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Managerial Accounting Chapter 4

Managerial Accounting Chapter 4

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Published by: Anon121 on Nov 08, 2011
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Managerial Accounting Chapter 4
1.The "costs accounted for" portion of the cost reconciliation report includes the cost oending work in process inventory and the cost of units transferred out.---True
2.
The following journal entry would be made in a processing costing system when unitsthat have been completed in the final processing department are transferred to thefinished goods warehouse:---False
3.
The Richmond Company uses the weighted-average method in its process costingsystem. The company has only a single processing department. The company's endingwork in process inventory on August 31 consisted of 18,000 units. The units in theending work in process inventory were 100% complete with respect to materials and 60%complete with respect to labor and overhead. If the cost per equivalent unit for Augustwas $2.75 for materials and $4.25 for labor and overhead, the total cost assigned to theending work in process inventorywas:---$95,400
4.
Abis Corporation uses the weighted-average method in its process costing system. Thismonth, the beginning inventory in the first processing department consisted of 800units. The costs and percentage completion of these units in beginning inventory were:
 
 A total of 9,200 units were started and 8,200 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: The ending inventory was 80% complete with respect to materials and 20% completewith respect to conversion costs. Note: Your answers may differ from those offered below due to rounding error. In allcases, select the answer that is the closest to the answer you computed. To reducerounding error, carry out all computations to at least three decimal places. The cost per equivalent unit for conversion costs for the first department for the monthis closest to:---$38.83
 
5.
Bosril Corporation uses the weighted-average method in its process costing system.This month, the beginning inventory in the first processing department consisted of 400units. The costs and percentage completion of these units in beginning inventory were: A total of 5,600 units were started and 4,900 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: The ending inventory was 85% complete with respect to materials and 45% completewith respect to conversion costs. Note: Your answers may differ from those offered below due to rounding error. In allcases, select the answer that is the closest to the answer you computed. To reducerounding error, carry out all computations to at least three decimal places. How many units are in ending work in process inventory in the first processingdepartment at the end of the month?---1,1006.In July, one of the processing departments at Feickert Corporation had beginning work in process inventory of $23,000 and ending work in process inventory of $16,000. Duringthe month, $268,000 of costs were added to production and the cost of units transferredout from the department was $275,000. In the department's cost reconciliation report for July, the total cost to be accounted for would be:

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