ACCOUNTING-A company uses the weighted-average method for inventory costing.

A company uses the weighted-average method for inventory costing. At the end of the period, 18,000 units were in the ending Work in Process inventory and are 100% complete for materials and 73% complete for conversion. The equivalent costs per unit are materials, $2.63, and conversion $2.20. Compute the cost that would be assigned to the ending Work in Process inventory for the period.

$76,248.

$144,540.

$70,406.

$118,296.

$105,514.

A company uses the weighted average
method for inventory costing. During a period, Department B finished and
transferred 50,000 units to Department C. Also in Department B during the
period, 10,000 units were started but brought only to a stage of being 60%
completed. The number of equivalent units produced by Department B during the
period was:

44,000 units.

50,000 units.

54,000 units.

56,000 units.

60,000 units.

Andrews Corporation uses a process costing system for
manufacturing. The following information is available for the February in its
Polishing Department:

Equivalent units of production—direct materials	110,000 EUP
Equivalent units of production—conversion	95,000 EUP
Costs in beginning Work in Process—direct materials	$49,000
Costs in beginning Work in Process—conversion	$36,000
Costs incurred in February—direct materials	$414,000
Costs incurred in February—conversion	520,000

The cost per equivalent unit of production for direct materials is:

$9.26

$4.21

$4.97

$5.05

$5.85

Dazzle, Inc. produces beads for jewelry making use. The
following information summarizes production operations and sales activities for
June. The journal entry to record June sales is:

Direct materials used	$87,000
Direct labor used	160,000
Predetermined overhead rate (based on direct labor)	155%
Goods transferred to finished goods	432,000
Cost of goods sold	444,000
Credit sales	810,000

Debit Accounts Receivable $810,000;
credit Cost of Goods Sold $810,000.

Debit Accounts Receivable $810,000;
credit Sales $366,000; credit Finished Goods Inventory $444,000.

Debit Cost of Goods Sold $444,000;
credit Sales $444,000.

Debit Finished Goods Inventory
$444,000; debit Sales $810,000; credit Accounts Receivable $810,000; credit
Cost of Goods Sold $444,000.

Debit Accounts Receivable $810,000;
credit Sales $810,000; debit Cost of Goods Sold $444,000; credit Finished Goods
Inventory $444,000.

K Company estimates that overhead costs for the next year will be $3,300,000 for indirect labor and $900,000 for factory utilities. The company uses direct labor hours as its overhead allocation base. If 96,000 direct labor hours are planned for this next year, what is the company’s plantwide overhead rate?

$0.02 per direct labor hour.

$43.75 per direct labor hour.

$34.38 per direct labor hour.

$9.38 per direct labor hour.

$0.11 per direct labor hour.