ACCT 505 Managerial Accounting Entire Course - $25.98   Add to cart

Study guide

ACCT 505 Managerial Accounting Entire Course

ACCT 505 Managerial Accounting Entire Course ACCT 505 Managerial Accounting Entire Course ACCT 505 Managerial Accounting Entire Course ACCT 505 All Weeks Discussion , Midterm , Quizzes , Course project and Final Exam latest 2016 acct505 week 1 discussion latest 2016 Ethics, Management, and Applications (graded) Go to page 129, Case 3-29, Ethics and the Manager. Let’s discuss the questions, make value-added comments and points, and share personal experiences of unethical situations. ACCT 505 Week 1 Quiz Latest 2016 (TCO B) Assume there was no beginning work in process inventory and the ending work in process inventory is 70% complete with respect to conversion costs. Under the weighted average method, the number of equivalent units of production with respect to conversion costs would be (TCO B) Process costing would be appropriate for each of the following except (TCO B) Lucas Company uses the weighted average method in its process costing system. The company adds materials at the beginning of the process in the forming department, which is the first of two stages in its production process. Materials are 100% complete with respect to beginning and ending work in process inventory. Information concerning operations in the forming department in October follows. What was the materials cost of work in process on October 31? (TCO B) In a job-order costing system, the use of direct materials that have been previously purchased is recorded as a debit to (TCO B) During December at Ingrim Corporation, $74,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the requisition from the storeroom would include a (TCO B) Wedd Corporation had $35,000 of raw materials on hand on May 1. During the month, the company purchased an additional $68,000 of raw materials. During May, $92,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $5,000. The debits to the work in process account as a consequence of the raw materials transactions in May total (TCO B) Some companies use process costing and some use job-order costing. Which method a company uses depends on its industry. Several companies in different industries are listed below. i. Frozen cranberry juice processor ii. Custom boat builder iii. Concrete block manufacturer iv. Winery that produces a number of specialty wines v. Aluminum refiner that makes aluminum ingots from bauxite ore vi. External auditing firm For each company, indicate whether the company is most likely to use job-order costing or process costing. (TCO B) Job 484 was recently completed. The following data have been recorded on its job cost sheet. Direct materials $64,850 Direct labor hours 1,500 labor hours Direct labor wage rate $12 per labor hour Number of units completed 3,500 units The company applies manufacturing overhead on the basis of direct labor hours. The predetermined overhead rate is $22 per direct labor hour. Compute the unit product cost that would appear on the job cost sheet for this job. (TCO B) Miller Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company’s inventory and cost records for the most recently completed year revealed the following information. Units Materials Conversion Work in process. Jan. 1 (100% complete with respect to materials costs and 80% with respect to conversion costs) 100,000 $100,000 $157,500 Units started into production 500,000 Costs added during the year Materials $650,000 Conversion $997,500 Units completed during the year 450,000 The company uses the weighted average cost method in its process costing system. The ending inventory is 100% complete with respect to materials costs and 50% with respect to conversion costs. Required: i. Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs. ii. Determine the cost transferred to finished goods. iii. Determine the amount of cost that should be assigned to the ending work in process inventory.

Preview 3 out of 22  pages

laudable_tasks

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 450,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

$ 25.98
  • (0)
  Add to cart