1.The third step in preparing a cost of production report is a.determining the cost per equivalent unit of production. b.computing the equivalent units of production. c.determining the units to be assigned costs. d.allocating costs to units transferred out. 2. Equivalent units of production are the a.number of units in production during a period, whether completed or not. b.portion of whole units that are complete with respect to materials or selling costs. c.portion of whole units that are complete with respect to factory overhead costs. d.portion of whole units that are complete with respect to materials or conversion costs. 3. The cost of energy consumed in producing good units in the Steaming Department of Apple Processing Company was $8,600 and $8,820 for June and July, respectively. The number of equivalent units produced in June and July was 65,000 and 72,000 liters, respectively. What is the cost of energy for the two months (rounded to the nearest cent)? a.$0.12 and $0.13 for June and July, respectively b.$0.14 and $0.12 for June and July, respectively c.$0.13 and $0.12 for June and July, respectively d.$0.12 and $0.14 for June and July, respectively 4. The journal entry to record applied factory overhead includes a(n) a.decrease to Work in Process. b.increase to Factory Overhead. c.increase to Wages Payable. d.decrease to Factory Overhead.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please answer all the questions 1-4

1.The third step in preparing a cost of production report is

a.determining the cost per equivalent unit of production.

b.computing the equivalent units of production.

c.determining the units to be assigned costs.

d.allocating costs to units transferred out.

Equivalent units of production are the

a.number of units in production during a period, whether completed or not.

b.portion of whole units that are complete with respect to materials or selling costs.

c.portion of whole units that are complete with respect to factory overhead costs.

d.portion of whole units that are complete with respect to materials or conversion costs.

The cost of energy consumed in producing good units in the Steaming Department of Apple Processing Company was $8,600 and $8,820 for June and July, respectively. The number of equivalent units produced in June and July was 65,000 and 72,000 liters, respectively. What is the cost of energy for the two months (rounded to the nearest cent)?

a.$0.12 and $0.13 for June and July, respectively

b.$0.14 and $0.12 for June and July, respectively

c.$0.13 and $0.12 for June and July, respectively

d.$0.12 and $0.14 for June and July, respectively

The journal entry to record applied factory overhead includes a(n)

a.decrease to Work in Process.

b.increase to Factory Overhead.

c.increase to Wages Payable.

d.decrease to Factory Overhead.

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