If direct materials are added at the beginning of a process, the equivalent units completed of direct materials will be: Question 1 options: A) Equal to equivalent units completed of conversion costs B) Equal to the physical units completed C) Less than physical units completed D) None of the above

If direct materials are added at the beginning of a process, the equivalent units completed of direct materials will be: Question 1 options: A) Equal to equivalent units completed of conversion costs B) Equal to the physical units completed C) Less than physical units completed D) None of the above

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Description: If direct materials are added at the beginning of a process, the equivalent units completed of direct materials will be: Question 1 options: A) Equal to equivalent units completed of conversion costs B) Equal to the physical units completed C) Less t

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 7PA: The following data show the units in beginning work in process inventory, the number of units...

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Which of the following is the step in which materials, labor, and overhead are detailed? A. determining the units to which costs are assigned B. determining the equivalent units of production C. determining the cost per equivalent units D. allocating the costs to the units transferred out and the units partially completed
With nonuniform inputs, the cost of EWIP is calculated by a. adding the materials cost to the conversion cost. b. subtracting the cost of goods transferred out from the total cost of materials. c. multiplying the unit cost in each input category by the equivalent units of each input found in EWIP. d. multiplying the total unit cost by the units in EWIP. e. None of these.
Transferred-in goods are treated by the receiving department as a. units started for the period. b. a material added at the beginning of the process. c. a category of materials separate from conversion costs. d. All of these. e. None of these.
Which of the following is a conversion cost? raw materials direct materials administrative expenses factory depreciation expenses
Which of the following is a conversion cost? A. raw materials B. direct labor C. sales commissions D. direct material used
To record the transfer of costs from a prior process to a subsequent process, the following entry would be made: a. debit Finished Goods and credit Work in Process. b. debit Work in Process (subsequent department) and credit Transferred-In Materials. c. debit Work in Process (prior department) and credit Work in Process (subsequent department). d. debit Work in Process (subsequent department) and credit Work in Process (prior department) e. None of these.
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.
Requirements: A. What is the total Equivalent production for Materials? B. What is the total Equivalent production for Conversion? C. What is the total Cost per unit to be used for allocation? D. What is the total cost of completed and transferred that will be carried to the next department/finished goods inventory? E. What is the total cost of in process ending for the period? F. What is the equivalent production of In process, end for Conversion? G. What is the equivalent production of competed and transferred for Materials? H. How much cost from losses will be added to completed and transferred?
use the FIFO method to summarize the total costs to account for; calculate the cost per equivalent unit for direct materials and conversion costs; and assign costs to units completed and transferred out (including normal spoilage), to abnormal spoilage, and to units in ending work in process.
Computing Equivalent Units, FIFO and Weighted Average Cost Methods Assume each of the following conditions concerning the data given: All materials are added at the beginning of the process. All materials are added at the end of the process. (Note that this would have to be a department subsequent to the first department for all materials to be added at the end of the process, but ignore that fact for purposes of this solution.) Half of the materials are added at the beginning of the process, and the balance of the materials is added when the units are three-fourths completed. In all cases, labor and factory overhead are added evenly throughout the process.
The number of equivalent units in work in process regarding direct materials and conversion costs: a) must be lower for materials b) must always be equal c) may be different d) must be higher for conversion
That which determine(s) whether the costs assigned to units transferred out and to units in ending work in process are equal to the costs in beginning work in process, plus the manufacturing costs incurred in the current period is(are) called: a.Cost reconciliation b.Transferred-in costs c.Batch production process d.Equivalent unit of output