Reference no: EM13776492
1. Frick Company had no beginning inventory and adds all materials at the very beginning of its only process. Assume 100,000 units were started, and 80% complete at month's end. Total costs were $24,000 for material and $16,000 for conversion.
a. The cost per equivalent unit of conversion is $0.16.
b. The cost per equivalent unit of conversion is $0.20.
c. The cost per equivalent unit of conversion is $0.36.
d. The cost per equivalent unit of conversion is $0.40.
e. None of these.
2. Frick Company had no beginning inventory and adds all materials at the very beginning of its only process. Assume 10,000 units were started, and 5,000 units completed. Ending work in process is 60% complete. The cost per equivalent unit of conversion is:
a. $1.00 if total conversion cost is $3,000.
b. $1.00 if total conversion cost is $5,000.
c. $1.00 if total conversion cost is $8,000.
d. $1.00 if total conversion cost is $10,000.
e. None of these.
3. Frick Company makes units that each requires 2 pounds of material at $3 per pound. 500 and 700 units will be built in May and June, respectively. Frick keeps material on hand at 20% of the next month's production needs. How much is the material cost for May's output?
a. $2,400
b. $3,000
c. $3,240
d. $4,200
e. None of these.
4. Anticipated unit sales are January, 5,000; February, 4,000; and March 8,000. Finished goods are consistently maintained at 80% of the following month's sales. If units cost $10 each to produce, how much is February's total cost of production?
a. $0
b. $40,000
c. $72,000
d. $80,000
e. None of these.
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