Question

A company completes 21,000 units this month and has ending goods in process inventory of 3,000 units which are estimated to be 40% complete. Direct materials cost per EUP is $5.00 and Conversion cost per EUP is $1.50. The cost transferred to Finished Goods Inventory is $ . After determining the physical flow of units, the next step in process costing is: True or false: Using the weighted-average method, the computation of EUP separates units into direct materials and conversion. A system that contains features of both process and job order operations is called a(n) __________ costing system. When comparing the weighted-average and FIFO methods of process costing, which items are the same in both methods? (Check all that apply.) Equivalent units of production is used to compute the cost per equivalent unit and then to assign costs to which accounts? A company using process operations started and processed 400 units in its first department. The unique are 40% complete with respect to materials and 25% complete with respect to labor and overhead. The EUP for labor and overhead is _________ units. The journal entry to record the cost of goods sold in process costing is a(n): Match each product with the type of manufacturing most likely to be used – job order or process operations. In a process operation, each process has a separate department which will accumulate costs for each of the following: The cost object in a job order system is the ______ and the cost object in a process costing system is the _______. A manufacturing department had 10,000 EUP for materials and 6,000 for labor and overhead. The department had $17,250 in materials costs and $2500 in labor and overhead costs in beginning goods in process inventory and added and additional $40,250 in materials costs and $5,000 in labor and overhead costs this period. The cost per equivalent unit f production for materials is ______ and for labor and overhead is _______. 30.A manufacturing company has 4 processes. All materials are added at the beginning of the first process. Labor and overhead are added evenly throughout the manufacturing process. If 400 units are started, the EUP with respect to labor and overhead are________after Process

Answer 1

Answer:

$136,500;Compute Equivalent Units of Production (EUP); False; Hybrid costing system;Journal entry accounts, concepts,objective ;

Explanation:

A company completes 21,000 units this month and has ending goods in process inventory of 3,000 units which are estimated to be 40% complete. Direct materials cost per EUP is $5.00 and Conversion cost per EUP is $1.50. The cost transferred to Finished Goods Inventory is $136,500

Direct material cost = 21,000 × $5 = $105,000

Conversion cost per EUP = $1.50

Therefore, conversion cost = 21,000 × $1.50 = $31,500

Cost transferred to finished goods = Direct material Cost + Conversion Cost

= $105,000 + $31,500

= $136,500

After determining the physical flow of units, the next step in process costing is Compute Equivalent Units of Production (EUP)

Using the weighted-average method, the computation of EUP separates units into direct materials and conversion: False

Neither units nor cost are separated in computation

A system that contains features of both process and job order operations is called a(n) hybrid costing system

Hybrid costing system is a cost accounting system which uses elements of both the process costing and job costing systems to analyze the cost of producing a product

When comparing the weighted-average and FIFO methods of process costing, which items are the same in both methods? (Check all that apply.) Journal entry accounts; concepts; objective .

Equivalent units of production is used to compute the cost per equivalent unit and then to assign costs to which accounts?

A company using process operations started and processed 400 units in its first department. The unique are 40% complete with respect to materials and 25% complete with respect to labor and overhead. The EUP for labor and overhead is _________ units

The journal entry to record the cost of goods sold in process costing is a(n): decrease in an asset and an increase in an enterprise

Match each product with the type of manufacturing most likely to be used – job order or process operations.

In a process operation, each process has a separate department which will accumulate costs for each of the following: overhead direct labor,direct materials

The cost object in a job order system is the specific job,  and the cost object in a process costing system is the process.

A manufacturing department had 10,000 EUP for materials and 6,000 for labor and overhead. The department had $17,250 in materials costs and $2500 in labor and overhead costs in beginning goods in process inventory and added and additional $40,250 in materials costs and $5,000 in labor and overhead costs this period. The cost per equivalent unit f production for materials is ______ and for labor and overhead is _______.

30.A manufacturing company has 4 processes. All materials are added at the beginning of the first process. Labor and overhead are added evenly throughout the manufacturing process. If 400 units are started, the EUP with respect to labor and overhead are________after Process