Question 1   1.    LDR Manufacturing produces a chemical pesticide and uses process costing. There are three processing departmentsMixing, Refining, and Packaging….

Question 1

1.    LDR Manufacturing produces a chemical pesticide and uses process costing. There are three processing departmentsMixing, Refining, and Packaging. On January 1, 2012, the Refining Department had 2,000 gallons of partially processed product in production. During January, 32,000 gallons were transferred in from the Mixing Department and 29,000 gallons were completed and transferred out. At the end of the month, there were 5,000 gallons of partially processed product remaining in the Refining Department. See additional details below.

 
Refining Department, beginning balance at January 1, 2012
Quantity: 2,000 units (partially processed.
Cost: $15,600 of costs transferred in
$1,900 of materials cost
$4,500 of conversion cost
$22,000 total account balance

 
Costs added during January
Cost of units transferred in: $222,400
Direct materials cost $45,000
Conversion cost $93,750

 
Refining Department, ending balance at January 31, 2012
Quantity: 5,000 units (partially processed.
% completion for materials cost: 90%
% completion for conversion cost: 75%

 
What was the cost per equivalent unit with respect to direct materials costs for the Refining Department in the month of January? Use the weighted-average method. (Round off your calculations to the nearest cent.)

1 points  

Question 2

1.    LDR Manufacturing produces a pesticide chemical and uses process costing. There are three processing departmentsMixing, Refining, and Packaging. On January 1, 2014, the first departmentMixinghad no beginning inventory. During January, 40,000 fl. oz. of chemicals were started in production. Of these, 32,000 fl. oz. were completed and 8,000 fl. oz. remained in process. In the Mixing Department, all direct materials are added at the beginning of the production process and conversion costs are applied evenly through the process.
At the end of the month, LDR calculated equivalent units. The ending inventory in the Mixing Department was 60% complete with respect to conversion costs. With respect to conversion costs, how many equivalent units were calculated for the product that was completed and for ending inventory?

1 points  

Question 3

1.    Costs incurred on goods sold are transferred to the Cost of Goods Sold account from the ________.

1 points  

Question 4

1.    LDR Manufacturing produces a pesticide chemical and uses process costing. There are three processing departmentsMixing, Refining, and Packaging. On January 1, 2012, the Refining Department had 2,000 gallons of partially processed product in production. During January, 32,000 gallons were transferred in from the Mixing Department and 29,000 gallons were completed and transferred out. At the end of the month, there were 5,000 gallons of partially processed product remaining in the Refining Department. See additional details below.

 
Refining Department, beginning balance at January 1, 2012
Quantity: 2,000 units (partially processed.
Cost: $15,600 of costs transferred in
$1,900 of materials cost
$4,500 of conversion cost
$22,000 total account balance

 
Costs added during January
Cost of units transferred in: $222,400
Direct materials cost $45,000
Conversion cost $93,750

 
Refining Department, ending balance at January 31, 2012
Quantity: 5,000 units (partially processed.
% completion for materials cost: 90%
% completion for conversion cost: 75%

 
What was the cost per equivalent unit with respect to conversion costs for the Refining Department in the month of January? (Use the weighted average method and round your calculations to the nearest cent.)

1 points  

Question 5

1.    If 20,000 units are 60% complete with respect to direct materials, then the equivalent units of production for direct materials are ________.

1 points  

Question 6

1.    During September, the Filtering Department of Olive Inc. had beginning transferred in units of 500 units with costs of $125,000. During the month, 800 units were transferred in from the Milling Department with transferred in costs of $200,000. It had 400 units in ending Work-in-Process Inventory. What is the total cost of production for the units transferred to the Finishing Department in September under the first-in-first-out (FIFO) method?

1 points  

Question 7

1.    Under a process costing system, inventory data for the balance sheet is provided by the ________.

1 points  

Question 8

1.    Jetwell Inc. incurred $7,000 for indirect labor in Department III. The journal entry to record indirect labor utilized is ________.

1 points  

Question 9

1.    The Assembling Department of Mat Liners Inc. had 7,500 units in process on December 1, and received 10,000 units from the Sewing Department. Calculate the number of units to account for by the Assembling Department for December.

1 points  

Question 10

1.    The beginning inventory costs and current period costs are combined to determine the average cost of equivalent units of production under the ________.