Homework Answers
1. False. Reason - Unique or custom-made goods would be accounted for by using job costing.
2. False. Reason - Conversion costs include does include direct labor and all costs required to convert a raw material into a product but except raw material cost.
3. True.
4. True.
5. True.
6. True.
7. False. Reason - An equivalent unit is that completed unit which is obtained by multiplying the percentage completion of the process.
8. True.
9. True.
10. True.
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TRUE/FALSE. Write T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods woul...
TRUE/FALSE. Write 'T' if the statement is true and 'F if the statement is false. 1)...
TRUE/FALSE. Write 'T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 2) Conversion costs include direct labor and direct materials. 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units. 4) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a five step...
correct answer TRUE/FALSE. Write T' if the statement is true and 'F if the statement is...
correct answer
TRUE/FALSE. Write T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system. 1) 2) Conversion costs include direct labor and direct materials 2) 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units 3) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department...
correct answer TRUE FALSE. Write T if the statement is true and F if the statement...
correct answer
TRUE FALSE. Write T if the statement is true and F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 2) Conversion costs include direct labor and direct materials 3) in a process costing system, the cost per equivalent unit is computed after computing equivalent units 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a...
Match each phrase that follows with the term (a-h) it describes. Clear All costs incurred in...
Match each phrase that follows with the term (a-h) it describes. Clear All costs incurred in a previous process that are carried forward as part of the product's cost when it moves to the next department first-in, first-out method costing system used by a company producing computer chips transferred in costs measure of the work done during a production period, expressed in terms of fully complete units of output cost of production report summary of the activity in a processing...
Match each phrase that follows with the term (a-h) it describes. Clear All costs incurred in...
Match each phrase that follows with the term (a-h) it describes. Clear All costs incurred in a previous process that are carried forward as part of the product's cost when it moves to the next department direct labor and factory overhead costing system used by a company producing computer chips equivalent units measure of the work done during a production period, expressed in terms of fully complete units of output cost of production report summary of the activity in a...
true or false Chapter 1 - A Test True/False (3 Points) 1. Managerial accounting focuses on...
true or false
Chapter 1 - A Test True/False (3 Points) 1. Managerial accounting focuses on providing historical financial information to outside shareholders and creditors. 2. A process costing system is used by companies that produce similar or identical units of product including 3. The journal entry for recording timesheet submissions by employees working on various jobs will include a debit to the Direct Labor account. 4. A company that uses process costing may use several Work-in-Process Inventory accounts 3....
Calculate Equivalent Units, Unit Costs, and Transferred Costs—FIFO Method Godfrey Manufacturing, Inc., operates a plant that...
Calculate Equivalent Units, Unit Costs, and Transferred Costs—FIFO Method Godfrey Manufacturing, Inc., operates a plant that produces its own regionally marketed Spicy Steak Sauce. The sauce is produced in two processes, blending and bottling. In the Blending Department, all materials are added at the start of the process, and labor and overhead are incurred evenly throughout the process. Godfrey uses the FIFO method. The following data from the Work in Process—Blending Department account for January 2016 is missing a few...
Calculate Equivalent Units, Unit Costs, and Transferred Costs-FIFO Method Godfrey Manufacturing, Inc., operates a plant that...
Calculate Equivalent Units, Unit Costs, and Transferred Costs-FIFO Method Godfrey Manufacturing, Inc., operates a plant that produces its own regionally marketed Spicy Steak Sauce. The sauce is produced in two processes, blending and bottling. In the Blending Department, all materials are added at the start of the process, and labor and overhead are incurred evenly throughout the process. Godfrey uses the FIFO method. The following data from the Work in Process-Blending Department account for January 2016 is missing a few...
18. Sparky Corporation uses the weighted-average method of process costing. The following information is available for...
18. Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 31,000 units, 100% complete as to materials and 55% complete as to conversion. Units started and completed: 122,000. Units completed and transferred out: 153,000. Ending Inventory: 33,000 units, 100% complete as to materials and 30% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $49,000. Costs in beginning Work in Process...
Product Cost Report-FIFO Method Gomer Manufacturing Corporation produces a dandruff shampoo in three consecutive processes. The...
Product Cost Report-FIFO Method Gomer Manufacturing Corporation produces a dandruff shampoo in three consecutive processes. The costs of Department for June 2016 were as follows Cost of being inventory 33640 Contacted in Department Director 54140 Direct labor 722.600 Manufacturing overhead 312.300 1,474760 Department 1 handled the following units during June Units in process. June 1 2.000 Units started in Department 5.000 Units transferred to Department 2 65.000 Un processes 1000 complete Materials are added at the beginning of the process...
TRUE/FALSE. Write 'T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 2) Conversion costs include direct labor and direct materials. 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units. 4) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a five step...
correct answer
TRUE/FALSE. Write T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system. 1) 2) Conversion costs include direct labor and direct materials 2) 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units 3) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department...
correct answer
TRUE FALSE. Write T if the statement is true and F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 2) Conversion costs include direct labor and direct materials 3) in a process costing system, the cost per equivalent unit is computed after computing equivalent units 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a...
Match each phrase that follows with the term (a-h) it describes. Clear All costs incurred in a previous process that are carried forward as part of the product's cost when it moves to the next department first-in, first-out method costing system used by a company producing computer chips transferred in costs measure of the work done during a production period, expressed in terms of fully complete units of output cost of production report summary of the activity in a processing...
Match each phrase that follows with the term (a-h) it describes. Clear All costs incurred in a previous process that are carried forward as part of the product's cost when it moves to the next department direct labor and factory overhead costing system used by a company producing computer chips equivalent units measure of the work done during a production period, expressed in terms of fully complete units of output cost of production report summary of the activity in a...
true or false
Chapter 1 - A Test True/False (3 Points) 1. Managerial accounting focuses on providing historical financial information to outside shareholders and creditors. 2. A process costing system is used by companies that produce similar or identical units of product including 3. The journal entry for recording timesheet submissions by employees working on various jobs will include a debit to the Direct Labor account. 4. A company that uses process costing may use several Work-in-Process Inventory accounts 3....
Calculate Equivalent Units, Unit Costs, and Transferred Costs-FIFO Method Godfrey Manufacturing, Inc., operates a plant that produces its own regionally marketed Spicy Steak Sauce. The sauce is produced in two processes, blending and bottling. In the Blending Department, all materials are added at the start of the process, and labor and overhead are incurred evenly throughout the process. Godfrey uses the FIFO method. The following data from the Work in Process-Blending Department account for January 2016 is missing a few...
Product Cost Report-FIFO Method Gomer Manufacturing Corporation produces a dandruff shampoo in three consecutive processes. The costs of Department for June 2016 were as follows Cost of being inventory 33640 Contacted in Department Director 54140 Direct labor 722.600 Manufacturing overhead 312.300 1,474760 Department 1 handled the following units during June Units in process. June 1 2.000 Units started in Department 5.000 Units transferred to Department 2 65.000 Un processes 1000 complete Materials are added at the beginning of the process...
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