Question

7/ A company's beginning Work in Process inventory consisted of 34,000 units that were 80% complete with respect to direct labor. A total of 104,000 were finished during the period and 39,000 remaining in Work in Process inventory were 40% complete with respect to direct labor at the end of the period. Using the weighted-average method, the equivalent units of production with regard to direct labor were:

Multiple Choice

57,200.

119,600.

90,000.

104,000.

146,800

8/ Metaline Corp. uses the weighted average method for inventory costs and had the following information available for the year. Calculate the equivalent units of production for the year:

Beginning Work in Process (50% complete, $2,400)	330	units
Ending inventory of Work in Process (90% complete)	530	units
Total units started during the year	4,500	units

Multiple Choice

4,500 units.

5,360 units.

4,612 units.

4,977 units.

4,777 units.

9/ Luker Corporation uses a process costing system. The company had $163,500 of beginning Finished Goods Inventory on October 1. It transferred in $840,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $161,200. The entry to account for the cost of goods manufactured during October is:

Multiple Choice

Debit Cost of Goods Sold $840,000; credit Finished Goods Inventory $840,000.

Debit Cost of Goods Sold $842,300; credit Work in Process Inventory $842,300.

Debit Finished Goods Inventory $840,000; credit Work in Process Inventory $840,000.

Debit Finished Goods Inventory $161,200; credit Cost of Goods Sold $161,200.

Debit Cost of Goods Sold $842,300; credit Finished Goods Inventory $842,300.

10/ company uses the weighted average method for inventory costing. At the start of a period the production department had 30,000 units in beginning Work in Process inventory which were 45% complete; the department completed and transferred 170,000 units. At the end of the period, 27,000 units were in the ending Work in Process inventory and are 80% complete. The production department had conversion costs in the beginning goods is process inventory of $104,000 and total conversion costs added during the period are $726,950. Compute the conversion cost per equivalent unit.

Multiple Choice

$4.55.

$4.40.

$3.98.

$4.19.

$4.34.

Answer 1

1) Equivalent Units = Units x Percentage of Completion

	Units	Percentage of Completion	Equivalent Units
Finished during period	104,000	100%	104,000
Closing WIP	39,000	40%	15,600
Total Equivalent Units of Production			119,600

Hence, Option 2 is correct.

2)

Beginning Work in Progress	330
Add: Started during the year	4,500
Less: Ending inventory of Work in Process	530
Finished and transferred units	4,300
Add: Ending Work in Process (530*90%)	477
Total Equivalent Units of Production	4,777

Hence, Option 5 is correct.

Please post remaining questions separately as only one question per post is allowed. However, I've answered two questions here.