Question 1

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

Accepted Answer

A) $61,227 
B) $48,071 
C) $42,859 
D) $122,453 
A) $61,227 
B) $48,071 
C) $42,859 
D) $122,453

Question 2

What are the equivalent units for conversion costs for the month in the first processing department?

Accepted Answer

A) 910 
B) 8,010 
C) 7,100 
D) 8,400 
A) 910 
B) 8,010 
C) 7,100 
D) 8,400

Question 3

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

Accepted Answer

A) $37,278 
B) $33,294 
C) $62,129 
D) $31,065 
A) $37,278 
B) $33,294 
C) $62,129 
D) $31,065

Question 4

What are the equivalent units for conversion costs for the month in the first processing department?

Accepted Answer

A) 9,300 
B) 8,065 
C) 7,400 
D) 665 
A) 9,300 
B) 8,065 
C) 7,400 
D) 665

Question 5

Assume there was no beginning work in process inventory and the ending work in process inventory is 70% complete with respect to conversion costs.Under the weighted-average method, the number of equivalent units of production with respect to conversion costs would be:

Accepted Answer

A) the same as the units completed. 
B) less than the units completed. 
C) the same as the units started during the period. 
D) less than the units started during the period. 
A) the same as the units completed. 
B) less than the units completed. 
C) the same as the units started during the period. 
D) less than the units started during the period.

Question 6

The units in beginning work in process inventory plus the units started into production must equal the units transferred out of the department plus the units in ending work in process inventory.

Accepted Answer

A) True 
 B)False

Question 7

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

Accepted Answer

A) $23,674 
B) $43,043 
C) $30,130 
D) $27,355 
A) $23,674 
B) $43,043 
C) $30,130 
D) $27,355

Question 8

The cost per equivalent unit for materials for the month in the first processing department is closest to:

Accepted Answer

A) $17.01 
B) $17.95 
C) $16.70 
D) $18.29 
A) $17.01 
B) $17.95 
C) $16.70 
D) $18.29

Question 9

The total cost transferred from the first processing department to the next processing department during the month is closest to:

Accepted Answer

A) $476,929 
B) $599,376 
C) $501,600 
D) $525,000 
A) $476,929 
B) $599,376 
C) $501,600 
D) $525,000

Question 10

How many units are in ending work in process inventory in the first processing department at the end of the month?

Accepted Answer

A) 1,900 
B) 1,100 
C) 7,700 
D) 900 
A) 1,900 
B) 1,100 
C) 7,700 
D) 900

Question 11

The cost per equivalent unit for conversion costs for the first department for the month is closest to:

Accepted Answer

A) $41.59 
B) $38.71 
C) $39.61 
D) $36.68 
A) $41.59 
B) $38.71 
C) $39.61 
D) $36.68

Question 12

Holling Inc.uses the weighted-average method in its process costing.The following data concern the company's Mixing Department for the month of December.   Required:
Compute the cost per equivalent unit for materials and conversion for the Mixing Department in December.

Accepted Answer

Weighted-a

Question 13

Jahncke Inc.uses the weighted-average method in its process costing.The following data concern the company's Assembly Department for the month of November.   Required:
Compute the costs per equivalent unit for the Assembly Department for November.

Accepted Answer

Weighted-a

Question 14

In July, one of the processing departments at Junkin Corporation had beginning work in process inventory of $17,000 and ending work in process inventory of $19,000.During the month, $193,000 of costs were added to production and the cost of units transferred out from the department was $191,000.
Required:
Construct a cost reconciliation report for the department for the month of July.

Accepted Answer

The answer of In July, one of the processing departments...

Question 15

Whether a company uses process costing or job-order costing depends on its industry.A number of companies in different industries are listed below:
1.Flour mill
2.Dairy farm
3.Electric utility
4.Custom boat builder
5.Management consulting firm
6.Aluminum refiner that makes aluminum ingots from bauxite ore
Required:
For each company, indicate whether the company is most likely to use job-order costing or process costing.

Accepted Answer

1.Flour mill; Process Costing
2.Dairy fa

Question 16

What are the Fabrication Department's equivalent units of production related to conversion costs for July?

Accepted Answer

A) 62 
B) 78 
C) 100 
D) 90 
A) 62 
B) 78 
C) 100 
D) 90

Question 17

What total amount of cost should be assigned to the units completed and transferred out during October?

Accepted Answer

A) $642,000 
B) $677,500 
C) $690,000 
D) $691,900 
A) $642,000 
B) $677,500 
C) $690,000 
D) $691,900

Question 18

The cost reconciliation report has two sections: "Costs to be accounted for" followed by "Costs accounted for".The "Costs accounted for" portion of the cost reconciliation report includes the cost of beginning work in process inventory and the costs added during the period.

Accepted Answer

A) True 
 B)False

Question 19

What are the equivalent units for materials for the month in the first processing department?

Accepted Answer

A) 840 
B) 6,940 
C) 7,500 
D) 6,100 
A) 840 
B) 6,940 
C) 7,500 
D) 6,100

Question 20

Hache Corporation uses the weighted-average method in its process costing system.The first processing department, the Welding Department, started the month with 17,000 units in its beginning work in process inventory that were 20% complete with respect to conversion costs.The conversion cost in this beginning work in process inventory was $7,480.An additional 89,000 units were started into production during the month and 92,000 units were completed in the Welding Department and transferred to the next processing department.There were 14,000 units in the ending work in process inventory of the Welding Department that were 90% complete with respect to conversion costs.A total of $202,400 in conversion costs were incurred in the department during the month. The cost per equivalent unit for conversion costs for the month is closest to:

Accepted Answer

A) $1.965 
B) $2.200 
C) $2.007 
D) $2.274 
A) $1.965 
B) $2.200 
C) $2.007 
D) $2.274

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

What are the equivalent units for conversion costs for the month in the first processing department?

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

What are the equivalent units for conversion costs for the month in the first processing department?

Assume there was no beginning work in process inventory and the ending work in process inventory is 70% complete with respect to conversion costs.Under the weighted-average method, the number of equivalent units of production with respect to conversion costs would be:

The units in beginning work in process inventory plus the units started into production must equal the units transferred out of the department plus the units in ending work in process inventory.

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

The cost per equivalent unit for materials for the month in the first processing department is closest to:

The total cost transferred from the first processing department to the next processing department during the month is closest to:

How many units are in ending work in process inventory in the first processing department at the end of the month?

The cost per equivalent unit for conversion costs for the first department for the month is closest to:

Holling Inc.uses the weighted-average method in its process costing.The following data concern the company's Mixing Department for the month of December. Required: Compute the cost per equivalent unit for materials and conversion for the Mixing Department in December.

Jahncke Inc.uses the weighted-average method in its process costing.The following data concern the company's Assembly Department for the month of November. Required: Compute the costs per equivalent unit for the Assembly Department for November.

What are the Fabrication Department's equivalent units of production related to conversion costs for July?

What total amount of cost should be assigned to the units completed and transferred out during October?

The cost reconciliation report has two sections: "Costs to be accounted for" followed by "Costs accounted for".The "Costs accounted for" portion of the cost reconciliation report includes the cost of beginning work in process inventory and the costs added during the period.

What are the equivalent units for materials for the month in the first processing department?

Managerial Accounting and Cost Concepts

Job-Order Costing: Calculating Unit Product Costs

Job-Order Costing: Cost Flows and External Reporting

Activity-Based Costing

Cost-Volume-Profit Relationships

Variable Costing and Segment Reporting: Tools for Management

Master Budgeting

Performance Measurement in Decentralized Organizations

Differential Analysis: The Key to Decision Making

Capital Budgeting Decisions

Flexible Budgets Standard Costs and Variance Analysis

Statement of Cash Flows

Financial Statement Analysis

Job-Order Costing: Cost Flows and External Reporting

Process Costing6 Cost-Volume-Profit Relationships

Cost-Volume-Profit Relationships

Flexible Budgets, Standard Costs, and Variance Analysis

Flexible Budgets, Standard Costs, and Variance Analysis

A Capital Budgeting Decisions

A Statement of Cash Flows

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Exam 5: Process Costing6 Cost-Volume-Profit Relationships

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

What are the equivalent units for conversion costs for the month in the first processing department?

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

What are the equivalent units for conversion costs for the month in the first processing department?

Assume there was no beginning work in process inventory and the ending work in process inventory is 70% complete with respect to conversion costs.Under the weighted-average method, the number of equivalent units of production with respect to conversion costs would be:

The units in beginning work in process inventory plus the units started into production must equal the units transferred out of the department plus the units in ending work in process inventory.

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

The cost per equivalent unit for materials for the month in the first processing department is closest to:

The total cost transferred from the first processing department to the next processing department during the month is closest to:

How many units are in ending work in process inventory in the first processing department at the end of the month?

The cost per equivalent unit for conversion costs for the first department for the month is closest to:

Holling Inc.uses the weighted-average method in its process costing.The following data concern the company's Mixing Department for the month of December. Required: Compute the cost per equivalent unit for materials and conversion for the Mixing Department in December.

Jahncke Inc.uses the weighted-average method in its process costing.The following data concern the company's Assembly Department for the month of November. Required: Compute the costs per equivalent unit for the Assembly Department for November.

What are the Fabrication Department's equivalent units of production related to conversion costs for July?

What total amount of cost should be assigned to the units completed and transferred out during October?

The cost reconciliation report has two sections: "Costs to be accounted for" followed by "Costs accounted for".The "Costs accounted for" portion of the cost reconciliation report includes the cost of beginning work in process inventory and the costs added during the period.

What are the equivalent units for materials for the month in the first processing department?

Managerial Accounting and Cost Concepts

Job-Order Costing: Calculating Unit Product Costs

Job-Order Costing: Cost Flows and External Reporting

Activity-Based Costing

Cost-Volume-Profit Relationships

Variable Costing and Segment Reporting: Tools for Management

Master Budgeting

Performance Measurement in Decentralized Organizations

Differential Analysis: The Key to Decision Making

Capital Budgeting Decisions

Flexible Budgets Standard Costs and Variance Analysis

Statement of Cash Flows

Financial Statement Analysis

Job-Order Costing: Cost Flows and External Reporting

Process Costing6 Cost-Volume-Profit Relationships

Cost-Volume-Profit Relationships

Flexible Budgets, Standard Costs, and Variance Analysis

Flexible Budgets, Standard Costs, and Variance Analysis

A Capital Budgeting Decisions

A Statement of Cash Flows

Filters