Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780134128528
Author: Karen W. Braun, Wendy M. Tietz
Publisher: PEARSON
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Textbook Question
Chapter 5, Problem 3QC
(Learning Objective 2) Which of the following is true?
- a. FIFO is always used for
process costing . - b. Units in ending WIP are expressed in terms of equivalent units.
- c. A partially completed product whose direct materials are added at the beginning of the process would be 0% complete with respect to direct materials.
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Click to watch the Tell Me More Learning Objective 2 video and then answer the questions below.
1. The first step in preparing a cost of production report is to _____.
compute equivalent units of production
determine the units to be assigned costs
determine the cost per equivalent unit
allocate costs to units transferred out and partially completed units
2. The last step in preparing a cost of production report is to _____.
compute equivalent units of production
determine the units to be assigned costs
determine the cost per equivalent unit
allocate costs to units transferred out and partially completed units
UPVOTE WILL BE GIVEN! INPUT THE COMPLETE SOLUTIONS. YOU MAY USE EXCEL. BOX THE FINAL ANSWERS.
a. Calculate the Equivalent Units of Production - Conversion Cost. =
b. Calculate for the total material cost per unit =
UPVOTE WILL BE GIVEN! INPUT THE COMPLETE SOLUTIONS. YOU MAY USE EXCEL. BOX THE FINAL ANSWERS.
a. Calculate the total units to be accounted for. =
b. Calculate the Equivalent Units of Production - Materials. =
c. How much is the conversion cost per unit? =
Chapter 5 Solutions
Managerial Accounting (5th Edition)
Ch. 5 - (Learning Objective 1) Which of the following is...Ch. 5 - (Learning Objective 2) Conversion costs consist of...Ch. 5 - (Learning Objective 2) Which of the following is...Ch. 5 - (Learning Objective 3) Which of the following is...Ch. 5 - Prob. 5QCCh. 5 - (Learning Objective 4) The journal entry needed to...Ch. 5 - (Learning Objective 4) A company has two...Ch. 5 - Prob. 8QCCh. 5 - Prob. 9QCCh. 5 - Prob. 10QC
Ch. 5 - Compare job costing and process costing (Learning...Ch. 5 - Prob. 5.2SECh. 5 - Prob. 5.3SECh. 5 - Determine the physical flow of units (process...Ch. 5 - Compute equivalent units (process costing Step 2)...Ch. 5 - Compute equivalent units (process costing Step 2)...Ch. 5 - Summarize total costs to account for (process...Ch. 5 - Prob. 5.8SECh. 5 - Prob. 5.9SECh. 5 - Prob. 5.10SECh. 5 - Prob. 5.11SECh. 5 - Prob. 5.12SECh. 5 - Prob. 5.13SECh. 5 - Prob. 5.14SECh. 5 - Prob. 5.15SECh. 5 - Prob. 5.16SECh. 5 - Continuation of S5-16: Record journal entry and...Ch. 5 - Compute equivalent units in second department...Ch. 5 - Prob. 5.19SECh. 5 - Prob. 5.20SECh. 5 - Prob. 5.21SECh. 5 - Prob. 5.22SECh. 5 - Analyze flow of costs through inventory T-accounts...Ch. 5 - Summarize physical units and compute equivalent...Ch. 5 - Prob. 5.25AECh. 5 - Prob. 5.26AECh. 5 - Continuation of E5-26A: Journal entries (Learning...Ch. 5 - Complete the production cost report in first...Ch. 5 - Prob. 5.29AECh. 5 - Analyze costs and gross profit in a process...Ch. 5 - Prob. 5.31AECh. 5 - Compute equivalent units and assign costs...Ch. 5 - Complete five-step procedure in first department...Ch. 5 - Sustainability and process costing (Learning...Ch. 5 - Complete five-step procedure and journalize result...Ch. 5 - Complete five-step procedure in second department...Ch. 5 - Exercises Group B E5-37B Analyze flow of costs...Ch. 5 - Summarize physical units and compute equivalent...Ch. 5 - Prob. 5.39BECh. 5 - Complete five-step procedure in first department...Ch. 5 - Prob. 5.41BECh. 5 - Prob. 5.42BECh. 5 - Prob. 5.43BECh. 5 - Prob. 5.44BECh. 5 - Record journal entries (Learning Objective 4)...Ch. 5 - Compute equivalent units and assign costs...Ch. 5 - Prob. 5.47BECh. 5 - Sustainability and process costing (Learning...Ch. 5 - Complete five-step procedure and journalize result...Ch. 5 - Complete five-step procedure in second department...Ch. 5 - Process costing in a single processing department...Ch. 5 - Process costing in a first department (Learning...Ch. 5 - Prob. 5.53APCh. 5 - Prepare a production cost report and journal...Ch. 5 - Prob. 5.55APCh. 5 - Process costing in a single processing department...Ch. 5 - Process costing in a first department (Learning...Ch. 5 - Prob. 5.58BPCh. 5 - Prepare a production cost report and journal...Ch. 5 - Prob. 5.60BPCh. 5 - Prob. 5.61SCCh. 5 - Discussion Questions 1. What characteristics of...Ch. 5 - Prob. 5.63ACTCh. 5 - Prob. 5.64ACTCh. 5 - Process costing and hybrid costing issues...
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Based on the diagram, which represents the EOQ model.Which line segment represents the length of time to consume the total quantity of materials ordered? a. DE b. BC c. AC d. AE e. ADarrow_forwardIn the blank next to the following terms, place the letter A through D corresponding to the best description of that term. 1. Activity 2. Activity driver 3. Cost pool 4. Cost object A. Measurement associated with an activity. B. A group of costs that have the same activity drivers. C. Anything to which costs will be assigned. D. A task that causes a cost to be incurred.arrow_forwardClick to watch the Tell Me More Learning Objective 4 video and then answer the questions below. 1. Which of the following represents the computation of direct materials cost per equivalent unit? Total direct cost for the period divided by total equivalent units of direct materials. Total equivalent units of direct materials divided by total direct cost for the period. Total direct cost for the period divided by total units of direct materials. Total units of direct materials divided by total direct cost for the period. 2. What is the conversion cost per equivalent unit, when the total conversion cost for the period is $1,225 and the total units of packaged drinking water produced during the same period is 5,000 gallons (70 percent complete). $0.17 per gallon $0.35 per gallon $2.86 per gallon None of these choices are correct.arrow_forward
- 2. The internal cost analysis process involves the following in what order? (A) Identify the links between the process and check for opportunities to lower costs, (B) Identify the value creating processes and the cost of each, (C) Identify the cost driver for each process and the cost per activity level. a. A, B, Cb. C, A, Bc. B, A, Cd. B, C, Aarrow_forwardCompute the unit costs for materials and conversion costs. (Round answers to 2 decimal places, e.g. 2.25.) Materials cost per unit Conversion cost per unit LINK TO TEXT INTERACTIVE TUTORIAL Compute total manufacturing costs. (Round answer to 2 decimal places, e.g. 2.25.) Total manufacturing cost per unitarrow_forwardStudy the information provided below and prepare the Process Cost Report for Process 2 using the weighted average method. The report must include the following:1. Quantity Statement 2. Cost Statement 3. Cost Allocation Statementarrow_forward
- Match the terms a through d with their correct definition 1 through 4. a. Standard cost card b. Management by exception c. Standard cost d. Ideal standard 1. Quantity of input required if a production process is 100% efficient. 2. Managing by focusing on large differences from standard costs. 3. Record that accumulates standard cost information. 4. Preset cost for delivering a product or service under normal conditions.arrow_forwardNote: Use FIFO method 1. Equivalent production for materials and conversion costs 2. Unit cost for materials and conversion cost 3. Total cost of units completed and transferred 4. Total costs of units in process, endarrow_forwardUPVOTE WILL BE GIVEN! INPUT THE COMPLETE SOLUTIONS. YOU MAY USE EXCEL. BOX THE FINAL ANSWERS. d. How much is the total cost for completed units? e. How much is the total cost to be accounted for?arrow_forward
- Assume that FIFO process costing is used. What is the cost per equivalent unit for conversion? Provide complete solution (tables, etc.) Thank you!arrow_forwardSuppose that your accounting textbook is the cost object of concern. The paper used to print the textbook is a(n) a. fixed cost.b. labor cost.c. direct cost.d. indirect cost.e. period cost.arrow_forwardest your knowledge of various aspects of full costing. Match the terms on the left with the corresponding definitions on the right by choosing the appropriate letter in the drop-down list in the left hand table. Question content area bottom Part 1 1. Full costing A. The manner in which costs alter with changes in the level of activity 2. Process costing B. Costs that cannot be identified with specific cost units 3. Direct costs C. Establishing the full cost of an activity where the units of output are dissimilar to each other 4. Job costing D. Costs that can be identified with specific cost units 5. Indirect costs E. Establishing the total of both the direct and the indirect costs of an activity 6. Cost behaviour F. Establishing the full cost of an activity, where the units of output are identical or nearly identicalarrow_forward
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