7/ A company\'s beginning Work in Process inventory consisted of 34,000 units th
ID: 2546791 • Letter: 7
Question
7/ A company's beginning Work in Process inventory consisted of 34,000 units that were 80% complete with respect to direct labor. A total of 104,000 were finished during the period and 39,000 remaining in Work in Process inventory were 40% complete with respect to direct labor at the end of the period. Using the weighted-average method, the equivalent units of production with regard to direct labor were:
Multiple Choice
57,200.
119,600.
90,000.
104,000.
146,800
8/ Metaline Corp. uses the weighted average method for inventory costs and had the following information available for the year. Calculate the equivalent units of production for the year:
Multiple Choice
4,500 units.
5,360 units.
4,612 units.
4,977 units.
4,777 units.
9/ Luker Corporation uses a process costing system. The company had $163,500 of beginning Finished Goods Inventory on October 1. It transferred in $840,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $161,200. The entry to account for the cost of goods manufactured during October is:
Multiple Choice
Debit Cost of Goods Sold $840,000; credit Finished Goods Inventory $840,000.
Debit Cost of Goods Sold $842,300; credit Work in Process Inventory $842,300.
Debit Finished Goods Inventory $840,000; credit Work in Process Inventory $840,000.
Debit Finished Goods Inventory $161,200; credit Cost of Goods Sold $161,200.
Debit Cost of Goods Sold $842,300; credit Finished Goods Inventory $842,300.
10/ company uses the weighted average method for inventory costing. At the start of a period the production department had 30,000 units in beginning Work in Process inventory which were 45% complete; the department completed and transferred 170,000 units. At the end of the period, 27,000 units were in the ending Work in Process inventory and are 80% complete. The production department had conversion costs in the beginning goods is process inventory of $104,000 and total conversion costs added during the period are $726,950. Compute the conversion cost per equivalent unit.
Multiple Choice
$4.55.
$4.40.
$3.98.
$4.19.
$4.34.
Beginning Work in Process (50% complete, $2,400) 330 units Ending inventory of Work in Process (90% complete) 530 units Total units started during the year 4,500 unitsExplanation / Answer
1) Equivalent Units = Units x Percentage of Completion
Units
Percentage of Completion
Equivalent Units
Finished during period
104,000
100%
104,000
Closing WIP
39,000
40%
15,600
Total Equivalent Units of Production
119,600
Hence, Option 2 is correct.
2)
Beginning Work in Progress
330
Add: Started during the year
4,500
Less: Ending inventory of Work in Process
530
Finished and transferred units
4,300
Add: Ending Work in Process (530*90%)
477
Total Equivalent Units of Production
4,777
Hence, Option 5 is correct.
Please post remaining questions separately as only one question per post is allowed. However, I've answered two questions here.
Units
Percentage of Completion
Equivalent Units
Finished during period
104,000
100%
104,000
Closing WIP
39,000
40%
15,600
Total Equivalent Units of Production
119,600
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