The balance in the Work in Process Inventory at any point in time equals Multiple Choice o the manufacturing cost of jobs ordered but not yet started into production. o the sum of the materials, labor and overhead costs paid during the period. the sum of the manufacturing costs for all jobs in process but not yet completed. the manufacturing costs of all jobs started during the period, completed or not. the costs for jobs finished during the period but not yet sold. Following is a partial process cost summary for Mitchell Manufacturing's Canning Department Direct Materials 50,000 Conversion 50,000 Equivalent Units of Production Units Completed and transferred out Units in Ending Work in Process: Direct Materials (15,000 * 100%) Conversion (15,000 * 80%) Equivalent Units of Production 15,000 12,000 62,000 65,000 Cost per Equivalent Unit Costs of beginning work in process Costs incurred this period Total costs Cost per equivalent unit $ 40,500 136,000 $ 176,500 $ 2.71 per EUP $ 59,700 183,100 $ 242,800 $ 3.92 per EUP The total conversion costs transferred out of the Canning Department equals: Multiple Choice O $176,150. O $183,100. $243,040. $242,800. $196,000. Following is a partial process cost summary for Mitchell Manufacturing's Canning Department. Direct Materials 80,000 Conversion 80,000 Equivalent Units of Production Units Completed and transferred out Units in Ending Work in Process: Direct Materials (12,000 * 100%) Conversion (12,000 * 70%) Equivalent Units of Production 12,000 8,400 88,400 92,000 Cost per Equivalent Unit Costs of beginning work in process Costs incurred this period Total costs Cost per equivalent unit $ 41,600 139,400 $ 181,000 $1.97 $ 61,200 187,600 $248,800 $ 2.81 per EUP per EUP The total conversion costs transferred out of the Canning Department equals: Multiple Choice $181,000. $248,800. $187,600. $248,404. O $224,800. A company has established 5 pounds of Material J at $4 per pound as the standard for the material in its Product Z. The company has just produced 1,200 units of this product, using 6,200 pounds of Material that cost $23,580. The direct materials price variance is: Multiple Choice $1.220 favorable $800 favorable $1,220 unfavorable. $800 unfavorable $420 favorable. The standard materials cost to produce 1 unit of Product Ris 6 pounds of material at a standard price of $58 per pound. In manufacturing 6,700 units, 38,000 pounds of material were used at a cost of $60 per pound. What is the direct materials price variance? Multiple Choice $127.600 unfavorable. $76,000 favorable $51,600 favorable $127,600 favorable $76,000 unfavorable