1 Accounting As A Tool For Managers 2 Building Blocks Of Managerial Accounting 3 Cost-volume-profit Analysis 4 Job Order Costing 5 Process Costing 6 Activity-based, Variable, And Absorption Costing 7 Budgeting 8 Standard Costs And Variances 9 Responsibility Accounting And Decentralization 10 Short-term Decision Making 11 Capital Budgeting Decisions 12 Balanced Scorecard And Other Performance Measures 13 Sustainability Reporting Chapter5: Process Costing
Chapter Questions Section: Chapter Questions
Problem 1MC: Which of the following production characteristics is better suited for process costing and not job... Problem 2MC: A process costing system Is most likely used by which of the following? airplane manufacturing a... Problem 3MC: Which of the following is a prime cost? A. direct labor B. work in process inventory C.... Problem 4MC: Which of the following is a conversion cost? A. raw materials B. direct labor C. sales commissions... Problem 5MC: During production, how are the costs in process costing accumulated? A. to cost of goods sold B. to... Problem 6MC: Which is nor needed to compute equivalent units of production? A. the percentage of completion for... Problem 7MC: What is the cost of direct labor f the conversion costs are $330.000 and manufacturing overhead is... Problem 8MC: What is the conversion cost to manufacture insulated travel cups if the costs are: direct materials,... Problem 9MC: Which of the following lists contains only conversion costs for an inflatable raft manufacturing... Problem 10MC: Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the... Problem 11MC: Beginning inventory and direct material cost added during the month total $55,000. What is the value... Problem 12MC: The initial processing department had a beginning inventory of 750 units and an ending inventory of... Problem 13MC: There were 1,000 units in ending inventory after transferring 16,000 units to finished goods... Problem 14MC: The costs to be accounted for consist of which of the following? A. costs added during the period B.... Problem 15MC: Which of the following is the step in which materials, labor, and overhead are detailed? A.... Problem 16MC: The journal entry to record the $500 of work in process ending inventory that consists of $300 of... Problem 17MC: Assigning indirect costs to departments is completed by __________________________. applying the... Problem 18MC: In a process costing system, which account shows the overhead assigned to the department? A. cost of... Problem 19MC: In a process cost system, factory depreciation expense incurred is debited to _____________________.... Problem 1Q: Explain how process costing differs from job order costing. Problem 2Q: Would a pharmaceutical manufacturer use process or job order costing? Why? Problem 3Q: Which costs are assigned using the weighted-average method? Problem 4Q: What is the primary purpose of process costing? Problem 5Q: What is the difference between prime costs and conversion costs? Problem 6Q: Explain conversion costs using an example. Problem 7Q: Why are there conversion costs in both job order costing and process costing? Problem 8Q: What are equivalent units of production, and how are they used in process costing? Problem 9Q: How can there be a different number of equivalent units for materials as compared to conversion... Problem 10Q: Why is the number of equivalent units for materials only sometimes equal to the equivalent units for... Problem 11Q: What are the four steps involved in determining the cost of inventory transferred from one... Problem 12Q: What is the weighted-average method for computing the equivalent units of production? Problem 13Q: How does process costing treat the costs transferred in from another department? Problem 14Q: Why does each department have its own work in process inventory? Problem 15Q: March each term with its description. Problem 16Q: How is manufacturing overhead handled in a process cost system? Problem 17Q: How are predetermined overhead rates used in process costing? Problem 1EA: How many units were started into production in a period if there were zero units of beginning work... Problem 2EA: A company started a new product, and in the first month started 100,000 units. The ending work in... Problem 3EA: Given the following information, determine the equivalent units of ending work in process for... Problem 4EA: There were 1,700 units in beginning inventory that were 40% complete with regard to conversion.... Problem 5EA: A company has 1,500 units in ending work in process that are 30% complete after transferring out... Problem 6EA: There were 2,400 units in ending work in process inventory that were 100% complete with regard to... Problem 7EA: How many units must be in ending inventory if beginning inventory was 15,000 units, 55,000 Units... Problem 8EA: How many units must have been completed and transferred if beginning inventory was 75,000 units,... Problem 9EA: Using the weighted-average method, compute the equivalent units of production if the beginning... Problem 10EA: Using the weighted-average method, compute the equivalent units of production for a new company that... Problem 11EA: Mazomanie Farm completed 20,000 units during the quarter and has 2,500 units still in process. The... Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,... Problem 13EA: A company started the month with 8,329 units in work in process inventory. It started 23,142 unit... Problem 14EA: A production department within a company received materials of $10,000 and conversion costs of... Problem 15EA: Production data show 35,920 units were transferred out of a stage of production and 6,150 units... Problem 16EA: Overhead is assigned to the manufacturing department at the rate of $10 per machine hour. There were... Problem 17EA: Prepare the journal entry to record the factory wages of $28,000 incurred for a single production... Problem 18EA: Prepare the journal entry to record the transfer of 3,000 units from the packaging department to... Problem 19EA: Prepare the journal entry to record the sale of 2,000 units that cost $8 per unit and sold for $15... Problem 1EB: Given the following information, determine the equivalent units of ending work in process for... Problem 2EB: There were 2.000 units in beginning inventory that were 70% complete with regard to conversion.... Problem 3EB: A company has 100 units in ending work in process that are 40% complete after transferring out 750... Problem 4EB: There were 1,500 units in ending work in process inventory that were 100% complete with regard to... Problem 5EB: Using the weighted-average method, compute the equivalent units of production if the beginning... Problem 6EB: What are the total costs to account for if a companys beginning inventory had $23,432 in materials... Problem 7EB: A company started the month with 4,519 units in work in process inventory. It started 15,295 units... Problem 8EB: A production department within a company received materials of $7,000 and conversion costs of $5,000... Problem 9EB: Production data show 15,200 units were transferred out of a stage of production and 3,500 units... Problem 10EB: Overhead is assigned to the manufacturing department at the rate of $5 per machine hour. There were... Problem 11EB: Prepare the journal entry to record the factory wages of $25,000 incurred in the processing... Problem 12EB: Prepare the journal entry to record the transfer of 3,500 units from the separation department to... Problem 13EB: Prepare the journal entry to record the sale of 700 units that cost $5 per unit and sold for $15 per... Problem 1PA: The following product Costs are available for Haworth Company on the production of chairs: direct... Problem 2PA: The following product costs are available for Arrez Company on the production of DVD cases: direct... Problem 3PA: Pant Risers manufactures bands for self-dressing assistive devices for mobility-impaired... Problem 4PA: During March, the following costs were charged to the manufacturing department: $14886 for... Problem 5PA: Materials are added at the beginning of a production process, and ending work in process inventory... Problem 6PA: Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in... Problem 7PA: The following data show the units in beginning work in process inventory, the number of units... Problem 8PA: The finishing department started the month with 700 units in WIP inventory. It received 2.200 units... Problem 9PA: The packaging department began the month with 500 units that were 100% complete with regard to... Problem 10PA: Production information shows these costs and units for the smoothing department in August. All... Problem 11PA: Given the following information, prepare a production report with materials added at the beginning... Problem 12PA: Complete this production cost report: Problem 13PA: Selected information from Skylar Studios shows the following: Prepare journal entries to record the... Problem 14PA: Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units.... Problem 1PB: The following product costs are available for Stellis Company on the production of erasers: direct... Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:... Problem 3PB: Vexar manufactures nails. Manufacturing is a one-step process where the nails are forged. This is... Problem 4PB: During March, the following costs were charged to the manufacturing department: $22,500 for... Problem 5PB: Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units... Problem 6PB: The following data show the units in beginning work in process inventory, the number of units... Problem 7PB: The following data show the units in beginning work in process inventory, the number of units... Problem 8PB: The following data show the units in beginning work in process inventory, the number of units... Problem 9PB: The finishing department started the month with 600 units in WIP inventory. Lt received 1,500 units... Problem 10PB: The packaging department began the month with 750 units that were 100% complete with regard to... Problem 11PB: Production information shows these costs and units for the smoothing department in August. What is... Problem 12PB: Given the following information, prepare a production report with materials added at the beginning... Problem 13PB: Selected information from Hernandez Corporation shows the following: Prepare journal entries to... Problem 14PB: Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units.... Problem 1TP: How would process costing exist in a service industry? Problem 2TP: Why are labor and manufacturing overhead grouped together as conversion costs? Problem 3TP: How is process costing for a single manufacturing department different from a manufacturing company... Problem 4TP: What is different between the journal entries for process costing and that of job order costing? Problem 10MC: Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the...
Related questions
Goodman Productions manufacture coffee tables. They have provided the following visualization to assist in evaluating the applied manufacturing overhead vs. the actual manufacturing overhead incurred during the current fiscal period.
Transcribed Image Text: Required:
1. Compute the over- or underapplied overhead.
2. Prepare the journal entry to transfer the over- or underapplied balance to Cost of Goods Sold.
3. Based on this, what relationship can be inferred?
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
Compute the over- or underapplied overhead.
Over- or underapplied overhead
Underapplied by
Transcribed Image Text: Applied vs. Actual Overhead
$100,000
$80,000
$60,000
$40,000
$20,000
$0
Change in Cost of Goods Sold
$80,000
$60,000
$40,000
$20,000
Applied Manufacturing Overhead
$0
$82,000€
Beginning Cost of Goods Sold
Difference
Actual Manufacturing Overhead
$93,000
Ending Cost of Goods Sold
Definition Definition Indirect costs incurred while producing goods or services. Overhead costs cannot be directly attributed to products or services. Overhead includes indirect material cost, indirect labor cost, rent, utilities expenses, and depreciation. Since these costs directly affect the profitability of a company, managing overhead becomes an important task for management.
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