32.For which of the following categories is it
not
important to know the number of units?
A. The number of units completed during the period.
B. The number of units transferred to the next department during the period.
C. Beginning work in process.
D. The number of units started during the period.
Duffy Brothers manufactures a single product using a process involving (1) mixing ingredients and (2) a subsequent packaging operation. Duffy uses a process costing system to account for the flow of costs through its production process.
33.Refer to the information above. In the production process described, what is the Work in Process Inventory: Packaging Department debited for?
A. Costs transferred from the Work in Process Inventory: Mixing Department only.
B. The cost of materials, direct labor, and overhead applicable to the packaging operation only.
C. Costs transferred from the Work in Process Inventory: Mixing Department, as well as materials, direct labor, and overhead applicable to the packaging operation.
D. Costs transferred to the Finished Goods Inventory.
34.Refer to the information above. In Duffy's operation, the Finished Goods Inventory account is debited for:
A. The cost of units transferred directly from the Mixing Department.
B. The cost of units transferred directly from the Packaging Department.
C. The cost of units transferred directly from both the Mixing Department and the Packaging Department.
D. The cost of the units sold.
Sue's Soup Products uses a process costing system with two processing departments: the Mixing and Cooking Department and the Canning Department. Work in process inventories are reduced to zero each month. In March, the Mixing and Cooking Department incurred manufacturing costs of $63,000 to mix 42,000 gallons of soup. The Canning Department incurred manufacturing costs of $9,000. A total of 170,000 cans of soup were transferred to the finished goods warehouse during the month.
35.Refer to the information above. The journal entry to record the transfer of soup out of the Mixing and Cooking Department during March would include:
A. A debit to Work in Process Inventory, Mixing and Cooking Department of $63,000.
B. A credit to Work in Process Inventory, Canning Department of $72,000.
C. A debit to Finished Goods Inventory of $72,000.
D. A credit to Work in Process Inventory, Mixing and Cooking Department of $63,000.
36.Refer to the information above. The journal entry to record the transfer of soup out of the Canning Department during March would include:
A. A credit to Work in Process Inventory, Canning Department of $9,000.
B. A credit to Work in Process Inventory, Canning Department of $63,000.
C. A debit to Finished Goods Inventory of $72,000.
D. A credit to Finished Goods Inventory, Mixing and Cooking Department of $72,000.
37.Refer to the information above. The unit cost per gallon of soup transferred to the Canning Department during March was:
A. $1.50.
B. $1.62.
C. $1.71.
D. $1.83.
38.Refer to the information above. The unit cost per can of soup transferred to the finished goods warehouse during March was:
A. $0.05.
B. $0.42.
C. $0.37.
D. $1.71.
39.Refer to the information above. The transfer of 35,000 units to the Finishing Department in June required:
A. A debit to Finished Goods Inventory of $770,000.
B. A credit to Work-in-Process Inventory, Mixing Department of $770,000.
C. A credit to Work-in-Process Inventory, Finishing Department of $140,000.
D. A debit to Work-in-Process Inventory, Finishing Department of $140,000.
40.Refer to the information above. The entry to record the sale of 3,500 units in June would include:
A. A debit to Work-in-Process Inventory, of $77,000.
B. A debit to Finished Goods Inventory of $77,000.
C. A debit to Cost of Goods Sold of $77,000.
D. A credit to Cost of Goods Sold of $77,000.
41.Refer to the information above. If 80% of all inventory was sold at $32 per unit and 3,500 units were sold, what is the cost of the finished goods inventory at year-end?
A. $16,800.
B. $77,000.
C. $19,250.
D. $96,250.