Chapter 4 – Review Questions FIFO 1 2,300 units were completed and transferred out of Beattie Company's process C in June. The ending Work in Process Inventory was 200 units which were 30% complete as to conversion costs and 100% complete as to materials costs. The month's charges were $9,440 for conversion costs and $6,250 for materials costs. There was no beginning inventory in June. What is the cost of the work transferred-out during June? A. $ 8,510 B. $14,950 C. $15,690 D. $16,250 2 Finishing department had 5,000 incomplete units in beginning Work in Process Inventory. They were 100% complete for materials and 70% complete for conversion costs. 15,000 units were started into the process during the period. The ending Work in Process Inventory contains 2,000 units that are 50% complete for materials and 30% complete for conversion costs. The FIFO method is used. How many units were transferred out during the period? A. 12,000 B. 13,000 C. 18,000 D. 20,000 3 How many units were started and completed during the period? A. 12,000 B. 13,000 C. 18,000 D. 20,000 4 How many equivalent units were produced during the period for materials? A. 12,000 B. 13,000 C. 14,000 D. 15,0005 How many equivalent units were produced during the period for conversion costs? A. 14,500 B. 15,100 C. 16,500 D. 19,100 WEIGHTED AVERAGE 6 R Company incurred $126,000 in direct materials costs during April. Additionally, the 12,000 units in the Work in Process Inventory on April 1 had a direct materials balance of $32,000 but were only 5% complete as to direct materials. No additional units were transferred into Work in Process Inventory during April, and there was no Work in Process Inventory at the end of April. What is the unit cost for material for April assuming the R Company uses the weighted-average costing? A. $10.50 B. $11.59 C. $13.17 D. $15.49 7 The following information pertains to Toy Company's Finishing Department for the month of August: Units Degree of Completion Cost of Material Beginning Work in Process 25,000 40% $100,000 Transferred in from the Assembly Dept. 90,000 Ending Work in Process 20,000 75% Materials added to production during May $382,500 All materials are added at the beginning of the production process in the Finishing Department. What is the cost per equivalent unit for materials in August if Toy uses the weighted-average costing method? A. $4.595 B. $4.386 C. $4.250 D. $4.196ANSWERS 1 B 2 C 3 B 4 C 5 B 6 C 7
View Full Document
Unlocking...