100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
WGU C253 OA ADVANCED MANAGERIAL ACCOUNTING FINAL EXAM PRACTICE 2024 /QUESTIONS WITH CORRECT DETAILED ANSWERS AND ELABORATIONS/A+ CA$20.31   Add to cart
Quickly navigate to
Preview
  2.  
  3. Wgu
  4.  
  5. WGU C253 OA

Exam (elaborations)

WGU C253 OA ADVANCED MANAGERIAL ACCOUNTING FINAL EXAM PRACTICE 2024 /QUESTIONS WITH CORRECT DETAILED ANSWERS AND ELABORATIONS/A+

1 review
 153 views  5 purchases
  • Course
  • WGU C253 OA
  • Institution
  • Wgu

WGU C253 OA ADVANCED MANAGERIAL ACCOUNTING FINAL EXAM PRACTICE 2024 /QUESTIONS WITH CORRECT DETAILED ANSWERS AND ELABORATIONS/A+ 1. Which type of business should use process costing? a) Accounting firm b) Dentist office c) Oil refinery d) Custom home builder 2. A company had 1...

[Show more]

Preview 2 out of 15  pages

Document information

  • February 9, 2024
  • 15
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • wgu c253 oa advanced managerial accounting final e

Written for

  • Wgu
  • WGU C253 OA
All documents for this subject (1)

1  review

review-writer-avatar

By: marielouise1 • 9 months ago

Seller

avatar-seller
Nerdsplug

Reviews received

Content preview

WGU C253 OA ADVANCED MANAGERIAL ACCOUNTING FINAL EXAM PRACTICE 2024 /QUESTIONS WITH CORRECT DETAILED ANSWERS AND ELABORATIONS/A+ 1. Which type of business should use process costing? a) Accounting firm b) Dentist office c) Oil refinery d) Custom home builder 2. A company had 1,000 units in beginning work in process, 80% complete for materials and 30% complete for conversion. During the period,10,000 units were started. At the end of the month, 700 units were in ending work in process: 70% complete for materials, and 40% complete for conversion. What is the equivalent units for conversion using the first-in, first-out (FIFO) method? Equivalent units = (1,000*.70)+(9,300*1)+(700*.40) = 10,280 units 3. A company has a contract to manufacture 15 units of Job A, and it is the only job in production at this time. It will take 10 machine hours to complete Job A. The company has $200 of beginning materials inventory and purchases $1,000 of additional materials . The direct labor cost is $500 , and the ending material inventory will be $400 . What is the per-unit cost of this job if overhead is allocated based on $25 per machine hour? Cost/unit = ((200+1,000 -400)+(500)+(10*25))/15 = 103.33 2 | P a g e 4. A company uses the first-in, first-out (FIFO) method for its process costing. The following data is for February operations: Units in Beginning Inventory 800 Units Started into Production 12,000 Units in Ending Inventory 300 Units Transferred to the Next Department 12,500 Material Conversion Percentage Completion of Beginning Inventory 80% 30% Percentage Completion of Ending Inventory 90% 40% Beginning inventory consisted of $1,200 of material costs and $800 of conversion costs. A total of $72,000 was added during the month of February, which consisted of $31,000 of materials and $41,000 of conversion costs . What is the cost assigned to ending work in process inventory? Equivalent units Materials Conversion Beg Inventory 160 560 Started and completed 11700 11,700 End Inventory 270 120 Equivalent units 12,130 12,380 Costs added during period $31,000 41,000 Cost/eq. unit 31,000/12,130 41,000/12,380 =2.56 =3.31 Cost of End Inventory = (270*2.56)691.20+(120*3.31) 397.2= 1,088.40

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Nerdsplug. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$20.31. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75632 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$20.31  5x  sold
  • (1)
  Add to cart