Questions from Cost Accounting

Q: (Cheatham and Green, adapted) Crispy, Inc., is

(Cheatham and Green, adapted) Crispy, Inc., is a producer of potato chips. A single production process at Crispy, Inc., yields potato chips as the main product, as well as a byproduct that can be sold...

Q: Jack Bibby is a prospector in the Texas Panhandle. He has

Jack Bibby is a prospector in the Texas Panhandle. He has also been running a side business for the past couple of years. Based on the popularity of shows such as “Rattlesnake Nation...

Q: Royston, Inc., is a large food-processing company.

Royston, Inc., is a large food-processing company. It processes 150,000 pounds of peanuts in the peanuts department at a cost of $180,000 to yield 12,000 pounds of product A, 65,000 pounds of product...

Q: Answer the following questions. 1. Robinson Computers makes 5,

Answer the following questions. 1. Robinson Computers makes 5,700 units of a circuit board, CB76, at a cost of $230 each. Variable cost per unit is $180 and fixed cost per unit is $50. Peach Electroni...

Q: Candid, Inc. is a manufacturer of digital cameras. It

Candid, Inc. is a manufacturer of digital cameras. It has two departments: assembly and testing. In January 2017, the company incurred $800,000 on direct materials and $805,000 on conversion costs, fo...

Q: Refer to requirement 2 of Exercise 17-21. Prepare summary

Refer to requirement 2 of Exercise 17-21. Prepare summary journal entries for the use of direct materials and incurrence of conversion costs. Also prepare a journal entry to transfer out the cost of g...

Q: Dot and Ken Ice Cream uses a mixing department and a freezing

Dot and Ken Ice Cream uses a mixing department and a freezing department in producing its ice cream. Its process-costing system in the mixing department has two direct materials cost categories (ice c...

Q: The assembly division of Quality Time Pieces, Inc. uses the

The assembly division of Quality Time Pieces, Inc. uses the weighted-average method of process costing. Consider the following data for the month of May 2017: Required: Compute equivalent units for d...

Q: Required: For the data in Exercise 17-24,

Required: For the data in Exercise 17-24, summarize the total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign costs to the units comp...

Q: Suppose the assembly division at Quality Time Pieces, Inc. uses

Suppose the assembly division at Quality Time Pieces, Inc. uses the FIFO method of process costing instead of the weighted average method. From exercise 24: The assembly division of Quality Time Pie...