Devry Acct 505 Week 1 Quiz Latest 2016

Devry ACCT 505 Week 1 Quiz Latest 2016

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Devry ACCT 505 Week 1 Quiz Latest 2016

(TCO B) Assume there was no beginning work in process inventory and the ending work in process inventory is 70% complete with respect to conversion costs. Under the weighted average method, the number of equivalent units of production with respect to conversion costs would be

(TCO B) Process costing would be appropriate for each of the following except

(TCO B) 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. Materials are 100% complete with respect to beginning and ending work in process inventory. Information concerning operations in the forming department in October follows.

What was the materials cost of work in process on October 31?

(TCO B) In a job-order costing system, the use of direct materials that have been previously purchased is recorded as a debit to

(TCO B) During December at Ingrim Corporation, $74,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the requisition from the storeroom would include a

(TCO B) Wedd Corporation had $35,000 of raw materials on hand on May 1. During the month, the company purchased an additional $68,000 of raw materials. During May, $92,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $5,000. The debits to the work in process account as a consequence of the raw materials transactions in May total

(TCO B) Some companies use process...