Exam 5: Process Costing

The mixing department has 44,000 equivalent units of direct materials and 25,000 equivalent units of conversion costs. The direct materials cost $33,000, and the conversion costs are $10,000. Assuming no beginning inventory, the total cost per equivalent unit is

Brambles Corporation has two sequential processing departments: Assembly then Shaping. The Shaping Department reports the following information. Conversion costs are applied evenly throughout the process. What is the total number of equivalent units for direct materials?

During a period, 38,200 units were completed and 4,200 units were in ending WIP inventory. Ending WIP was 75% complete for direct materials and 50% complete for conversion costs. What are the equivalent units for conversion costs?

The weighted average and FIFO methods differ only in how they treat beginning inventory.

Second or subsequent departments must account for units and costs transferred in from previous departments.

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

Ready Company adds direct materials at the beginning of the process and adds conversion costs throughout the process. Data for the finishing department follows: The total number of physical units for which we have to account is

At Hodgson Corporation, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details include: What are the total equivalent units for direct materials?

Wong completed 24,000 units and had another 6,000 units 45% complete. The total equivalent units for the period are 26,700.

Fun Stuff Manufacturing produces frisbees using a three-step process that includes molding, coloring and finishing. Which of the following accounts is credited when material requests are filled?

Cost for direct materials, direct labor and manufacturing overhead are assigned to each job.

In process costing, when multiple production steps are required, the five-step process costing procedure must be completed in each production department.

Each manufacturing process will have a WIP inventory account.

A business has 175 full-time workers who work 8 hours per day. They have 130 part-time workers who work 4 hours per day. What is the number of full-time equivalent employees?

In a job cost system, all costs flow to a particular job.

For which of the following do we prepare calculations for equivalent units?

If a company has a series of processes, the company uses just one work-in-process account.

A tennis ball maker gives us its data for the year: Units in ending WIP inventory were 90% complete for materials and 60% complete for conversion costs. On December 31, the total costs of units complete and transferred would be closest to

Yummy Tummy Desserts has 3,200 quarts of ice cream in WIP inventory, with all materials already added. What are equivalent units in ending WIP inventory for materials if the ice cream is 75% through the process?

The "total physical units to account for" must be greater than the "total physical units accounted for."