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Multiple choice: 2. (TCO 1) Which of the following statements regarding financial accounting and managerial accounting is incorrect?
Financial accounting is focused on decision making, whereas managerial accounting information is concerned with reporting historical transactions accurately.
Essay Question:
2. (TCO 3) James Company uses process costing to track its costs in two sequential production departments: Forming and Finishing. The following information is provided regarding the Forming Department:
Forming Department
Month Ended July 31
Unit information
Beginning work in process, July 1 --- 6,000
Started into production during July --- 18,000
Completed and transferred to Finished Department during July --- 16,000
Ending work in process, July 31 (30% complete as to direct materials and 40% complete as to conversion costs) --- 8,000
Cost information:
Beginning work in process as of July 1 (consists of $5,000 of direct materials costs and $9,500 of conversion costs) --- $14,500
Direct materials used in July --- $27,936
Conversion costs incurred in July --- $34,350
Required:
(a) Calculate the equivalent units for direct materials. (Show your work)
(b) Calculate the cost per equivalent unit for direct materials. (Show your work) (Points : 30)
Question 3. 3. (TCO 6) Classify each of the costs below within the ABC costing hierarchy as either unit-level, batch-level, product-level, or facility-level.
(a) Factory insurance
(b) Direct labor
(c) Costs to develop new products
(d) Painting each product
(e) Receiving raw materials from suppliers
(f) Training costs on sexual harassment in the workplace (Points : 30)
