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    Quiz 1 P2 ACC 122192 With Answers

    Uploaded by

    Jann Wyeth Sagurit

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Quiz 1 P2 ACC 122192 With Answers

    Uploaded by

    Jann Wyeth Sagurit
    14 views6 pages

    Copyright

    © © All Rights Reserved

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    PDF, TXT or read online from Scribd

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    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    14 views6 pages

    Quiz 1 P2 ACC 122192 With Answers

    Uploaded by

    Jann Wyeth Sagurit

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 6

    1. Which of the following is the costing system used for a. Direct materials Dr.

    and Work in process- Mixing


    mass produced like or similar units of products? Department Cr.
    a. inventory-costing systems b. Work in process- Mixing Department Dr. and
    b. job-costing systems Direct Materials Cr.
    c. process-costing systems c. Finished goods Dr. and Direct materials Cr.
    d. weighted-average costing systems d. Mixing Department Dr. and Direct materials Cr.
    2. It is usually necessary to calculate equivalent unit 7. The completed units are transferred from
    production for Department 3 (the last department) to the finished goods
    a. Materials store room. The journal entry for this transfer would be:
    b. Conversion costs a. Work in process – Department 3 Dr. and Finished
    c. Materials and conversion costs goods Cr.
    d. Materials, conversion costs, and overhead b. Cost of goods manufactured Dr. and Work in
    3. Which item is NOT relevant in determining FIFO process- Department 3 Cr.
    equivalent unit production? c. Work in process -Department 3 Dr. and Production
    a. Cost of beginning inventory Cr.
    b. Equivalent unit production in beginning inventory d. Finished goods Dr. and Work in process–
    c. Equivalent unit production in ending inventory Department 3 Cr.
    d. Units completed 8. Which of the following statements is (are) true?
    4. In process costing system, the materials can be a. A manufacturer of paper would ordinarily use
    added in: process costing rather than job-order costing.
    a. First processing department only b. If a company uses a process costing system it
    b. Last processing department only accumulates costs by processing department rather
    c. First and last processing departments only than by job.
    d. Any processing department c. The output of a processing department must be
    5. The following data belongs to Department A homogeneous in order to use process costing.
    of EyyBC Company: d. All of the above are true statements.
    WIP beginning inventory: 6,000 units – 40% complete as 9. Total costs incurred in a production process is
    to labor and overhead divided by total number of output units to calculate
    Completed and transferred to finished goods store room: a. Cost of indirect labor
    30,000 units b. Cost of direct labor
    WIP ending inventory: 1,000 units – 60% complete as to c. Cost of direct material
    labor and overhead d. Unit costs
    The number of units started in department A during the 10. The process costing system is best suited for:
    period were: a. Industries where different types of products are
    a. 24,000 units manufactured
    b. 37,000 units b. Industries where homogeneous products are
    c. 25,000 units manufactured on continuous basis
    d. 31,000 units c. Service industries only
    6. The direct materials costing P4,000 has been used in d. All of the above
    Mixing Department. The correct journal entry would be:
    Plus Company
    Cost Production Report
    For the month ended February
    Cutting Department

    Quantity DIRECT MATERIALS DIRECT LABOR OVERHEAD


    Schedule
    Units to account % EUP % EUP % EUP
    for:
    WIP, Beginning 1.
    Units Started 2.
    Total =
    Units Accounted
    For:
    Transferred Out:
    WIP, Beginning 3.
    Started and 4.
    completed

    WIP, End: 5.
    Total = 6. 7. 8.

    Costs charged to the Department Total Unit Cost ( Cost per EUP)
    Cost
    Costs to be accounted for:
    WIP, Beginning -

    Current Costs:
    Direct Materials 9.
    Direct Labor 10.
    Factory Overhead 11.
    Total
    Costs Accounted For
    Transferred out:
    WIP, Beginning 12.
    Started and Completed 13.

    WIP, End 14.


    Total
    Plus Company
    Cost Production Report
    For the month ended February
    Finishing Department

    Quantity Transferred-In DIRECT DIRECT LABOR OVERHEAD


    Schedule MATERIALS
    Units to % EUP % EUP % EUP % EUP
    account for:
    WIP, 15.
    Beginning
    Transferred 16.
    in

    Units
    Accounted
    For:
    Transferred
    Out:
    WIP, 17.
    Beginning
    Started and 18.
    completed

    WIP, End: 19.


    20. 21. 22. 23.

    Costs charged to the Department Total Unit Cost ( Cost per EUP)
    Cost
    Costs to be accounted for:
    WIP, Beginning -
    Transferred-in Cost 24.
    Current Costs:
    Direct Materials 25.
    Direct Labor 26.
    Factory Overhead 27.
    Total 28.

    Costs Accounted For


    Transferred out:
    WIP, Beginning 29.
    Started and Completed 30.

    WIP, End 31.


    Total
    The following data were taken from the books of Plus Company which manufactures a single product
    through a two-department manufacturing process - cutting and finishing. In the production process,
    materials are added to the product in both departments at the start of the process. (USE FIFO
    PROCESS COSTING METHOD)

    UNITS CUTTING FINISHING


    Beginning Inventory 5,000 15,000
    Stage of completion 30% 50%
    Transferred in 0 85,000
    Started in production 100,000 0
    Transferred out 85,000 85,000
    Ending Inventory ? ?
    Stage of completion 65% 20%

    Beginning Inventory Costs:


    Direct Materials 30,000 40,000
    Direct Labor 15,000 17,500
    Factory Overhead 13,500 16,000
    Prior Department costs 0 100,000

    Current Costs:
    Direct Materials 575,000 340,000
    Direct Labor 289,500 221,375
    Factory Overhead 144,750 201,250
    Plus Company
    Cost Production Report
    For the month ended February
    Finishing Department

    Quantity Transferred-In DIRECT DIRECT LABOR OVERHEAD


    Schedule MATERIALS
    Units to % EUP % EUP % EUP % EUP
    account for:
    WIP, 15,000
    Beginning
    Transferred 85,000
    in
    100,000
    Units
    Accounted
    For:
    Transferred
    Out:
    WIP, 15,000 0 0 0 0 50% 7,500 50% 7,500
    Beginning
    Started and 70,000 100% 70,000 100% 70,000 100% 70,000 100% 70,000
    completed

    WIP, End: 15,000 100% 15,000 100% 15,000 20% 3,000 20% 3,000
    100,000 85,000 85,000 80,500 80,500

    Costs charged to the Department Total Unit Cost ( Cost per EUP)
    Cost
    Costs to be accounted for:
    WIP, Beginning 173,500 -
    Transferred-in Cost 894,250 10.52
    Current Costs:
    Direct Materials 340,000 4
    Direct Labor 221,375 2.75
    Factory Overhead 201,250 2.5
    1,829,875 19.77
    Costs Accounted For
    Transferred out:
    WIP, Beginning 212,875 T-in + M + DL + OH + WIP,
    BEG COST
    Started and Completed 1,383,900 0+0+ 20,625 + 18,750 +
    173,500
    70,000 * 19.76
    WIP, End 233,550 15000*14.51 + 3000*5.25
    Plus Company
    Cost Production Report
    For the month ended February
    Cutting Department

    Quantity DIRECT MATERIALS DIRECT LABOR OVERHEAD


    Schedule
    Units to account % EUP % EUP % EUP
    for:
    WIP, Beginning 5,000
    Units Started 100,000

    Units Accounted
    For:
    Transferred Out:
    WIP, Beginning 5,000 0 0 70% 3,500 70% 3,500
    Started and 80,000 100% 80,000 100% 80,000 100% 80,000
    completed

    WIP, End: 20,000 100% 20,000 65% 13,000 65% 13,000


    100,000 96,500 96,500

    Costs charged to the Department Total Unit Cost ( Cost per EUP)
    Cost
    Costs to be accounted for:
    WIP, Beginning 58,500 -

    Current Costs:
    Direct Materials 575,000 5.75
    Direct Labor 289,500 3
    Factory Overhead 144,750 1.5
    1,067,250 10.25
    Costs Accounted For
    Transferred out:
    WIP, Beginning 74,250 M + DL + CC + WIP, BEG
    COST
    Started and Completed 820,000 0+10500+5250+58000
    80000*10.25
    WIP, End 173,500 13000*4.5 + 20000*5.75
    1,067,250

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