need help practice test accounts with some debits and credits omitted are presen
ID: 2410658 • Letter: N
Question
need help practice test
accounts with some debits and credits omitted are presented as follows Work in Process x Aprill. Balance 4,000 April 30. Finished Goods 30. Dir. Material74,500 30. Dir. Labor205,000 30. Fact. Overhead 71,400 oods 38,000 30. Goods finished 320,000 Aprill. Balance What was the balance of Work in Process as of April 30? a. $4,000 b. $30,900 c. $34,900 d. $38,800 45. In a process cost system, the cost of completed production in Department A is transt Department B by which of the following entries? a. b. c. d, debit Work in Process-Dept. B; credit Work in Process-Dept. A. debit Work in Process-Dept. B; credit Finished Goods-Dept. A. debit Work in Process-Dept. B; credit Cost of Goods Sold-Dept. A. debit Finished Goods, credit Work in Process-Dept B. 46. Raw Materials purchased on account during the month amounted to $195,000. Raw Materials requisitioned and placed in production totaled $168,000. From the following, select the entry to record the transaction on the day the raw materials were bought. a. Raw Materials b. Raw Materials c. Raw Materials d. Accounts Payable Accounts Payable Accounts Payable Cash Raw Materials 168,000 195,000 195,000 195,000 168,000 195,000 195,000 195,000 47. If Department A had 1,000 units, 40% completed, in process at the beginning of the period, 6,500 units were completed during the period and 500 units were 20% completed at the end of the period, what was the number of equivalent units of production for conversion costs, for the period if the first-in first-out method is used to cost inventories? a. 6,200 b. 6,500 c. 7,000 d. 6,600 ACC 102 FINAL EXAMExplanation / Answer
Solution 44:
Balance in WIP account = $4,000 + $74,500 + $205000 + $71,400 - $320,000 = $34,900
Hence option c is correct.
Solution 45:
In a process cost system, the cost of completed production in Department A is transferred to department B by "Debiting Work in process - Deptt B, crediting Work in process - Deptt A"
Hence option a is correct.
Solution 46:
To purchase raw material on account for $195,000:
Raw material will be debited by $195,000 and accounts payable will be credited by $195,000
hence option b is correct.
Solution 47:
Hence option a is correct.
Department A Computation of Equivalent unit of conversion (FIFO) Particulars Physical units Conversion Units to be accounted for: Beginning WIP Inventory 1000 Units started this period 6000 Total unit to be accounted for 7000 Units Accounted for: Units completed and transferred out From beginning inventoryConversion - 60% 1000 600 Started and completed currently 5500 5500 Units in ending WIP
Conversion - 20% 500 100 Total units accounted for 7000 6200
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