Bay Manufacturing produces paint. The company has two processes: mixing and packaging.The ingredients for the paint are mixed in large batches and then transferred to the packaging
Quiz #2Professor TalbotGrade0Save this Fle as:Name______________________________________Start ±me_________________²inish ±me__________________²all 2015ACCT 301UMUCWelcome to Quiz 3Once you open up the exam found in the assignment sec±on under quiz 3,You will have 2.5 hours to complete the quiz, closed book with no resources other than one page of yoPlease turn in the one page of personal notes with this excel Fle a³er these instuc±ons in the assignmAlso on the top of the page annotate your start ±me and ending ±me and it should be no longer thanPlease study for this quiz as a closed book test and study like you would any quiz that you take in the cUnderstand Stockholders’ Equity: Classes of Capital Stock, be able to prepare the Stockholders’ EquityProperty, Plants, and Equipment /PPE (Capital Assets; ²ixed Assets).Understand journal entries for PPE and accumulated deprecia±on.How are these values changing, from year to year?PPE, Accumulated Deprecia±on, Net PPE.Study inventory methods, ²I²O, LI²O, avg costStudy cash bank recocilia±ons and internal controlReceivables and PayablesPaid In Capital, Retained Earnings, Owners’ Equity, Dividends, Treasury StockStudy accounts recievable and the allowance methodKnow the 3 deprecia±on methods, straight line, units of produc±on and double declining balance metStudy the Excel homework and exercises, review the in class discussions and the reading material.Good luck on the quiz and make sure that you upload the excel document by Thursday at 11:45 in theSave this Fle as:²ailure to follow these instruc±ons will result in a reduc±on in points on Quiz 3²ile name:Last Name_First name_ACCT 301_Quiz 2Total Quiz is worth 100 points.Each mul±ple choice ques±on is worth 2 points, each exercise is worth 10 points.
| This is a comprehensive problem all contained on this spreadsheet tab. | ||||
| Process Job Costing and Equivalent Units of Production | ||||
| Bay Manufacturing produces paint. The company has two processes: mixing and packaging. | ||||
| The ingredients for the paint are mixed in large batches and then transferred to the packaging | ||||
| department, where one-gallon cans are filled, capped, labeled, and boxed. | ||||
| There was no work in process on February 1. The materials are all brought to the packaging job up front | ||||
| and charged to the job. Nothing is transferred to finished goods until the entire job is complete. The | ||||
| materials costs include the packaging, material, and the cost transferred from the mixing department. | ||||
| On February 2, 15,000 gallons (job 2-1) were transferred into the packaging department from the | ||||
| mixing department and completed on February 19. | ||||
| The costs incurred to complete job 2-1 in the packaging department are as follows: | ||||
| Materials | 56,250 | |||
| Labor | 11,250 | |||
| Overhead (applied based on direct labor hours) | 7,500 | |||
| On February 20, another 20,000 gallons (job 2-2) were transferred into the packaging department. | ||||
| Job 2-2 was 50% complete as to labor at the end of the month. | ||||
| The costs incurred (unit cost unchanged from job 2-1) to complete job 2-2 in the packaging | ||||
| department are as follows: | ||||
| Materials | 75,000 | |||
| Labor | 15,000 | |||
| Overhead (applied based on direct labor hours) | 10,000 | |||
| INSTRUCTIONS: | ||||
| 1. Compute the physical units of production. | ||||
| 2. Compute the cost per unit to complete packaging for labor, materials, overhead, and total. | ||||
| 3. Compute equivalent units and cost of work in process as of the end of February. | ||||
| 4. Record journal entries for: | ||||
| a. the movement of materials from materials inventory to each job | ||||
| b. the allocation of payroll to each job | ||||
| c. the application of overhead to each job | ||||
| d. the movement of work in process to finished goods | ||||
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"
