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Exam 5: Process Costing

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Question 31

True/False

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When units are transferred from Processing Department #1 to Processing Department #2,a credit is made to WIP-Processing Department #1 to reflect the transferred-out costs.

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Question 32

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During a period,38,200 units were completed and 5,300 units were in ending WIP Inventory.Ending WIP was 70% complete for direct materials and 50% complete for conversion costs.What are the equivalent units for direct materials?

A) 43,500
B) 40,850
C) 41,910
D) 30,450

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Question 33

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The document many process costing companies use to summarize the entire five-step process on one schedule is called the

In a process costing system,the number of WIP inventories

Which item would appear last on a production cost report?

Fun Stuff Manufacturing produces frisbees using a three-step process that includes molding,coloring and finishing.Which of the following accounts is credited for direct labor used during the molding process?

The journal entry to record the use of direct labor in Processing Department #1 would include a debit to WIP-Processing Department #1.

In a job cost system,all costs flow to a particular job.

At Onyx Incorporated,direct materials are added at the beginning of the process and conversions costs are uniformly applied.Other details include: What are the total equivalent units for direct materials?

The cost per equivalent unit for direct materials will always be equal to the cost per equivalent unit for conversion costs.

The number of partially completed units multiplied by the percentage of process completed equals the number of equivalent units.

Ready Company adds direct materials at the beginning of the process and adds conversion costs throughout the process.Data for the Finishing Department follows: The cost per equivalent unit for conversion costs would be closest to

Assume no beginning WIP Inventory.The ending WIP Inventory is 30% complete for materials.The total number of equivalents for materials would be

The managerial accountant at Pembroke Manufacturing reported the following data: Costs of units transferred to Finished Goods Inventory would be closest to

At Onyx Incorporated,direct materials are added at the beginning of the process and conversions costs are uniformly applied.Other details include: What are the total equivalent units for conversion costs?

For which of the following do we prepare calculations for equivalent units?

When calculating equivalent units in a second or later processing department,all physical units should be considered 50% complete with respect to transferred-in work and costs.

The "total costs to account for" is the sum of the costs in beginning WIP Inventory plus the manufacturing costs added during the period.

What does direct labor costs plus Manufacturing Overhead equal?

In a process system,direct labor and Manufacturing Overhead are normally