FILL-IN-THE-BLANK-PRINCIPLES AND TERMINOLOGY INSTRUCTIONS: Complete each of the

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FILL-IN-THE-BLANK-PRINCIPLES AND TERMINOLOGY INSTRUCTIONS: Complete each of the tolowing statements by wirting the appropriate word or Answers column. For Scoring Answers 0. The cost system (process or job order) best suited to industries that manufacture products to fill special orders from customers is job order 0. The periodic report prepared for each processing department, summarizing (1) the units for which the department is responsible and their disposition and (2) the costs charged the department and their allocation, is termed the 1. Trenton Manufacturing incurred $65,000 of direct materials costs. If 1,000 direct materials equivalent units were manufactured, the 2. equivalent unit cost for direct materials is .. The transferred costs of completed production in Department A usinga process system include: 3-4. 3. 4. 5-6. 3. The entry to record the cost of finished product sold to customers is: 5. 7-10. In a process cost system, the cost of goods completed and the ending inventory are determined by using the following four steps: 7. 8. 10. 10. The three categories of units to be assigned cost for an accounting period in a process cost system are: 11-13. 13, Department G had 8,000 units in work in porcoss that were 40% converted at the beginning of the period at a cost of $19,450. During the period, 18,000 units of direct materials were added at a cost of $54,000, 18,500 units were completed, and 7,500 units were 40% completed. The first-in, first-out cost method is used and all materials are added at the beginning of the process. Di overhead was $66,320 during the period 14-17, rect labor was $32,500, and factory 14. The number of equivalent units of conversion for the perlod was 15. The total conversion costs for the period were 16. The conversion cost of the units started and completed during the period 15. 16. was

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answer Calculation 1 Cost of production report 2 $65 Equivalent unit cost=65000/1000 3 Direct Material 4 Conversion cost 5 Cost of Good sold Dr 6 Finisished Goods Inventory Cr 7 Determination of units to be assighed cost 8 Calculation of equivalent units of production 9 Calculation of cost per equivalent units 10 Allocate cost to transferred and ending inventory 11 Beginning Inventory 12 Started 13 Ending Inventory 14 18300 (8000*60%)+((18500-8000)*100%)+(7500*40%) 15 98820 32500+66320 16 5.40 98820/18300

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