Devry Acct 505 Week 2 Quiz Latest 2016

Devry ACCT 505 Week 2 Quiz latest 2016

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Devry ACCT 505 Week 2 Quiz latest 2016

1. (TCO B) Some companies use process costing and some use job-order costing. Which method a company uses depends on its industry. Several companies in different industries are listed below.i. Specialty coffee roaster (roasts small batches of specialty coffee beans)

ii. Custom aircraft builder

iii. Brick manufacturer

iv. Microbrewery that produces a number of specialty beers

v. Steel company making chain link fences from iron ore

vi. Breakfast cereal manufacturerFor each company, indicate whether the company is most likely to use job-order costing or process costing. (Points : 15)

2. (TCO B) Job 728 was recently completed. The following data have been recorded on its job cost sheet.

Direct materials $89,925

Direct labor hours 1,220 labor hours

Direct labor wage rate $15 per labor hour

Machine hours 1,550 machine hours

Number of units completed 4,500 units

The company applies manufacturing overhead on the basis of machine hours. The predetermined overhead rate is $18 per machine hour.

Compute the unit product cost that would appear on the job cost sheet for this job. (Points : 15)

4. (TCO A) Honeysuckle Corporation has provided the following data for the month of January.

Inventories Beginning Ending

Raw materials $40,000 $23,000

Work in process $9,000 $13,000

Finished goods $52,000 $45,000

Additional Information

Raw material purchases $68,000

Direct labor costs $81,000

Manufacturing overhead cost incurred $47,000

Indirect materials included in manufacturing overhead costs incurred $8,000

Manufacturing overhead cost applied to work in process $39,000

Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form. (Points : 15)