u00a0\tPrepare\u00a0a\u00a0Schedule\u00a0of\u00a0Cost\u00a0of\u00a0Goods\u00a0Manufactured\u00a0and\u00a0a\u00a0Schedule\u00a0of\u00a0Cost\u00a0of\u00a0Goods\u00a0Sold\u00a0in\u00a0good\u00a0form.<\/p>\n","protected":false},"excerpt":{"rendered":"
Essay\u00a04 Multiple\u00a0Choice\u00a06 \u00a0 \u00a0\u00a0 Question\u00a01. Question\u00a0: (TCO\u00a0B)\u00a0Assume\u00a0there\u00a0is\u00a0no\u00a0beginning\u00a0work\u00a0in\u00a0process\u00a0inventory\u00a0and\u00a0the\u00a0ending\u00a0work\u00a0in\u00a0process\u00a0inventory\u00a0is\u00a0100%\u00a0complete\u00a0with\u00a0respect\u00a0to\u00a0materials\u00a0costs.\u00a0The\u00a0number\u00a0of\u00a0equivalent\u00a0units\u00a0with\u00a0respect\u00a0to\u00a0materials\u00a0costs\u00a0under\u00a0the\u00a0weighted\u00a0average\u00a0method\u00a0is \u00a0 \u00a0 Student\u00a0Answer: \u00a0the\u00a0same\u00a0as\u00a0the\u00a0number\u00a0of\u00a0units\u00a0completed.\u00a0\u00a0 \u00a0 \u00a0less\u00a0than\u00a0the\u00a0number\u00a0of\u00a0units\u00a0put\u00a0into\u00a0production.\u00a0\u00a0 \u00a0 \u00a0 \u00a0the\u00a0same\u00a0as\u00a0the\u00a0number\u00a0of\u00a0units\u00a0put\u00a0into\u00a0production.\u00a0\u00a0 \u00a0 \u00a0less\u00a0than\u00a0the\u00a0number\u00a0of\u00a0units\u00a0completed.\u00a0\u00a0 \u00a0\u00a0 \u00a0 Question\u00a02. Question\u00a0: (TCO\u00a0B)\u00a0For\u00a0which\u00a0situation(s)\u00a0below\u00a0would\u00a0an\u00a0organization\u00a0be\u00a0more\u00a0likely\u00a0to\u00a0use\u00a0a\u00a0job-order\u00a0costing\u00a0system\u00a0of\u00a0accumulating\u00a0product\u00a0costs\u00a0rather\u00a0than\u00a0a\u00a0process\u00a0costing\u00a0system? \u00a0 \u00a0 Student\u00a0Answer: \u00a0A\u00a0steel\u00a0factory\u00a0that\u00a0processes\u00a0iron\u00a0ore\u00a0into\u00a0steel\u00a0bars\u00a0\u00a0 \u00a0 \u00a0 \u00a0A\u00a0computer\u00a0consulting\u00a0firm\u00a0\u00a0 \u00a0 \u00a0A\u00a0factory\u00a0that\u00a0processes\u00a0sugar\u00a0and\u00a0other\u00a0ingredients\u00a0into\u00a0candy\u00a0\u00a0 \u00a0 \u00a0All\u00a0of\u00a0the\u00a0above\u00a0\u00a0 \u00a0\u00a0 \u00a0 Question\u00a03. Question\u00a0: (TCO\u00a0B)\u00a0Luft\u00a0Company\u00a0uses\u00a0the\u00a0weighted-average\u00a0method\u00a0in\u00a0its\u00a0process\u00a0costing\u00a0system.\u00a0Operating\u00a0data\u00a0for\u00a0the\u00a0first\u00a0processing\u00a0department\u00a0for\u00a0the\u00a0month\u00a0of\u00a0June\u00a0appear\u00a0below. \u00a0 Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-201279","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/201279","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=201279"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/201279\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=201279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=201279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=201279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}