The following information is available: Beginning raw materials inventory $10,000 Ending raw materials inventory 12,000 Beginning work-in-process inventory 27,

The following information is available:

Beginning raw materials inventory $10,000

Ending raw materials inventory 12,000

Beginning work-in-process inventory 27,000

Ending work-in-process inventory 30,000

Beginning 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 equivalent units of product for a period, direct labor cost incurred was $37,500 and applied factory overhead was $92,500. What was 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.

True Or False?

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 equivalent 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. What 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 equivalent 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. What was the unit conversion for the period?

Answer

a.

$7.50

b.

$18.50

c.

$22.00

d.

$26.00

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