Summary ACCT 212 Chapter 3 Reading Assignment Liberty University answers complete solutions (latest 2022/2023) Complete many different versions to get an A on your grade! The below shown is just one version sample. Managerial Accounting: Chapter 20 Process Cos

ACCT 212 Chapter 3 Reading Assignment Liberty University answers complete solutions (latest 2022/2023) Complete many different versions to get an A on your grade! The below shown is just one version sample. Managerial Accounting: Chapter 20 Process Costing Homework Solutions • Department 1 completed and transferred out 450 units and had ending goods in process inventory of 60 units. The ending inventory is 20% complete for materials and 60% complete for labor and overhead. The equivalent units of production for materials is _________ units. • In process operations, costs are accumulated from one department to the next, until the last process when the total production cost is transferred to: • Characteristics of process operations include: (check all that apply) • The parts of the process cost summary include: (check all that apply) • The journal entry to record the use of direct materials in process costing is a(n): • A department begins the month with 100 units at a cost of $7,500 in goods in process. An additional 1,000 units are stated during the month and additional costs incurred are $12,500. At the end of the month, there are 200 units still in process which are 50% complete. The amount transferred to finished goods inventory is $_________ • The journal entry to record the purchase of materials on account in process cost accounting is a(n): • Department D had materials cost of $10,000 in beginning goods in process inventory and added an additional $50,000 in materials costs this period. If the department had 20,000 EUP for materials, the cost per equivalent unit of production is $_________ o 3 • Match each product or service with the type of manufacturing most likely to be used—job order or process operations o Process • Process and job order operations are similar in the both: (check all that apply.) • Match the following trends in process operations to their definition or characteristics • A manufacturing company had 5 processes. Half of the materials are added at the beginning of process 1 and the other half at the beginning of process 3. Labor and overhead are added: 20% in process 1; 30% in process 2; 15% process 3; 15% in process 4; 20% in process 5. If 600 units are started, the EUP with respect to labor and overhead are __________ after process 3. • The mass production of products in a continuous flow of steps is the definition of: • Department X started 550 units during the accounting period, completed and transferred out 500 units and had an ending balance of 200 units. ______ units were in beginning goods in process inventory for the department. • The process cost summary is prepared for the following reasons. (check all that apply) • The journal entry to record the transfer of completed work in process to finished goods in process costing is to • The journal entry to record the use of indirect materials in process costing is to: • The journal entry to record the applied factory overhead is to: • A company completes 21,000 units this month and has ending goods in process inventory of 3,000 units which are estimated to be 40% complete. Total production costs are $666,000. The cost ending goods in process inventory is $________- • List the fours steps involving analysis when accounting for a department’s activity, with the first step listed on top • Process operations is defined as a manufacturing process that includes: (check all that apply) • With increasing automation, companies with process operations are more likely to use _______ hours than labor hours to allocate overhead • Equivalent units of production refers to the number of units that could have been: • The journal entry to record the use of direct labor in process costing is to: • Department 1 completed and transferred out 450 units and had ending goods in process inventory of 60 units. The ending inventory is 20% complete for materials and 60% complete for labor and overhead. The equivalent units of production for labor and overhead is 486 units. • The journal entry to record the transfer of units from one department to the next is to: • The journal entry to record the accrual of factory utilities is to: • Department A completed and transferred out 2,100 units and had ending goods in process inventory of 120 units. The ending inventory is 10% complete for materials and 70% complete for labor and overhead. The equivalent units of production for labor and overhead is 2184 units. o • The journal entry to record the transfer of partially completed work in process to the next process in process costing is a(n): • A company completes 21,000 units this month and has ending goods in process inventory of 3,000 units which are estimated to be 40% complete. Total production costs are $666,000. The cost of ending goods in process inventory is • A manufacturing department had 10,000 EUP for materials and 6,000 for labor and overhead. The department had $17,500 in materials costs and $2,500 in labor and overhead costs in beginning goods process inventory and added an additional $40,250 in materials costs and $5,000 in labor and overhead costs this period. The cost per equivalent unit of production for materials is $5.75 and for labor and overhead is $1.25. o 5.75  o 1.25