Exam 3: The Accounting Information System

Equivalent units for materials total 40,000.There were 32,000 units completed and transferred out.Equivalent units for conversion costs equal 36,000.How much are the physical units for conversion costs if ending work in process is 50% complete?

Long Company has recently tried to improve its analysis for its manufacturing process.Units started into production equaled 6,000 and ending work in process equaled 400 units.Long had no beginning work in process inventory.Conversion costs are applied equally throughout production, and materials are applied at the beginning of the process.How much is the materials cost per unit if ending work in process was 25% complete and total materials costs equaled $18,000?

A characteristic of products that are mass-produced in a continuous fashion is that

A department adds raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process.For the month of January, there were no units in the beginning work in process inventory; 90,000 units were started into production in January; and there were 20,000 units that were 40% complete in the ending work in process inventory at the end of January.What were the equivalent units of production for conversion costs for the month of January?

The physical units in a department are another name for the equivalent units of production.

If equivalent units are 15,000 for conversion costs and units transferred out equals 10,000, what stage of completion should the ending work in process be for the 20,000 units remaining?

Crawford Company has the following equivalent units for July: materials 20,000 and conversion costs 18,000.Production cost data are: Materials Conversion Work in process, July 1 \ 6,400 \ 3,000 Costs added in July 50,400 42,000 $\text { The unit production costs for July are: }$ Materials Conversion Costs a. \ 2.52 \ 2.50 b. 2.84 2.33 c. 2.52 2.33 d. 2.84 2.50

Which of the following manufacturing cost elements occurs in a process cost system?

A department had the following information for the month: Total materials costs \ 300,000 Conversion cost per unit \ 3.00 Total manufacturing cost per unit \ 5.00 What are the equivalent units of production for materials?

Equivalent units of production is the sum of units completed and transferred out plus equivalent units of beginning work in process.

In the Shaping Department of Jenkins Company the unit materials cost is $3.00 and the unit conversion cost is $1.80.The department transferred out 8,000 units and had 2,000 units in ending work in process 20% complete.If all materials are added at the beginning of the process, the total cost to be assigned to the ending work in process is

Schiller Company has unit costs of $2 for materials and $6 for conversion costs.There are 5,600 units in ending work in process which are 25% complete as to conversion costs, and fully complete as to materials cost.How much is the total cost assigned to the ending work in process inventory if the FIFO method is used?

Companies often use a combination of a process cost and a job order cost system, called operations costing.

The Cutting Department's output during the period consists of 22,000 units completed and transferred out, and 4,000 units in ending work in process that were 25% complete as to materials and conversion costs.Beginning inventory was 2,000 units that were 25% complete as to materials and conversion costs.Under the FIFO method, what are the equivalent units of production for materials?

Materials costs of $1,200,000 and conversion costs of $1,530,000 were charged to a processing department in the month of September.Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process.There were no units in beginning work in process, 20,000 units were started into production in September, and there were 5,000 units in ending work in process that were 40% complete at the end of September. What was the total amount of manufacturing costs assigned to those units that were completed and transferred out of the process in September?

In a production cost report, which one of the following sections is not shown under Costs?

In the Camria Company, materials are entered at the beginning of the process.If there is no beginning work in process, but there is an ending work in process inventory, the number of equivalent units as to materials costs will be

Department 1 of a two department production process shows: Units Beginning Work in Process 10,000 Ending Work in Process 50,000 Total units to be accounted for 180,000 How many units were transferred out to Department 2?

The total costs accounted for in a production cost report equal the

The total units to be accounted for is computed by adding