In: Business and Management

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1. (TCO F) Computing unit product costs involves averaging in: Job-Order Costing Process Costing A Yes No

B Yes Yes

C No Yes

D No No

(Points : 5) Choice A. Choice B. Choice C. Choice D.

2. (TCO F) Luft Company uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below:

Units Percent Complete with respect to Conversion Beginning work in process inventory 11,000 90% Started in production during June 58,000

Ending work in process inventory 17,000 10%

According to the company's records, the conversion cost in beginning work in process inventory was $79,893 at the beginning of June. Additional conversion costs of $343,830 were incurred in the department during the month. What was the cost per equivalent unit for conversion costs for the month? (Round off to three decimal places.) (Points : 5) $8.070 $7.891 $5.928 $4.584

3. (TCO F) Lucas Company uses the weighted-average method in its process costing system. The company adds materials at the beginning of the process in the Forming Department, which is the first of two stages in its production process. Information concerning operations in the Forming Department in October follows: Units Material Cost Work in process on October 1 6,000 $3,000 Units started in October 50,000 $25,560 Units completed and transferred to next Department during October 44,000

What was the materials cost of work in process at on October 31? (Points : 5) $3,060 $5,520 $6,000 $6,120

4. (TCO F) In a job-order costing system, the use of direct materials that have been previously…...

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