Homework Answers
Answer: 3rd option
There is ending work-in-process (WIP).
WIP is very common in process costing; it indicates semi-finished goods in a processing department; both beginning and ending WIP could be there.
All the other options are true.
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Question 7 Which of the following statements about process cost accounting is false? For production process...
Robert Wilkins has prepared the following list of statements about process cost accounting. Identify each statement...
Robert Wilkins has prepared the following list of statements about process cost accounting. Identify each statement as true or false 1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion 2. A process cost system is used when each finished unit is indistinguishable from another. 3. Companies that produce soft drinks, movies, and computer chips would all use process cost accounting 4. In a process cost system, costs are tracked by...
Question No: 1 True or False Questions: (7x1=7 Marks)&nbs
Question No: 1 True or False Questions: (7x1=7 Marks) Answer all (Write in box “True or False “ ) Managerial accounting is a field of accounting that provides economic and financial information for managers and other internal users. ( ) The income statements of a merchandising company and a manufacturing company same in the cost of goods sold section. ( ) Job order Costs are assigned to different job or batch, key feature are each...
Understand process cost accounting.
Understand process cost accounting. .1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion 2. A process cost system is used when each finished unit is indistinguishable from another. 3. Companies that produce soft drinks, movies, and computer chips would all use process cost accounting 4. In a proces cost system, costs are tracked by individual jobs. 5. Job order costing and process costing track different manufacturing cost elements. 6. Both job order conting and process costing...
1.The financial statements are crucial for all companies' stakeholders. True or False 2.An example of process...
1.The financial statements are crucial for all companies' stakeholders. True or False 2.An example of process costing is producing specific sport cars similar small pens heterogeneous huge units none of the above 3. Merchandise ending inventories are part of cost of goods sold schedule and balance sheet statement. True of False 4. Assume that ending balance of inventory is $100 for the first year of operation and the beginning balance inventory is $40, the average inventory for the first year...
Finished Goods and Cost of Goods Sold Before the completed production for August is recorded, the...
Finished Goods and Cost of Goods Sold
Before the completed production for August is recorded, the work
in process inventory account for Bayfield Company appears as
follows:
Work in Process
Inventory
Balance August 1
$15,000
Direct material
33,000
Direct labor
20,000
Manufacturing overhead applied
20,000
Assume that completed production for August includes Jobs 317,
318, and 319 with total costs of $31,000, $18,000, and $22,000,
respectively.
QUESTION 10 Partially correct Mark 12.00 out of 19.00P Flag question Finished Goods and...
June production generated the following activity in Bentley Chassis Company's Work-in-Process Inventory account: (Click the icon...
June production generated the following activity in Bentley Chassis Company's Work-in-Process Inventory account: (Click the icon to view the activity.) Additionally, Bentley has completed Jobs 142 and 143, with total costs of $37,000 and $48,000, respectively. Read the requirements. Requirement 1. Prepare the journal entry for production completed in June. (Prepare a single journal entry for this event. Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit June i Requirements i Data Table 1....
LillyuyulUW.LUI takesiyentakeassignmentMain.dorinvoker assignments&takeAssignmentSessionLocator assignment-take&inprogress=false Calculator (Appendix 4A) Journal Entries, Job Costs Instructions Chart of Accounts Amount...
LillyuyulUW.LUI takesiyentakeassignmentMain.dorinvoker assignments&takeAssignmentSessionLocator assignment-take&inprogress=false Calculator (Appendix 4A) Journal Entries, Job Costs Instructions Chart of Accounts Amount Descriptions Journal Job-Order Cost Sheets Instructions The following transactions occurred during the month of April for Nelson Company 1 Purchased materials costing $4.610 on account 3 Requisitioned materials totaling $4,800 for use in production, $3,170 for Job 518 and the remainder for Job 519 14 Recorded 65 hours of direct labor on Job 518 and 90 hours on Job 519 for the month Direct...
June production generated the following activity in Chopper Chassis Company's Work-in-Process Inventory account: F: (Click the...
June production generated the following activity in Chopper Chassis Company's Work-in-Process Inventory account: F: (Click the icon to view the activity.) Additionally, Chopper has completed Jobs 142 and 143, with total costs of $40,000 and $36,000, respectively. Read the requirements. Requirement 1. Prepare the journal entry for production completed in June. (Prepare a single journal entry for this event. Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit June Requirement 2. A T-account for...
JOB-ORDER COSTING AND PROCESS COSTING SYSTEMS 14.B2 Basic Process Costing Hassan Company produces...
JOB-ORDER COSTING AND PROCESS COSTING SYSTEMS 14.B2 Basic Process Costing Hassan Company produces digital watches in large quantities. The manufacturing costs of the assem- bly department were as follows: Direct materials added Conversion costs $1,750,000 Direct labor $550,000 37.500 Factory overhead 687.500 Assembly costs to account for $2,437,500 For simplicity, assume that this is a two-department company, assembly and finishing. There was no beginning work in process. Suppose 700,000 units were started in the assembly department. There were 400,000 units...
1. The perpetual inventory method cannot be used in a job order cost system. True False...
1.
The perpetual inventory method cannot be used in a job order
cost system.
True
False
2. A job order cost system and a process cost system are two
alternative methods for valuing inventories.
True
False
3. Accumulating and assigning manufacturing costs are two
important activities in a job order cost system.
True
False
4. When raw materials are purchased, the Work in Process
Inventory account is debited.
True
False
5. Job order cost sheets constitute the subsidiary ledger of...
Finished Goods and Cost of Goods Sold
Before the completed production for August is recorded, the work
in process inventory account for Bayfield Company appears as
follows:
Work in Process
Inventory
Balance August 1
$15,000
Direct material
33,000
Direct labor
20,000
Manufacturing overhead applied
20,000
Assume that completed production for August includes Jobs 317,
318, and 319 with total costs of $31,000, $18,000, and $22,000,
respectively.
QUESTION 10 Partially correct Mark 12.00 out of 19.00P Flag question Finished Goods and...
June production generated the following activity in Bentley Chassis Company's Work-in-Process Inventory account: (Click the icon to view the activity.) Additionally, Bentley has completed Jobs 142 and 143, with total costs of $37,000 and $48,000, respectively. Read the requirements. Requirement 1. Prepare the journal entry for production completed in June. (Prepare a single journal entry for this event. Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit June i Requirements i Data Table 1....
LillyuyulUW.LUI takesiyentakeassignmentMain.dorinvoker assignments&takeAssignmentSessionLocator assignment-take&inprogress=false Calculator (Appendix 4A) Journal Entries, Job Costs Instructions Chart of Accounts Amount Descriptions Journal Job-Order Cost Sheets Instructions The following transactions occurred during the month of April for Nelson Company 1 Purchased materials costing $4.610 on account 3 Requisitioned materials totaling $4,800 for use in production, $3,170 for Job 518 and the remainder for Job 519 14 Recorded 65 hours of direct labor on Job 518 and 90 hours on Job 519 for the month Direct...
June production generated the following activity in Chopper Chassis Company's Work-in-Process Inventory account: F: (Click the icon to view the activity.) Additionally, Chopper has completed Jobs 142 and 143, with total costs of $40,000 and $36,000, respectively. Read the requirements. Requirement 1. Prepare the journal entry for production completed in June. (Prepare a single journal entry for this event. Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit June Requirement 2. A T-account for...
JOB-ORDER COSTING AND PROCESS COSTING SYSTEMS 14.B2 Basic Process Costing Hassan Company produces digital watches in large quantities. The manufacturing costs of the assem- bly department were as follows: Direct materials added Conversion costs $1,750,000 Direct labor $550,000 37.500 Factory overhead 687.500 Assembly costs to account for $2,437,500 For simplicity, assume that this is a two-department company, assembly and finishing. There was no beginning work in process. Suppose 700,000 units were started in the assembly department. There were 400,000 units...
1.
The perpetual inventory method cannot be used in a job order
cost system.
True
False
2. A job order cost system and a process cost system are two
alternative methods for valuing inventories.
True
False
3. Accumulating and assigning manufacturing costs are two
important activities in a job order cost system.
True
False
4. When raw materials are purchased, the Work in Process
Inventory account is debited.
True
False
5. Job order cost sheets constitute the subsidiary ledger of...
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