Reference no: EM132661284
Questions -
1) Elm Company's accounting records reflect the following inventories:
Dec. 31, 2020 Dec. 31, 2019
Raw materials inventory $420,000 $350,000
Work in process inventory 400,000 275,000
Finished goods inventory 200,000 125,000
During 2020, $650,000 of raw materials were purchased, direct labor costs amounted to $560,000, and manufacturing overhead incurred was $630,000.
The total raw materials available for use to assign to production during 2020 for Elm Company is
$1,000,000
$875,000
$1,170,000
$1,100,000
Q2) Almond Group reported the following year-end information:
Beginning work in process inventory $200,000
Beginning raw materials inventory 500,000
Ending work in process inventory 800,000
Ending raw materials inventory 500,000
Raw materials purchased 700,000
Direct labor 900,000
Manufacturing overhead 600,000
Almond's cost of goods manufactured for the year is
$1,600,000.
$4,200,000.
$2,900,000.
$2,800,000.
Q3) Cougar Company manufactures customized desks. The following pertains to Job No. 825:
Direct materials used $25,000
Direct labor hours worked 450
Direct labor rate per hour $30.00
Machine hours used 500
Applied factory overhead rate per machine hour $15.00
What is the total manufacturing cost for Job No. 825?
$39,000
$46,500
$33,000
$46,000
Q4) Barnes and Miller Manufacturing is trying to determine the equivalent units for conversion costs with 20,000 units of ending work in process at 80% completion and 42,000 physical units. There are no beginning units in the department. Conversion costs occur evenly throughout the entire production period. What are the equivalent units for conversion costs for the current period?
38,000
33,600
42,000
37,600
Q5) Aspen Company had the following department information for the month:
Total materials costs $ 80,000
Equivalent units of materials 10,000
Total conversion costs $90,000
Equivalent units of conversion costs 15,000
How much is the total manufacturing cost per unit?
$14.00
$6.80
$14.33
$11.33
Q6) In computing equivalent units using the weighted-average method, ___________ is not part of the equivalent units of production formula.
units transferred out
ending work in process
beginning work in process
None of these is correct.