Work order and process charging systems quiz essay

Question:

(TCO F) Assume there is absolutely no beginning operate process products on hand and the finishing work in method inventory is 100% including respect to materials costs. The number of equal units regarding materials costs under the weighted-average method is:

 Student Answer:

XX the same as the quantity of units put into production. lower than the number of models put into development. the same as the volume of units finished. less than the number of units completed. � Instructor Explanation:

Chapter 5

Points Received:

5 of 5

Remarks:

Congrats

2 .

Question:

(TCO F) Process priced at would be suitable for each of the next except:

Scholar Answer:

TWENTY custom home furniture manufacturing.

essential oil refining.

feed milling.

newsprint production.

Teacher Explanation:

Chapter 4

Points Received:

five of five

Comments:

Great job

Question:

(TCO F) Lucas Company uses the weighted-average method in the process costing system. The company adds supplies at the beginning of the procedure in the Developing Department, which is the to begin two levels in its production process.

Information concerning operations in the Forming Office in Oct follows:

Question:

(TCO F) During December at Ingrim Firm, $74, 000 of recycleables were requisitioned from the store for use in development. These raw materials included both equally direct and indirect components. The roundabout materials totaled $6, 1000. The record entry to record the requisition from your storeroom could include a:

College student Answer:

charge to Raw Materials of $74, 000.

XX debit to Work in Procedure for $68, 500.

credit to Manufacturing Expense of $6, 000.

charge to Operate Process of $74, 000.

Instructor Explanation:

Chapter 3

Points Received:

5 of five

Comments:

Great job

six.

Problem:

(TCO F) Wedd Corporation had $35, 1000 of recycleables on hand on, may 1 . Throughout the month, the organization purchased an additional $68, 000 of recycleables. During May well, $92, 500 of unprocessed trash were requisitioned from the store for use in production. These unprocessed trash included equally direct and indirect components. The indirect materials totaled $5, 500. The debits to the Operate Process consideration as a consequence of the raw materials transactions in May total:

Student Response:

$92, 1000.

$0.

$68, 000.

XX $87, 000.

Instructor Justification:

Phase 3

Items Received:

5 of 5

Remarks:

Great job

1 .

Question:

(TCO F) Some companies use process costing and some use job-order costing. Which usually method an organization uses depends on its industry. A number of firms in different sectors are listed below:

i actually. Custom fishing boat builder

ii. Freezing cranberry juice processor

iii. Tangible block maker

4. Winery that produces a range of varietal wine

v. Aluminum refiner that makes aluminium ingots coming from bauxite ore

For every company, show whether the firm is most likely to work with job-order being or method costing.

Scholar Answer:

Job order being is where a company makes different items each period, they are built to order, Every costs are traced to each job and that each job has documents of all expenses associated with it. Procedure costing can be when a business produces a individual item for a long period of the time and the product is the same or perhaps very similar, the expenses are accrued by section. i. Personalized boat builder= Job-order priced at ii. Frosty cranberry juice processor= method costing 3. Concrete prevent manufacturer= procedure costing iv. Winery that produces a number of varietal wines= Job-order Priced at v. Aluminium refiner which enables aluminum ingots from bauxite ore= process costing

a few. Question:

(TCO F) Harmon Organization uses the weighted-average technique in its process costing system. The Recovering Department of Harmon Organization reported the subsequent information to get the month of The fall of.

Units

Percentage complete with respect to conversion

Work in process, November you

15, 000

80%

Units started out

28, 000

Finished and transported out

30, 1000

Work in procedure, November 31

almost eight, 000

30%

Costs for Nov

Materials

Alteration

Work in process, November 1

$34, five-hundred

$48, 600

Added through the month

$146, 1000

$194, 400

Every materials happen to be added at the outset of the process.

Necessary: Compute the subsequent items making use of the weighted-average method:

i. The equivalent units of production for materials.

2. The cost every equivalent product for conversion.

iii. The whole cost assigned to devices transferred out of your Curing Department during November.

iv. The charge assigned to work in process inventory as of November 35.

Student Solution:

Harmon Company i. The equivalent units of creation for supplies. = 37, 000 (See math below) Transferred out= 30, 000+ work in method 8, 000= 38, 500 ii. The price per equal unit for conversion. = $7. 40 (see mathematics below) total weighted average units= 8, 000 5.. 3= 24000 plus 40, 000 that was transfer= 32, 400 Conversion- twenty four, 600 + added during month 194, 400= 243, 000 price per unit 243, 000/ total weighted avg unit 32, 500 = $7. 50 per unit iii. The total expense assigned to units moved out of the Healing Department during November. sama dengan Materials= $142, 500 (see math below) Conversion= $225, 000 Total cost= $367, 500 Elements = work in process plus added during month ( 34, 500+146, 000) = 180500 transported materials split by total average unit= 30, 000/38, 000=. 7894 180500*. 7894=$142, 500

Elements Conversion= supplies transferred instances cost every equivalent unit 30, 000*$7. 50= 225, 000 Put together to get total cost= 225000+142500= 367500 iv. The price assigned to work in method inventory by November 40. = Supplies $38, 1000 + conversion $18, 000= Total cost $56, 000 (See math below) Supplies times ending work in method divide total materials= 34500+146000= 180500 180500* (8, 000/38, 000)= 35, 000 Alteration ending work process inventory 8, 000*. 3=2, four hundred conversion price conversion times per unit= 2, 400*$7. 50= $18, 000 Total cost= 32, 000+18, 000= 56000

Trainer Explanation:

Details Received:

15 of 15

Comments:

Great job

four. Question:

(TCO F) Honeysuckle Organization has offered the following info for the month of January:

Stocks

Beginning

Ending

Raw materials

$40, 000

$23, 000

Work In method

$9, 000

$13, 000

Finished merchandise

$52, 000

$45, 500

Additional Information

Raw material acquisitions

$68, 000

Immediate labor costs

$90, 000

Production overhead price incurred

$44, 1000

Indirect supplies included in production overhead costs sustained $8, 500

Manufacturing over head cost applied to work in method

$39, 000

Make a Schedule of Cost of Products Manufactured and a Schedule of Cost of Goods Bought from good contact form.

Student Response:

Honeysuckle Organization Schedule of Cost of Goods Manufactured Month of January Direct Supplies: Raw Materials Products on hand Begining $40, 000 Add: Purchases of raw materials: $68, 000 Recycleables Available for work with $108, 000 Less Unprocessed trash Ending $(23, 000) Unprocessed trash Used in Creation $85, 000 Direct Labor Cost $90, 000 Production overhead Production overhead price incurred $44, 000 Roundabout materials contained in manufacture expenses incurred $8, 000 Manufacturing overhead price applied to work in process $39, 000 Total Manufacturing Cost to do business $91, 000 Total Developing Cost $266, 000 Add Work in Process Inventory, Start $9, 1000 Less Job Process Products on hand end $(13, 000) Cost of Goods Manufactured $528, 1000 Honeysuckle Cost of Goods Distributed Month of January Completed Goods Products on hand $45, 000 Add Expense of Goods Created $528, 500 Goods Found $573, 500 Deduct Completed Goods Inventory $45, 1000 Cost of Merchandise Sold $618, 000

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