Overboard Corporation uses the FIFO method in its process costing system. In the Cutting Department in June, units were 80% complete with respect to conversion in the beginning work in process inventory and 25% complete with respect to conversion in the ending work in process inventory. Other data for the department for June follow: UnitsConversion CostBeginning work in process inventory20,000$29,000Units started into production, and costs incurred during the month150,000$217,000Units completed and transferred out130,000 The cost per equivalent unit for conversion cost is closest to:
A. $1.98
B. $1.45
C. $1.51
D. $1.75
Answer: D
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The following accounts appear on either the Income Statement (IS) or Balance Sheet (BS). In the space to the left of each account, write IS or BS to identify the statement on which the account appears.____ 1. Office Equipment____ 2. Rent Expense____ 3. Unearned Revenue____ 4. Rent Expense____ 5. Accounts Payable____ 6. Common Stock____ 7. Fees Revenue____ 8. Cash____ 9. Notes Receivable____ 10. Wages Payable
What will be an ideal response?
J. J. Johnson has decided to supplement his income by selling beehives. He expects to sell 25,000 hives in 2010 . He ended 2009 with 2,500 completed hives in inventory and would like to complete operations in 2010 with at least 2,800 completed hives in inventory. There is no ending work in process inventory. One beehive holds about 250 bees. The bees are purchased for $4.00 per 1,000 bees. The
hives sell for $15.00 each. How many beehives would the 2010 production budget identify as needing to be produced? a. 25,300 b. 25,000 c. 30,300 d. 24,700
Which of the following statements is false?
a. When using the weighted average method, it doesn't matter in what period the transferred in units were started. b. When the weighted average method is used, the cost of goods transferred is equal to the number of units transferred multiplied by the cost per EUP. c. When the weighted average method is used, the ending inventory of WIP is computed by multiplying the EUP for each cost component multiplied by the component cost per unit. d. All of the above statements are false.
When a negative amount is in the base period and a positive amount is in the analysis period (or vice versa), a meaningful percent change cannot be calculated.
Answer the following statement true (T) or false (F)