1. For the month of July, Jacobs Company incurs a direct materials cost of $6,000 for...

1. For the month of July, Jacobs Company incurs a direct materials cost of $6,000 for 6,000 gallons of paint produced in its Mixing Department. It also incurs conversion costs of $1,470 with 70% completed. If the conversion cost per equivalent unit was $0.25 per gallon in June, what is the difference in the conversion cost per equivalent unit between the two months?

a.$0.10

b.$0.35

c.$1.00

d.$0.75

2. During the current month, Grey Company transferred 60,000 units of finished production out of the Mixing Department at a cost of $6 each. They were transferred to finished goods. The journal entry to record the transfer would be which of the following?

a. Finished Goods 360,000

Work in Process 360,000

b. Finished Goods 360,000

Cost of Goods Sold 360,000

c. Work in Process 600,000

Finished Goods 600,000

d. Work in Process 600,000

Cost of Goods Sold 600,000

3. The cost of production report may be used for all the following except analyzing the change in

a.conversion costs per equivalent units between periods.

b.costs per equivalent units between periods.

c.direct materials costs per equivalent units between periods.

d.general and administrative costs per equivalent units between periods.

Solutions

Expert Solution

ekkarill92 answered 1 year ago

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