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Exam 7: Process Costing

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Question 71

Multiple Choice

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The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

A) $54,299
B) $51,613
C) $58,495
D) $68,817

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Question 72

Multiple Choice

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Which of the following statements about a process costing system is incorrect?

A) In a process costing system, each processing department has a work in process account.
B) In a process costing system, equivalent units are separately computed for materials and for conversion costs.
C) In a process costing system, overhead can be underapplied or overapplied just as in job-order costing.
D) In a process costing system, materials costs are traced to units of products.

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Question 73

Multiple Choice

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Valley Manufacturing Corporation's beginning work in process inventory consisted of 10,000 units, 100% complete with respect to materials cost and 40% complete with respect to conversion costs. The total cost in the beginning inventory was $30,000. During the month, 50,000 units were transferred out. The equivalent unit cost was computed to be $2.00 for materials and $3.70 for conversion costs under the weighted-average method. Given this information, the total cost of the units completed and transferred out was:

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.

What are the equivalent units for conversion costs for the month in the first processing department?

What was the cost per equivalent unit for materials during the month?