A firm supplies the weighted-average technique for inventory costing. At the end of the period, 22,000 systems were in the ending Work in Process inventory and also are 100% finish for materials and also 75% finish for conversion. The indistinguishable prices per unit are products, $2.65 and convariation $5.35. Compute the expense that would be assigned to the finishing Work in Process inventory for the duration.

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$146,575Ending Work in Process Direct products 22,000 100%
$2.65 $58,300Conversion 22,000 75% $5.35 88,275Total expense assigned $146,575
In a process costing system, the purchase of raw products is debited to the Raw Materials Inventory.TrueFalse
Wilturner Company type of incurs $74,000 of labor associated straight to the product in the Assembly Department, $23,000 of labor not straight related to the product but pertained to the Assembly Department overall, and $10,000 of labor for services that help production in both the Assembly and also Finishing departments. The amount of direct labor and also factory overhead respectively are:rev: 03_29_2016_QC_CS-46663, 09_20_2016_QC_CS-61488$74,000 and also $10,000.$84,000 and also $23,000.$107,000 and also $0.$97,000 and also $10,000.$74,000 and also $33,000.
A agency uses a procedure costing device. Its Welding Department completed and transferred out 100,000 devices in the time of the existing period. The ending inventory in the Welding Department consists of 30,000 units (75% finish with respect to straight products and 40% complete via respect to conversion costs).Determine the equivalent devices of manufacturing for the Welding Department for straight products and also convariation prices assuming the weighted average approach.122,500; 112,000130,000; 130,000130,000; 112,000107,500; 118,000112,500; 130,000
122,500; 112,000 DM ConversionCompleted 100,000 100,000Ending WIP Direct materials (30,000 * .75) 22,500 Conversion (30,000 * .40) 12,000Equivalent Units of Production 122,500 112,000
Which of the complying with qualities does not commonly apply to procedure operations systems?Costs are computed utilizing identical devices.The output of all processes other than the last procedure is an input to the following process.Different managers are responsible for various processes.Partially completed products are transferred between processes.Each unit of product is individually identifiable.
The process cost summary presents calculations of the price of systems completed in the time of the reporting duration, however does not existing any type of indevelopment around the finishing Work in Process inventory.TrueFalse
A procedure costing mechanism records all manufacturing facility overhead expenses directly in the Work in Process Inventory accounts.TrueFalseA process costing device documents all factory overhead costs directly in the Work in Process Inventory accounts.TrueFalse
A company that uses process costing is the majority of typically defined by:Repetitive manufacturing and low production volume.Similar commodities and high production volume.Custom orders and mass manufacturing.Low standardization and also high production volume.Repetitive manufacturing and also distinctive products.
Companies that usage a series of recurring production processes to create standardized products must usage a procedure costing system.TrueFalse
The following journal entry would certainly be made to document the usage of $6,100 of direct labor in a manufacturing department throughout the reporting period: Factory Overhead 6,100 Work in Process Inventory 6,100TrueFalse
Andrews Corporation supplies a process costing system for production. The adhering to information is available for the February in its Polishing Department:Equivalent units of production—straight materials 110,000 EUPEquivalent units of production—conversion 95,000 EUPCosts in beginning Work in Process—direct products $49,000Costs in beginning Work in Process—conversion $36,000Costs incurred in February—direct products $414,000Costs incurred in February—conversion 520,000The expense per equivalent unit of production for conversion is:$5.85$4.97$4.21$5.05$9.26
$5.85Cost of beginning WIP $36,000 + prices incurred in February $520,000 = $556,000Total price $556,000/Equivalent units of manufacturing 95,000 = $5.85 cost per identical unit of manufacturing.

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A procedure cost summary is a managerial audit report that explains all but which of the following?The gross profit earned on the sale of commodities.The equivalent units of manufacturing by the department.How the expenses were assigned to the output?The expenses charged to a department.Physical transfers for a department.