# Determine the amount of cost that should be assigned to the ending work in process inventory.

1. (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
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

Raw material purchases

\$56,000

Direct labor costs

\$87,000

\$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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