Reference no: EM133982
Question :
1) The subsequent information is available:
Starting raw materials inventory $10,000
Ending raw materials inventory 12,000
Starting work-in-process inventory 27,000
Ending work-in-process inventory 30,000
Starting finished goods inventory 56,000
Ending finished goods inventory 52,000
Raw materials purchased 95,000
Based on the above, the raw material transferred to production was
a. $94,000
b. $93,000
c. $95,000
d. none of these answers is correct
2) In the manufacture of 5,000 corresponding units of product for a period, direct labor cost incurred was $37,500 and applied factory overhead was $92,500. Evaluate the per unit conversion for the period
a. $7.50
b. $93,000
c. $95,000
d. none of these answers is correct
3) The journal entry to record the cost of goods manufactured includes a debit to the finished goods inventory account.
4) The correct journal entry to record the transfer of $120,000 of raw materials into production is:
a. Direct Materials Expense 120,000
Work-In-Process Inventory 120,000
b. Work-In-Process Inventory 120,000
Accounts Payable 120.000
c. Work-In-Process Inventory 120,000
Raw Materials Inventory 120,000
d. Accounts Payable 120,000
Direct Materials Expense 120,000
5) In the manufacture of 15,000 corresponding units of product for a period, direct materials cost incurred was $330,000, direct labor cost incurred was $37,500 and applied factory overhead cost was $240,000. Evaluate the unit material cost for the period?
Answer
a. $7.50
b. $18.50
c. $22.00
d. $26.00
6) In the manufacture of 15,000 corresponding units of product for a period, direct material cost incurred was $200,00 direct labor cost incurred was $37,500 and applied factory overhead cost was $240,000. Evaluate the unit conversion for the period?
Answer
a. $7.50
b. $18.50
c. $22.00
d. $26.00