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Question 2.2. (TCO 6) Smile Labs develops 35mm film using a four-
step process that moves progressively through four departments. The
company specializes in overnight service and has the largest drug store
chain as its primary customer. Currently, direct labor, direct materials,
and overhead are accumulated by department. The cost accumulation
system that best describes the system that Smile Labs is using is: (Points :
7)
Question 3.3. (TCO 3) Kerner Manufacturing uses a process cost system
to manufacture laptop computers. The following information
summarizes operations relating to laptop computer model #KJK20
during the quarter ending March 31:
Units
Direct Labor
Work-in-process inventory, January 1
100
$50,000
Started during the quarter
500
Completed during the quarter
400
Work-in-process inventory, March 31
200
Costs added during the quarter
$720,000
Beginning work-in-process inventory was 50% complete for direct labor
costs. Ending work-in-process inventory was 75% complete for direct
labor costs. What is the equivalent unit of production using the
weighted-average unit cost inventory valuation method? (Points : 7)