Exam 3: The Accounting Information System

Materials costs of $600,000 and conversion costs of $642,600 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, 100,000 units were started into production in September, and there were 8,000 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 the 8,000 units in the ending work in process?

The Molding Department of Kennett Company has the following production data: beginning work in process 25,000 units (60% complete), started into production 475,000 units, completed and transferred out 450,000 units, and ending work in process 50,000 units (40% complete).Assuming materials are entered at the beginning of the process, equivalent units for materials are:

A production cost report

When there is no beginning work in process and materials are entered at the beginning of the process, equivalent units of materials are the same as the units started into production.

The total units accounted for equals units in

A process with no beginning work in process, completed and transferred out 85,000 units during a period and had 50,000 units in the ending work in process inventory that were 30% complete.The equivalent units of production for the period were:

Barnes and Miller Manufacturing is trying to determine the equivalent units for conversion costs with 10,000 units of ending work in process at 80% completion and 32,000 physical units.There are no beginning units in the department.Conversion costs occur evenly throughout the entire production period.What are the equivalent units for conversion costs for the current period?

In process cost accounting, manufacturing costs are summarized on a

The assignment of the three manufacturing cost elements to Work in Process in a process cost system is the same as in a job order cost system.

In the month of June, a department had 20,000 units in beginning work in process that were 70% complete.During June, 90,000 units were transferred into production from another department.At the end of June there were 10,000 units in ending work in process that were 40% complete.Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process.The equivalent units of production for conversion costs for June were

In a process cost system,

When comparing the FIFO with the weighted-average method, the FIFO method provides current cost information.

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 materials for the month of January?

There are no units in process at the beginning of the period, 1,500 units in process at the end of the period that are 40% complete, and 15,000 units transferred out during the period.Based on this information, there were 14,400 equivalent units of production during the period.

The last department in a production process shows the following information at the end of the period: Units Beginning Work in Process 25,000 Started into Production 240,000 Ending Work in Process 50,000 How many units have been transferred out to finished goods during the period?

Which of the following is a true statement about process cost systems?

The Assembly Department shows the following information: Units Beginning Work in Process 20,000 Ending Work in Process 65,000 Units Transferred Out 31,000 How many total units are to be accounted for by the Assembly Department?

The FIFO method is easier to understand and use than the weighted-average method.

In a process cost system, costs are tracked through a series of connected manufacturing processes or departments, rather than by individual jobs.

In a process cost system, unit costs are determined using a