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| 1 | |
Collins Company adds direct materials at the start of production. July information for the company is as follows: Beginning work in process inventory (40% complete as to conversion) |
10000 | Started during July | 120000 | Ending work in process inventory (60% complete as to conversion) |
12000 | Beginning work in process costs: |
| Direct material | $24000 | Conversion cost | $20000 | Current period costs: |
| Direct material | $366000 | Conversion cost | $757500 |
What are the equivalent units for conversion costs using the weighted average method? |
| | A) | 130 000. |
| | B) | 120 000. |
| | C) | 121 200. |
| | D) | 125 200. |
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| 2 | |
Collins Company adds direct materials at the start of production. July information for the company is as follows: Beginning work in process inventory (40% complete as to conversion) |
10000 | Started during July | 120000 | Ending work in process inventory (60% complete as to conversion) |
12000 | Beginning work in process costs: |
| Direct material | $24000 | Conversion cost | $20000 | Current period costs: |
| Direct material | $366000 | Conversion cost | $757500 |
What are the equivalent units for conversion costs using the FIFO method? |
| | A) | 130 000. |
| | B) | 120 000. |
| | C) | 121 200. |
| | D) | 125 200. |
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| 3 | |
Collins Company adds direct materials at the start of production. July information for the company is as follows: Beginning work in process inventory (40% complete as to conversion) |
10000 | Started during July | 120000 | Ending work in process inventory (60% complete as to conversion) |
12000 | Beginning work in process costs: |
| Direct material | $24000 | Conversion cost | $20000 | Current period costs: |
| Direct material | $366000 | Conversion cost | $757500 |
The direct material cost per equivalent unit using the weighted average method is: |
| | A) | $2.40 |
| | B) | $3 |
| | C) | $3.05 |
| | D) | $3.25 |
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| 4 | |
Collins Company adds direct materials at the start of production. July information for the company is as follows: Beginning work in process inventory (40% complete as to conversion) |
10000 | Started during July | 120000 | Ending work in process inventory (60% complete as to conversion) |
12000 | Beginning work in process costs: |
| Direct material | $24000 | Conversion cost | $20000 | Current period costs: |
| Direct material | $366000 | Conversion cost | $757500 |
The conversion cost per equivalent unit using the weighted average method is: |
| | A) | $5 |
| | B) | $6.21 |
| | C) | $6.25 |
| | D) | $6.42 |
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| 5 | |
Collins Company adds direct materials at the start of production. July information for the company is as follows: Beginning work in process inventory (40% complete as to conversion) |
10000 | Started during July | 120000 | Ending work in process inventory (60% complete as to conversion) |
12000 | Beginning work in process costs: |
| Direct material | $24000 | Conversion cost | $20000 | Current period costs: |
| Direct material | $366000 | Conversion cost | $757500 |
The direct material cost per equivalent unit using the FIFO method is: |
| | A) | $3 |
| | B) | $3.05 |
| | C) | $3.25 |
| | D) | $3.61 |
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| 6 | |
Collins Company adds direct materials at the start of production. July information for the company is as follows: Beginning work in process inventory (40% complete as to conversion) |
10000 | Started during July | 120000 | Ending work in process inventory (60% complete as to conversion) |
12000 | Beginning work in process costs: |
| Direct material | $24000 | Conversion cost | $20000 | Current period costs: |
| Direct material | $366000 | Conversion cost | $757500 |
The conversion cost per equivalent unit using the FIFO method is: |
| | A) | $5 |
| | B) | $6.21 |
| | C) | $6.25 |
| | D) | $6.42 |
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| 7 | |
Collins Company adds direct materials at the start of production. July information for the company is as follows: Beginning work in process inventory (40% complete as to conversion) |
10000 | Started during July | 120000 | Ending work in process inventory (60% complete as to conversion) |
12000 | Beginning work in process costs: |
| Direct material | $24000 | Conversion cost | $20000 | Current period costs: |
| Direct material | $366000 | Conversion cost | $757500 |
The total cost of goods completed and transferred out during July using the weighted average method is: |
| | A) | $329 400 |
| | B) | $732 788 |
| | C) | $1 086 788 |
| | D) | $1 085 900 |
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| 8 | |
Collins Company adds direct materials at the start of production. July information for the company is as follows: Beginning work in process inventory (40% complete as to conversion) |
10000 | Started during July | 120000 | Ending work in process inventory (60% complete as to conversion) |
12000 | Beginning work in process costs: |
| Direct material | $24000 | Conversion cost | $20000 | Current period costs: |
| Direct material | $366000 | Conversion cost | $757500 |
The July ending balance in the ending work in process inventory using the weighted average method is: |
| | A) | $36 600 |
| | B) | $44 712 |
| | C) | $80 712 |
| | D) | $81 600 |
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| 9 | |
Collins Company adds direct materials at the start of production. July information for the company is as follows: Beginning work in process inventory (40% complete as to conversion) |
10000 | Started during July | 120000 | Ending work in process inventory (60% complete as to conversion) |
12000 | Beginning work in process costs: |
| Direct material | $24000 | Conversion cost | $20000 | Current period costs: |
| Direct material | $366000 | Conversion cost | $757500 |
The total cost of goods completed and transferred out during July using the FIFO method is: |
| | A) | $329 400 |
| | B) | $732 788 |
| | C) | $1 086 788 |
| | D) | $1 085 900 |
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| 10 | |
Collins Company adds direct materials at the start of production. July information for the company is as follows: Beginning work in process inventory (40% complete as to conversion) |
10000 | Started during July | 120000 | Ending work in process inventory (60% complete as to conversion) |
12000 | Beginning work in process costs: |
| Direct material | $24000 | Conversion cost | $20000 | Current period costs: |
| Direct material | $366000 | Conversion cost | $757500 |
The July ending balance in the ending work in process inventory using the FIFO method is: |
| | A) | $36 600 |
| | B) | $44 712 |
| | C) | $80 712 |
| | D) | $81 600 |
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