All questions have to do with cost accounting systems, more in particular, proce
ID: 2419746 • Letter: A
Question
All questions have to do with cost accounting systems, more in particular, process cost systems.
Complete each of the following statements by writing the appropriate words or amounts in the answers blanks.
16–17. The transferred costs of completed production in Department A using a process cost system include:
16. ____
17. ____
18–20. The three categories of units to be assigned cost for an accounting period in a process cost system are:
18. ____
19. ____
20. ____
21–24. Department W had 8,000 units in work in process that were 30% converted at the beginning of the period at a cost of $16,400. During the period, 15,000 units of direct materials were added at a cost of $48,000, 16,000 units were completed, and 7,000 units were 40% completed. The first-in, first-out cost method is used and all materials are added at the beginning of the process. Direct labor was $30,000, and factory overhead was $54,000 during the period.
21. The number of equivalent units of conversion for the period was 21. ____
22. The total conversion costs for the period were 22. $____
23. The conversion cost of the units started and completed during the period was 23. $____
24. The conversion cost of the 7,000 units in process at the end of the period was 24. $____
Explanation / Answer
Answer:16 Opening WIP
Answer:17 Units started and completed
Answer:18 Direct Material
Answer:19 Direct Labor
Answer:20 Manufacturing Overhead
Answer:21 24400
Answer:22 84000
Answer:23 55082
Answer:24 9639.344