ACCT 212 Learnsmart Assignment 3 Liberty University Solution

A system that contains features of both process and job order operations is called a(n) __________ costing system.

When comparing the weighted-average and FIFO methods of process costing, which items are the same in both methods?

Equivalent units of production is used to compute the cost per equivalent unit and then to assign costs to which accounts?

A company using process operations started and processed 400 units in its first department. The unique are 40% complete with respect to materials and 25% complete with respect to labor and overhead. The EUP for labor and overhead is _________ units.

The cost of units transferred from Goods in Process inventory to Finished Goods inventory is called the cost of goods_______.

Department A completed and transferred out 2,100 units and had ending goods in process inventory of 120 units. The ending inventory is 10% complete for materials and 70% complete for labor and overhead. The equivalent units of production for labor and overhead is ______ units.

A company completes 21,000 units this month and has ending goods in process inventory of 3,000 units which are estimated to be 40% complete. Total production costs are $666,000. The cost of ending Goods in Process Inventory is $ .

With increasing automation, companies with process operations are more likely to use ____________ hours than labor hours to allocate overhead.

A manufacturing company has five processes. Half of the materials are added at the beginning of process one and the other half at the beginning of process three. Labor and overhead are added: 20% in process one; 30% in process two; 15% in process three; 15% in process four; 20% in process five. If 600 units are started, the EUP with respect to labor and overhead are __________ after process 2.

A manufacturing company has five processes. Half of the materials are added at the beginning of process one and the other half at the beginning of process three. Labor and overhead are added: 20% in process one; 30% in process two; 15% in process three; 15% in process four; 20% in process five. If 600 units are started, the EUP with respect to labor and overhead are __________ after process 3.

List the four steps involving analysis when accounting for a department's activity, with the first step listed on top.

Process operations is defined as a manufacturing process that includes:

The journal entry to record the purchase of materials on account in process cost accounting is a(n):

Department D had materials costs of $10,000 in beginning goods in process inventory and added an additional $50,000 in materials costs this period. If the department had 20,000 EUP for materials, the cost per equivalent unit of production is $________

The parts of the process cost summary include:

The journal entry to record the transfer of partially completed work in process to the next process in process costing is a(n):

Department A had a beginning inventory balance of 25 units. During the accounting period, the department started an additional 275 units and had an ending balance of 50 units. ________ units were transferred out.