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Exam 5: Cost-Volume-Profit Relationships

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Question 1

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Kuzuck 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 total cost transferred from the first processing department to the next processing department during the month is closest to:

A) $562,368
B) $543,200
C) $527,220
D) $536,200

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Question 2

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Acklac Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 700 units. The costs and percentage completion of these units in beginning inventory were: A total of 9,200 units were started and 8,300 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 75% complete with respect to materials and 15% 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 of ending work in process inventory in the first processing department according to the company's cost system is closest to:

A) $33,273
B) $11,769
C) $78,462
D) $58,847

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Question 3

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Rariton Corporation uses the weighted-average method in its process costing system. The Molding Department is the second department in its production process. The data below summarize the department's operations in January. The Molding Department's cost per equivalent unit for conversion cost for January was $5.37. How much conversion cost was assigned to the ending work in process inventory in the Molding Department for January?

Baker Corporation uses the weighted-average method in its process costing system. The Assembly Department started the month with 8,000 units in its beginning work in process inventory that were 90% complete with respect to conversion costs. An additional 95,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 11,000 units in the ending work in process inventory of the Assembly Department that were 90% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Assembly Department for the month?

Harker Corporation uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 16,000 units in its beginning work in process inventory that were 40% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $29,440. An additional 59,000 units were started into production during the month and 61,000 units were completed in the Welding Department and transferred to the next processing department. There were 14,000 units in the ending work in process inventory of the Welding Department that were 10% complete with respect to conversion costs. A total of $246,400 in conversion costs were incurred in the department during the month. The cost per equivalent unit for conversion costs for the month is closest to:

Able Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Required: a. Determine the equivalent units of production. b. Determine the costs per equivalent unit. c. Determine the cost of ending work in process inventory. d. Determine the cost of the units transferred to the next department.

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 at least three decimal places. The cost per equivalent unit for conversion costs for the first department for the month is closest to:

In July, one of the processing departments at Gulbranson Corporation had beginning work in process inventory of $14,000 and ending work in process inventory of $18,000. During the month, $165,000 of costs were added to production and the cost of units transferred out from the department was $161,000. Required: Construct a cost reconciliation report for the department for the month of July.

Which of the following companies would be most likely to use a process costing system?

Hache 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 materials for the month in the first processing department?

Fulton 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 9,900 units were started and 8,900 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 total cost transferred from the first processing department to the next processing department during the month is closest to:

Lumb 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 conversion costs for the first department for the month is closest to:

Under the weighted-average method, the equivalent units used to compute the unit costs of ending inventories relate only to work done during the current period.

The "costs to be accounted for" portion of the cost reconciliation report includes the cost of beginning work in process inventory and the costs added during the period.

Evans Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 900 units. The costs and percentage completion of these units in beginning inventory were: A total of 8,100 units were started and 6,800 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 60% 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. What are the equivalent units for conversion costs for the month in the first processing department?

Sydnor Inc. has provided the following data concerning the Assembly Department for the month of April. The company uses the weighted-average method in its process costing. During the month, 7,000 units were completed and transferred from the Assembly Department to the next department. Required: Determine the cost of ending work in process inventory and the cost of units transferred out of the department during April using the weighted-average method.

Which of the following journal entries would be used to record application of manufacturing overhead to work in process in a process costing system with two processing departments, Department A and Department B?

Yoder 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 many units were completed and transferred to the next department during the month?

The following information relates to the Blending Department of Kedakai Products Corporation for the month of May. Kedakai uses a weighted-average process costing system. What are the Blending Department's equivalent units related to materials for May?

Kamp Company uses the weighted-average method in its process costing. Information about units processed during a recent month in the Curing Department follow: The beginning work in process inventory had $4,600 in conversion cost. During the month, the Department incurred an additional $210,000 in conversion cost. Required: a. Determine the equivalent units of production for conversion for the month. b. Determine the cost per equivalent unit of production for conversion for the month. c. Determine the conversion cost assigned to the ending work in process inventory. d. Determine the total conversion cost transferred out during the month.