Exam 5: Process Costing

The first step of the 5-step process costing procedure is

In Step 1 of the process costing procedure, the "total units accounted for" is the sum of

The mixing department has 18,000 units and $50,000 in costs for which to account. Of the 18,000 units, 12,000 were completed and transferred to the next department. The 6,000 remaining were 25% complete for conversion costs. Direct materials are added at the beginning of the process, and the conversion costs are added evenly throughout the process. The cost per equivalent unit is $2.25 for direct materials and $0.80 for conversion costs. The total cost of ending WIP is

The following information is provided by Zander Corporation: The units in ending WIP inventory were 80% complete for materials and 45% complete for conversion costs. At the end of the year, what are the equivalent units for conversion costs?

Perfect Pigments has 3,500 gallons of paint in WIP inventory, with 80% of materials already added. What are equivalent units in ending WIP inventory for materials if the paint is 50% through the process?

If a company has no ending work in process inventory, it does not need to use the 5-step process costing procedure to determine the cost of making one unit.

Ready Company adds direct materials at the beginning of the process and adds conversion costs throughout the process. Data for the finishing department follows: What are the equivalent units for direct materials?

Fun Stuff Manufacturing produces frisbees using a three-step process that includes molding, coloring and finishing. Requisition of materials to molding includes a

Color Wheel has 3,500 gallons of paint in WIP inventory, with 75% of materials already added. The paint is 60% through the process. Assuming all conversion costs are added evenly throughout the process, what are the equivalent units for conversion costs?

Conversion costs are generally added evenly throughout a process.

At Sunrise Corporation, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details include: What is the cost per equivalent unit for direct materials?

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

The following information is provided by Alexandria Corporation: The units in ending WIP inventory were 75% complete for materials and 50% complete for conversion costs. At the end of the year, what are the equivalent units for conversion costs?

The following information is provided by Zander Corporation: The units in ending WIP inventory were 80% complete for materials and 45% complete for conversion costs. What are the total equivalent units for direct materials?

The journal entry to record the ultimate completion of the units would include a credit to the WIP inventory account of the last sequential production department.

If all direct materials are added at the end of the production process, and the units have made it 50% of the way through the production process, then the percentage completion for direct materials is 50%.

At Onyx Incorporated, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details include: What is the total cost of units completed and transferred out?

Baxter Company produces wiffle ball sets using a three-step sequential process that includes molding, coloring and finishing. At what stage would the sets be allocated manufacturing overhead?

At Billy Distillery, direct materials are added at the beginning of the process and conversion costs are added throughout the process. Data for the finishing department follows: Required: a. What is the cost per equivalent unit for conversion costs? b. What are the equivalent units for conversion costs?c. What are the equivalent units for direct materials? d. What are the total number of physical units for which to account?

Fun Stuff Manufacturing produces frisbees using a three-step sequential process that includes molding, coloring and finishing. When the frisbees and associated costs are transferred from the molding process to the coloring process, which account is debited?