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AC420 Unit 4 Seminar Quiz

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$5.00


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AC420 Unit 4 Seminar Quiz

  1. The law firm of Taub & Lawson, LLP, currently has three cases in process. Following is information related to those cases as of the end of March 2013: Taub & Lawson allocates overhead based on a predetermined rate of $150 per estimated court hour. Determine the total costs assigned to Case #1 and Case #2.
  2. The law firm of Taub & Lawson, LLP, currently has three cases in process. Direct labor is charged at a rate of $190 per hour; overhead is allocated based on a predetermined rate of $150 per estimated court hour.

    Case #3 was completed at the end of April 2013. At that time, $10,100 of direct materials had been used and 174 direct labor hours had been incurred. Of the DLHs, 72 had been spent in court. Taub & Lawson's policy is to charge client costs plus 45 percent.
    What amount will be billed to the client involved in Case #3?
  3. Use the following information to answer questions 3, 4, and 5.

    O'Malley Corp. uses a process costing system. Material is added at the beginning of the production process and overhead is applied on the basis of direct labor. O 'Malley 's records indicate that 70,000 units were in process at the beginning of May 2013; these units were 30 percent complete as to conversion. In May, the company started 445,300 and completed 427,500 units. May's ending inventory was 35 percent complete as to conversion.

    During May 2013, how many units did O'Malley Corp. start and complete?
  4. Use the following information to answer questions 3, 4, and 5.

    O'Malley Corp. uses a process costing system. Material is added at the beginning of the production process and overhead is applied on the basis of direct labor. O 'Malley 's records indicate that 70,000 units were in process at the beginning of May 2013; these units were 30 percent complete as to conversion. In May, the company started 445,300 and completed 427,500 units. May's ending inventory was 35 percent complete as to conversion.

    Assuming O'Malley Corp uses the weighted average method of process costing, what are the equivalent units of production for direct material and conversion, respectively?
  5. Use the following information to answer questions 3, 4, and 5.

    O'Malley Corp. uses a process costing system. Material is added at the beginning of the production process and overhead is applied on the basis of direct labor. O 'Malley 's records indicate that 70,000 units were in process at the beginning of May 2013; these units were 30 percent complete as to conversion. In May, the company started 445,300 and completed 427,500 units. May's ending inventory was 35 percent complete as to conversion.

    Assuming O'Malley Corp uses the FIFO method of process costing, what are the equivalent units of production for direct material and conversion, respectively?

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