ACC 202 FALL 2017 FINAL Exam ie.cell phones, ac) accounts of Melisns Manafacturi

Question

ACC 202 FALL 2017 FINAL Exam ie.cell phones, ac) accounts of Melisns Manafacturing showed the ollowing aln at the beining of took place during the month The following t December 2: limied direct materials539,000 and indirect materials toproductim December 1S: Incurred $5000 and $4000 toward factory's direct labor cost and indlinect labor co respectively What should be the balance in the Work- in- Process Inventory following these transactions? A) $119,000 B) 569,000 C580,000 D) $79,000 6)A, the end of the year, Metro, Inc. has an uanadPasted aedit balance in the Manatadang Ove account of $89%0. Which of the following is the year- end adjusting entry needed to adjust the A) A debit to Manufacturing Overhead of $890 and a credit to Finished Goods Inventory of s890 B) A debit to Manufacturing Overhead of $890 and a credit to Cost of Goods Sold of $890 O A debit to Cost of Goods Sold of $80 and a credit to Finished Goods Inventory of 5890 D) A debit to Cost of Goods Sold of $890 and a credit to Manufacturing Overhead of $890 7 The four- steps of tracking product costs in a process costing system are 7) accumulate, assign, allocate, and adjust E) arrive, analyze, assume, and allocate O assign, analyze, approximate, and allocate D) verity, analyse, record, and adjust 8) Par processing depa zero beginninglons wdirect materials arbout the process- raquat Manufacturing produces a chemical herbicide and uses process departments-Mixing, Refining, costing. There are three and Packaging. On January 1, the first department 8) a zero beginning balance. During January into production. During the month, 34.00ry, 42,000 gallons of chemicals were started in process leted, and 8000 remalned , all direct materials are added at the beginning of the partially completed. In the Mixing Department During January, the Mixing Department incurred $63,000 in direct complete with respect to ansferred out during January. The weighted- average method is used. total cost of product transferred out was process, and conversion costs are applied evenly throughout the process. conversion costs. At the end of the month, the ending i materials costs and $240,000 in nventory in the Mixing Department was 60% calculate the equivalent units, then calculate the conversion costs. First, cost per equivalent u alate the total cost of the product that was completed and (Round any intermediate calculations two d s and your final answer to the nearest dollar.) B)$303,000 C)$51,000 D) $261A60

Explanation / Answer

Q5. Answer is A. $ 119,000

The explanation is as follows:

Opening balance of Work in process:    $ 75,000

Add: Direct Material issued:                   $39,000

Add: Diretc Labour charges:                  $5,000

Closing Balance of Work in process       $119,000

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.