1)

Insetto Biological Manufacturing the processing departments M Mixing had no beginning inventory. Duri e production of these 31.000 Lo Mixing Department, all direct m n conversion costs are applied evenly throchout the e and uses pro costing On tanuary 1, the first department n g of chemicals were started dono remained in process. Inne in the production process and The weighted average method is used At the end of the month Installa Department was 60% complete with respect to conversion costs with respect to conversion costs t it The ending inventory in the Mixing how many equivalent units were calculated for the product that was completed and for ending inventory?

A) Product completed: 31.000 equivalent units Products in ending inventory: 400 equivalent units

B) Product completed: 40.000 equivalent units Products in ending inventory: 5400 equivalent units

Product completed: 40,000 equivalent units, Products in ending inventory: 9000 equivalent units

D) Product completed: 31,000 equivalent units; Products in ending inventory: 9000 equivalent units

2)

Pestiferous Manufacturing produces a chemical pesticide and uses process costing. There are three processing departments --Mixing Refining and Padaging. On January 1, the first department -Mixing-had no beginning inventory. During anary, 48.000 for of chemicals were started in production of these, 40.000 EL Mixing Department, all direct materials are added at the beginning of the production process, and, were completed, and 5000 fl. O remained in process. In the conversion costs are applied evenly throughout the process.

At the end of January, the equivalent unit data for the Minding Department were as follows:

*Percent complete for conversion costs: 44%

In addition to the above, the cost per equivalent unit were $1.35 for direct materials and 55.30 for conversion costs. Using this data, calculate the full cost of the ending WIP balance in the Mixing Department. The weighted-average method is used.

A) $ 10,800

B) $ 64,800

C) $ 43,520

D) $ 29,456

3.

Quince, Inc. uses a process costing system. It prepares a production cost report for each processing department. How will the managers of Quince use these production cost reports to prepare the balance sheet at the end of an accounting period?

A) To determine the amount of current liabilities of the period

B) To determine the amount of revenues generated during the period

C) To determine the cost of goods sold during the period

D) To determine the balance of inventory accounts

Transcribed Image Text:

UNITS Units to be accounted for Completed and transferred 40,000 8000 48.000 Percent complete for conversion costs: 44% out Ending work-in-process Equivalent Units Direct Materials Costs 40,000 48.000 Equivalent Units Conversion Costs 40,000 3520 43.520 UNITS Units to be accounted for Completed and transferred 40,000 8000 48.000 Percent complete for conversion costs: 44% out Ending work-in-process Equivalent Units Direct Materials Costs 40,000 48.000 Equivalent Units Conversion Costs 40,000 3520 43.520

Answer rating: 100% (QA)

1 Statement of equivalent production Degree of completion Input Mater... View the full answer