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Exam 4: Process Costing

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Question 1

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Whiston Corporation uses the weighted-average method in its process costing system.The following data were taken from the records of the first processing department for a recent month. Required: a.How many units were transferred to the next department during the month? b.What were the equivalent units of production for materials and for conversion costs for the month? c.What were the costs per equivalent unit of production for materials and for conversion costs for the month? d.What was the cost of the ending work in process inventory in the department at the end of the month? e.What was the cost of the units completed and transferred to the next department during the month?

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Weighted-average method a.Units completed and transferred out = Units in beginning work in process inventory + Units started into production or transferred in - Units in ending work in process inventory Units completed and transferred out = 40 + 190 - 30 = 200 b.Weighted-average method equivalent units of production 11ea7761_18ad_39d5_81a5_9b41796d4380_TB2580_00 c.Weighted-average method cost per equivalent unit 11ea7761_18ad_60e6_81a5_650563b59968_TB2580_00 d.Weighted-average method: 11ea7761_18ad_60e7_81a5_9b4a51457228_TB2580_00 e.Weighted-average method: 11ea7761_18ad_60e8_81a5_9569b4eaba1b_TB2580_00

Question 2

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Lucas Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

A) $13,570
B) $50,888
C) $30,660
D) $67,851

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Question 3

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Holling Inc.uses the weighted-average method in its process costing.The following data concern the company's Mixing Department for the month of December. Required: Compute the cost per equivalent unit for materials and conversion for the Mixing Department in December.

In June, one of the processing departments at Furbush Corporation had ending work in process inventory of $12,000. During the month, $404,000 of costs were added to production and the cost of units transferred out from the department was $426,000. -In the department's cost reconciliation report for January,the cost of beginning work in process inventory for the department would be:

Haffner Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -What are the equivalent units for conversion costs for the month in the first processing department?

Bistrol Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were: A total of 8,400 units were started and 7,500 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: The ending inventory was 70% complete with respect to materials and 60% complete with respect to conversion costs. Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -The cost per equivalent unit for conversion costs for the first department for the month is closest to:

Lucas Corporation uses the weighted-average method in its process costing system.The company adds materials at the beginning of the process in the Forming Department,which is the first of two stages in its production process.Information concerning operations in the Forming Department in October follows: What was the materials cost of work in process at October 31?

Greenham Corporation uses the weighted-average method in its process costing.The following data pertain to its Materials Preparation Department for November. Required: Determine the equivalent units of production for the Materials Preparation Department for November using the weighted-average method.

Which of the following journal entries would be used to record direct labor costs in a company having two processing departments (Department A and Department B)?

Walbin Corporation uses the weighted-average method in its process costing system.The beginning work in process inventory in a particular department consisted of 12,000 units,100% complete with respect to materials cost and 20% complete with respect to conversion costs.The total cost in the beginning work in process inventory was $39,400.A total of 42,000 units were transferred out of the department during the month.The costs per equivalent unit were computed to be $2.40 for materials and $4.50 for conversion costs.The total cost of the units completed and transferred out of the department was:

Jublot Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to three decimal places. -The cost per equivalent unit for conversion costs for the first department for the month is closest to:

In June, one of the processing departments at Furbush Corporation had ending work in process inventory of $12,000. During the month, $404,000 of costs were added to production and the cost of units transferred out from the department was $426,000. -In the department's cost reconciliation report for August,the cost of units transferred out of the department would be:

Haffner Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -The cost per equivalent unit for materials for the month in the first processing department is closest to:

Bistrol Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were: A total of 8,400 units were started and 7,500 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: The ending inventory was 70% complete with respect to materials and 60% complete with respect to conversion costs. Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -The cost per equivalent unit for materials for the month in the first processing department is closest to:

Sumter Corporation uses the weighted-average method in its process costing system. The following data pertain to operations in the first processing department for a recent month: -How much cost,in total,was assigned to the units transferred out to the next department during the month?

Janner Corporation uses the weighted-average method in its process costing system.Operating data for the Painting Department for the month of April appear below: What were the equivalent units for conversion costs in the Painting Department for April?

In a process costing system,costs are traced directly to jobs.

In a process costing system,manufacturing overhead cost is also called conversion cost.

Esty Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were: A total of 7,700 units were started and 6,600 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: The ending inventory was 70% complete with respect to materials and 10% complete with respect to conversion costs. Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -The total cost transferred from the first processing department to the next processing department during the month is closest to:

The "costs to be accounted for" portion of the cost reconciliation report includes the cost of beginning work in process inventory and the cost of units transferred out.