You are given a choice of taking the simple interest on 100,000 invested for 2 years

Q1. Bard Manufacturing uses a job order cost accounting system. During one
month Bard purchased $205,000 of raw materials on credit; issued materials to
production of $202,000 of which $23,000 were indirect. Bard incurred a factory
payroll of $157,000, paid in cash, of which $33,000 is classified as indirect
labor. Bard uses a predetermined overhead application rate of 150% of direct
labor cost. Bard's beginning and ending Goods in Process Inventory are $16,200
and $27,700 respectively. Compute the cost of product transferred to Finished
Goods Inventory:

$463,300.

587,200.

$477,500

$461,300

$489,000.

2. Hancock Manufacturing allocates overhead to production on the basis of
direct labor costs. At the beginning of the year, Hancock estimated total
overhead of $292,500; materials of $415,000 and direct labor of $225,000. During
the year Hancock incurred $423,000 in materials costs, $413,700 in overhead
costs and $229,000 in direct labor costs. Compute the amount of overhead applied
to jobs during the year.

$413,690.

$413,700.

$297,700.

$292,500.

$424,950.

3. Finished goods inventory is $198,000. If overhead applied to these goods
is $78,000, and the overhead rate is 120% of direct labor, how much direct
materials cost was incurred in producing the inventory?

$65,000.

$53,000.

$26,400.

$55,000.

$93,600.

4. A production department's output for the most recent month consisted of
18,500 units completed and transferred to the next stage of production and
18,500 units in ending goods in process inventory. The units in ending goods in
process inventory were 65% complete with respect to both direct materials and
conversion costs. There were 2,700 units in beginning goods in process
inventory, and they were 85% complete with respect to both direct materials and
conversion costs. Calculate the equivalent units of production for the month,
assuming the company uses the weighted average method.

20,795 units.

18,500 units.

30,525 units.

18,905 units.

30,930 units.

5.A company uses a process cost accounting system. Its Assembly Department's
beginning inventory consisted of 51,600 units, 3/4 complete with respect to
direct labor and overhead. The department started and finished 123,500 units
this period. The ending inventory consists of 41,600 units that are 1/4 complete
with respect to direct labor and overhead. All direct materials are added at the
beginning of the process. The department incurred direct labor costs of $28,000
and overhead costs of $36,000 for the period. Assuming the weighted average
method, the direct labor cost per equivalent unit (rounded to the nearest cent)
is:

$0.41.

$0.34.

$0.17.

$0.19.

$0.21.

6. A company's beginning work in process inventory consisted of 21,000 units
that were 1/5 complete with respect to direct labor. These beginning units were
completed and another 91,600 units were started during the current period. Of
those started, 61,000 were finished and the remaining 30,600 were 1/3 complete
at the end of the period. Using the weighted-average method, the equivalent
units of production with regard to direct labor were:

75,400.

61,000.

77,800.

98,200.

92,200.

During March, the production department of a process manufacturing system
completed a number of units of a product and transferred them to finished goods.
Of the units transferred, 19,000 were in process at the beginning of March and
170,000 were started and completed in March. March's beginning inventory units
were 100% complete with respect to materials and 61% complete with respect to
labor. At the end of March, 36,000 additional units were in process in the
production department and were 100% complete with respect to materials and 22%
complete with respect to labor. Compute the number of equivalent units with
respect to both materials and direct labor respectively for March using the
weighted-average method.

225,000;225,000.

206,000; 185,330.

196,920; 196,920.

189,000; 177,920.

.225,000; 196,920.

8. A company uses the FIFO method for inventory costing. During a period, a
production department had 50,000 units in beginning goods in process inventory
which were 35% complete; the department completed and transferred 170,000 units.
At the end of the period, 17,000 units were in the ending goods in process
inventory and are 70% complete. Compute the number of equivalent units produced
by the department.

187,000.

170,000.

181,900.

164,400.

120,000.

9.A company uses the weighted-average method for inventory costing. At the
end of the period, 22,000 units were in the ending goods in process inventory
and are 100% complete for materials and 75% complete for labor and overhead. The
equivalent costs per unit are; materials, $2.65, labor, $2.15, and overhead,
$3.20. Compute the cost that would assigned to the ending goods in process
inventory for the period.

$176,000

$132,000

$146,575

$87,725

$93,775

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