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Process Costing – Weighted Average Beginning goods in process inventory (March 31) Units of product 30,000...

Process Costing – Weighted Average

Beginning goods in process inventory (March 31)

Units of product 30,000 units

Percentage of completion – Direct materials 100%

Percentage of completion – Direct labor 65%

Direct materials costs $4,300

Direct labor costs $ 700

Factory overhead costs applied $ 920

Activities during the current period (April)

Units started this period 90,000 units

Units transferred out (completed) 100,000 units

Direct materials costs $ 12,900

Direct labor costs $ 6,700

Factory overhead costs applied $ 7,680

Ending goods in process inventory (April 30)

Units of product 20,000

Percentage of completion – Direct materials 100%

Percentage of completion – Direct labor 25%

Process Cost Summary

Weighted Average

Cost Charged to Production

Costs of beginning goods in process

   Direct Materials

   Direct Labor

   Factory Overhead

Costs incurred this period

   Direct materials

   Direct Labor

   Factory Overhead

Total costs to account for

Unit Cost Information

Units to accounts for: Units accounted for:

Beginning goods in process Completed and transferred out

Units started this period Ending goods in process

Total units to account for Total units accounted for

Direct Direct Factory

Equivalents Units of Production (EUP) Materials Labor Overhead

Units completed and transferred out

Units of ending goods in process

   Direct materials

   Direct labor

   Factory overhead

Equivalent units of production

Direct Direct Factory

Cost per EUP Materials Labor Overhead

Costs of beginning goods in process

Costs incurred this period

Total costs

/EUP

Cost per EUP

Cost Assignment and Reconciliation

Costs transferred out (COGM)

   Direct materials

   Direct labor

   Factory overhead

Costs of ending goods in process

   Direct materials

   Direct labor

   Factory overhead

Total costs accounted for

  1. What is the equivalent units of production for direct materials?

A. 105,000

B. 110,000

C. 115,000

D. 120,000

  1. What is the equivalent units of production for direct labor?

A. 90,000

B. 95,000

C. 100,000

D. 105,000

  1. What is the equivalent units of production for factory overhead?

A. 95,000

B. 100,000

C. 105,000

D. 110,000

  1. What is the cost per equivalent unit of production (4 decimals) for direct materials?

A. .1267

B. .1433

C. .1742

D. .1944

  1. What is the cost per equivalent unit of production (4 decimals) for direct labor?
  1. .0705

B .1145

C. .1398

D. .1484

  1. What is the cost per equivalent unit of production for factory overhead?

A. .0645

B. .0995

C. .0524

D. .0819

  1. What is the cost of goods manufactured?

A. 26,890

B. 27,640

C. 29,571

D. 32,580

  1. What is the cost of ending goods in process?

A. 3,115

B. 3,345

C. 3,629

D. 3,985

Measuring Cost Behavior

Month Setup Hours (X) Setup Costs (Y)

January 100 $1,000

February 200 1,250

March 300 2,250

April 400 2,500

May 500 3,750

  1. What is the variable cost per unit (3 decimals) using the high-low method?

A. $6.875

B. $5.934

C. $7.875

D. $8.545

  1. What is the fixed cost using the high-low method?

A. $215.55

B. $245.95

C. $275.25

D. $312.50

  1. What is the total cost at a level of 750 setup hours using the high-low method?

A. $5,115.45

B. $5,468.75

C. $6,215.55

D. $6,935.85

  1. What is the variable cost per unit using least-squares regression?

A. $4.50

B. $6.75

C. $7.25

D. $8.95

  1. What is the fixed cost using least-squares regression?

A. $100

B. $105

C. $125

D. $135

  1. What is the total cost at a level of 800 setup hours using least-squares regression?

A. $4,235

B. $4,765

C. $4,985

D. $5,525

Cost-Volume-Profit Analysis

Sport Caps Co. manufactures and sells caps for different sporting events. The fixed costs of operating the company are $160,000 per month, and the variable costs for caps are $7.50 per unit. The caps are sold for $10 per unit. The fixed costs provide a production capacity of up to 100,000 caps per month.

  1. What is the contribution margin per cap?

A. $1.15

B. $1.50

C. $2.35

D. $2.50

  1. What is the break-even point in terms of the number of caps produced and sold?

A. 75,000

B. 51,000

C. 55,000

D. 64,000

  1. What is the amount of net income at 90,000 caps sold per month?

A. $65,000

B. $54,000

C. $72,000

D. $68,500

  1. What is the contribution margin ratio?

A. .25

B. .17

C. .32

D. .45

  1. What is the break-even point in terms of sales dollars?

A. $615,000

B. $640,000

C. $655,000

D. $675,000

  1. What is the dollars of sales needed to provide $45,000 of after-tax income, assuming an income tax rate of 20%.

A. $825,000

B. $850,000

C. $865,000

D. $872,000

Can i get the answers for these questions.

thank you.

business   accounting   
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Answer #1

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Total costs to account for:
Cost of beginning work in process
Direct Material $             4,300
Labor $                700
Overhead $                920 $              5,920
Cost incurred this period
Direct Material $           12,900
Labor $             6,700
Overhead $             7,680 $            27,280
Total costs to account for: $            33,200
Unit reconciliation:
Units to account for:
Beginning goods in process               30,000
Units started during the period               90,000
Total units to account for             120,000
Total units accounted for:
Completed and transferred out             100,000
Ending work in process               20,000
Total units accounted for             120,000
Equivalent units of production (EUP)- FIFO method
Units % Materials EUP- Materials % Conversion EUP- Labor % Conversion EUP- Overhead
Units completed and transferred out     100,000 100%              100,000 100%                 100,000 100%                 100,000
Ending work in process       20,000 100%                20,000 25%                     5,000 25%                     5,000
Total units              120,000                 105,000                 105,000
Cost per equivalent unit of production Materials Labor Overhead
Begingin work in process $              4,300 $                    700 $                    920
Added during period $            12,900 $                 6,700 $                 7,680
Total costs $            17,200 $                 7,400 $                 8,600
÷ Equivalent units of production EUP              120,000 EUP                 105,000                 105,000
Cost per equivalent unit of production (rounded to 2 decimals) $            0.1433 $               0.0705 $               0.0819
Total costs accounted for:
Cost of goods transferred out
Cost of units started and completed EUP Cost per EUP Total cost
Direct materials     100,000 $               0.14 $            14,333
Labor     100,000 $               0.07 $              7,048
Overhead     100,000 $               0.08 $              8,190
Total cost of units started and completed $            29,571
Costs of ending work in process EUP Cost per EUP Total cost
Direct materials       20,000 $               0.14 $              2,867
Labor         5,000 $               0.07 $                 352
Overhead         5,000 $               0.08 $                 410
Total cost of ending work in process $              3,629
Total costs accounted for $            33,200
What is the equivalent units of production for direct materials             120,000
What is the equivalent units of production for direct labors $         105,000
What is the equivalent units of production for factory ovehred $         105,000
Cost per equivalent units of production for direct material $           0.1433
Cost per equivalent units of production for direct labor $           0.0705
Cost per equivalent units of production for factory overhead $           0.0819
Cost of goods manufactured $           29,571
Cost of ending goods in process $             3,629
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