Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs.

(TCO F) Whether a company uses process costing or job-order costing depends on its industry. A number of companies in different industries are listed below.

i. Brick manufacturer

ii. Contract printer that produces posters, books, and pamphlets to order

iii. Natural gas production company

iv. Dairy farm

v. Coal mining company

vi. Specialty coffee roaster (roasts small batches of specialty coffee beans)

For each company, indicate whether the company is most likely to use job-order costing or process costing.

(Points : 15)

Question 2. 2. (TCO F) Job 728 was recently completed. The following data have been recorded on its job cost sheet. Direct materials $81,000 Direct labor hours 1,220 labor hours Direct labor wage rate $15 per labor-hour Machine Hours 1,520 machine hours Number of units completed 4,400 units The company applies manufacturing overhead on the basis of machine hours. The predetermined overhead rate is $16 per machine hour. Compute the unit product cost that would appear on the job cost sheet for this job. (Points : 15)

Question 3. 3. (TCO F) Miller Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company’s inventory and cost records for the most recently completed year revealed the following information. Units  Materials  Conversion Work in process. Jan. 1 (80% complete with respect to conversion costs) 100,000 $100,000 $157,500 Units started into production 500,000 Costs added during the year     Materials $650,000     Conversion $997,500 Units completed during the year 450,000 The company uses the weighted-average cost method in its process costing system. The ending inventory is 50% complete with respect to conversion costs. Required: i. Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs. ii. Determine the cost transferred to finished goods. iii. Determine the amount of cost that should be assigned to the ending work in process inventory. (Points : 15)

Question 4. 4. (TCO F) Weisinger Corporation has provided the following data for the month of January. Inventories Beginning Ending Raw materials $28,000 $29,000 Work in process $16,000 $14,000 Finished goods $42,000 $54,000   Additional Information Raw material purchases $56,000 Direct labor costs $87,000 Manufacturing overhead cost incurred $51,000 Indirect materials included in manufacturing overhead costs incurred $3,000 Manufacturing overhead cost applied to work in process $55,000 Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form.

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