Exam 5: Process Costing

At Hodgson Corporation, 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 remaining in ending WIP?

Martinson 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

The full-time employees at Rocky Corporation work 8 hours per day, while the part-time employees work 6 hours per day. Rocky has 2,250 full-time employees and 900 part-time employees. What is the number of full-time equivalent employees?

At Sunrise 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?

The costing system used by a company making computer chips would be

To find the "cost per equivalent unit," the "total costs to account for" are divided by the "total direct materials."

Sunnyside Orchards, a juice manufacturer, uses a process that adds flavoring at the beginning of the process and vitamins and minerals 65% of the way through the process. Conversion costs are evenly distributed. Assume there are no beginning inventories. The company started making 14,000 gallons of the drink, and the 1,500 gallons left in ending WIP were 50% of the way through the process. The number of equivalent units for conversion costs is

Manufacturing costs are usually combined into two categories in a process costing system. These two categories are

At Panther Company, materials are added at the beginning of the process and conversion costs are added uniformly. The total cost of units remaining in ending WIP inventory is closest to

Prime costs include direct labor and direct materials.

At Onyx Incorporated, 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?

A shampoo manufacturer offers the following information: The units in ending WIP inventory were 60% complete for materials and 40% complete for conversion costs. On December 31, what is the total cost of units completed and transferred?

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

At Hodgson Corporation, 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?

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 cost per equivalent unit for conversion costs would be closest to

Process costing would likely be used by which of the following?

Conversion costs are the sum of direct labor and direct materials.

In a process system, direct labor and manufacturing overhead are normally

If all direct materials are added at the beginning 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%.

In a process costing system, the number of WIP inventories