Normand Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 700 Materials costs$8,700 Conversion costs$3,700 Percent complete with respect to materials 70%Percent complete with respect to conversion 10%Units started into production during the month 6,400 Units transferred to the next department during the month 5,600 Materials costs added during the month$92,200 Conversion costs added during the month$269,600 Ending work in process inventory: Units in ending work in process inventory 1,500 Percent complete with respect to materials 80%Percent complete with respect to
conversion 25% The cost per equivalent unit for conversion costs for the first department for the month is closest to:
A. $52.86
B. $47.94
C. $45.66
D. $48.14
Answer: C
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Pill Makers Pharmaceuticals extensively tests all its drugs to assure that it follows the
A. Magnuson-Moss Act. B. Federal Trade Commission Act. C. Sherman Act. D. Clayton Act. E. Pure Food and Drug Act.
Acme, Inc., produces widgets. To manufacture a new type of widget, it took 50 hr for the first widget. Acme estimates it has a 90% learning rate. Using the logarithmic approach, calculate the time it will take to manufacture the 60th widget.
A. 26.85 hr B. 32.70 hr C. 22.55 hr D. 21.42 hr
Hardigree Corporation uses a job-order costing system. Beginning balance in Work in Process$36,000(1)Raw materials purchased on account$207,000(2)Direct materials requisitioned for use in production$161,000(3)Indirect materials requisitioned for use in production$42,000(4)Direct labor wages incurred$87,000(5)Indirect labor wages incurred$101,000(6)Depreciation recorded on factory equipment$42,000(7)Additional manufacturing overhead costs incurred$57,000(8)Manufacturing overhead costs applied to jobs$219,000(9)Cost of jobs completed and transferred from Work inProcess to Finished Goods$403,000 The ending balance in the Work in Process account is closest to:
A. $120,000 B. $100,000 C. $90,000 D. $110,000
Someone who values ______ appreciates challenges, hard work, and improvement.
A. belonging B. concern for others C. creativity D. achievement