Cost of Goods Sold Dr. 800 Finished Goods 800

company uses a process cost accounting system. Its Assembly Department's beginning inventory consisted of 50,000 units, 3/4 complete with respect to direct labor and overhead. The department started and finished 127,500 units this period. The ending inventory consists of 40,000 units that are 1/4 complete with respect to direct labor and overhead. All direct materials are added at the beginning of the process. The department incurred direct labor costs of $24,000 and overhead costs of $32,000 for the period. Assuming the weighted average method, the direct labor cost per equivalent unit (rounded to the nearest cent) is: a. $0.14. b. $0.16. c. $0.17. d. $0.30. e. $0.37.

The following data are available for a company's manufacturing activities: Beginning Goods in process inventory: 5000 units, 1/4 of the labor added this period Units started and completed: 15000 Ending goods in process inventory: 6000 units, 1/2 of the labor added this period If materials are added when the production process begins and direct labor is applied uniformly throughout the process, what are the equivalent units for direct materials and for direct labor, respectively using the FIFO method of process costing? a. 16,250; 19,250. b. 16,250; 21,750. c. 21,000; 19,250. d. 19,250; 18,750. e. 21,000; 22,250.

Que Corporation uses a process cost accounting system. The company manufactured certain goods at a cost of $800 and sold them on credit to Are Corporation for $1,075. The complete journal entry to be made by Que at the time of this sale is:

Cost of goods sold Dr. 800 Finished goods 800

Account Receivable Dr. 1075 Sales 1075

A profit center: a. Incurs costs, but does not directly generate revenues. b. Incurs costs and directly generates revenues. c. Has a manager who is evaluated solely on efficiency in controlling costs. d. Incurs only indirect costs and directly generates revenues. e. Incurs only indirect costs and generates revenues.

The difference between a profit center and an investment center is a. an investment center incurs costs, but does not directly generate revenues. b. an investment center incurs no costs but does generate revenues. c. an investment center is responsible for effectively using center assets. d. an investment center provides services to profit centers e. There is no difference; investment center and profit center are synonymous.

A production department's output for the most recent month consisted of 10,000 units completed and transferred to the next stage of production and 10,000 units in ending goods in process inventory. The units in ending goods in process inventory were 50% complete with respect to both direct materials and conversion costs. There were 1,000 units in beginning goods in process inventory, and they were 70% complete with respect to both direct materials and conversion costs. Calculate the equivalent units of production for the month, assuming the company uses the weighted average method. a. 10,000 units. b. 10,300 units. c. 15,000 units. d. 15,300 units. e. 10,700 units.

A company's beginning work in process inventory consisted of 20,000 units that were 1/5 complete with respect to direct labor. These beginning units were completed and another 90,000 units were started during the current period. Of those started, 60,000 were finished and the remaining 30,000 were 1/3 complete at the end of the period. Using the weighted-average method, the equivalent units of production with regard to direct labor were: a. 60,000. b. 74,000. c. 76,000. d. 90,000. e. 96,000.

Medina Corp. uses the weighted average method for inventory costs and had the following information available for the year: Beginning Inventory of goods in process (40% complete, $1,100): 200 units Ending inventory of goods in process (80% Complete): 400 units Total units started during the year: 3200 units The number of units transferred to finished goods during the year is: a. 3,200 units.

b. 3,000 units. c. 3,400 units. d. 3,160 units. e. 3,500 units.