Bost Products Inc. manufactures plastic products and uses process costing to account for the cost of products manufactured. All product costs are added evenly throughout the production process. The following information was available for the plastic department for the month of December: $\begin{array}{lrr} &\text { Number }&\text { Production }\\ & \underline{\text { of units }}& \underline{\text { Costs }}\\ \text { Beginning work-in-process ( } 60 \% \text { complete) } & 20000 & \$72000 \\ \text { Current period production } &300000 & 1809000 \\ \text { Ending work-in-process ( } 35 \% \text { complete) } & 10000 & \end{array}$ -If Bost uses the weighted-average method of computing equivalent units and assigning product costs,what is the cost of goods manufactured in December?

A) $1 860 805 B) $1 860 000 C) $1 877 500 D) $1 858 565 A) $1 860 805 B) $1 860 000 C) $1 877 500 D) $1 858 565

Peace Products Inc. Peace Products Inc. uses process costing. The following information was available for the current year: $\begin{array}{lrr} &\text { Number }&\text { Production }\\ & \underline{\text { of units }}& \underline{\text { Costs }}\\ \text { Beginning work-in-process ( } 20 \% \text { complete) } & 1000 & \$ 5850 \\ \text { Current period production } & 40000 & 604500 \\ \text { Ending work-in-process ( } 70 \% \text { complete) } & 6000 & \end{array}$ -If Peace uses the first-in,first-out (FIFO)method of computing equivalent units and assigning product costs,what is the cost per equivalent unit? (round to nearest cent)

A) $15.11 B) $13.56 C) $15.50 D) $15.65 A) $15.11 B) $13.56 C) $15.50 D) $15.65

Peace Products Inc. Peace Products Inc. uses process costing. The following information was available for the current year: $\begin{array}{lrr} &\text { Number }&\text { Production }\\ & \underline{\text { of units }}& \underline{\text { Costs }}\\ \text { Beginning work-in-process ( } 20 \% \text { complete) } & 1000 & \$ 5850 \\ \text { Current period production } & 40000 & 604500 \\ \text { Ending work-in-process ( } 70 \% \text { complete) } & 6000 & \end{array}$ -If Peace uses the first-in,first-out (FIFO)method of computing equivalent units and assigning product costs,what is the cost of goods manufactured for the year?

A) $517 350 B) $539 400 C) $544 620 D) $545 250 A) $517 350 B) $539 400 C) $544 620 D) $545 250

Peace Products Inc. Peace Products Inc. uses process costing. The following information was available for the current year: $\begin{array}{lrr} &\text { Number }&\text { Production }\\ & \underline{\text { of units }}& \underline{\text { Costs }}\\ \text { Beginning work-in-process ( } 20 \% \text { complete) } & 1000 & \$ 5850 \\ \text { Current period production } & 40000 & 604500 \\ \text { Ending work-in-process ( } 70 \% \text { complete) } & 6000 & \end{array}$ -If Peace uses the first-in,first-out (FIFO)method of computing equivalent units and assigning product costs,what is the cost of ending work-in-process inventory?

A) $65 100 B) $65 730 C) $93 000 D) $93 900 A) $65 100 B) $65 730 C) $93 000 D) $93 900

Delaney Products uses process costing.The following information is available for the current year: \[\begin{array} { l r l } \text { Number of units in bepinnine wark-in-pracess inventary } & \text { 3000 } & \text { (25\% complete) } \\ \text { Number of urits started in the curent period } & 50 000 & \\ \text { Number of units in endine wark-in-process inventary } & \text { 9000 } & \text { (10\% complete) } \end{array}\] If Delaney has already calculated their cost per equivalent unit to be $18 per unit,what would be the cost of the ending work-in-process inventory assuming they use the weighted-average method?

A) $ 29 700 B) $ 16 200 C) $145 800 D) $162 000 A) $ 29 700 B) $ 16 200 C) $145 800 D) $162 000

Maximilian CD producers use the weighted average method of process costing.The following information was available for the current year: $\begin{array}{lcc} & \text {Number } & \text {Production } \\ &\underline{ \text {of units } } &\underline{\text { costs }}\\ \text { Beginning work-in-process ( \( 30 \% $ complete) } &4000&\$7000\\ \text {Goods completed in the period } &65000&142000\\ \text { Ending work-in-process ( $ 40 \% $ complete) } &7000\\ \end{array}\) Required: A. How many total equivalent units were completed during the year? B. What was the cost per equivalent urit? C. What is the cost allocated to the ending work-in-process units? D. What is cost of goods manufactured for the year?

A. Total equivalent units @#LAT-DLM& @#LAT-DLM&

Exam 5: Process Costing Systems

Howell Manufacturers had no units in process at the beginning of the year.During the current year,40 000 units were started.There were 5000 units in work-in-process at the end of the year.These units were 35 per cent complete.If total production costs for the year were $275 625,what should be the cost per equivalent unit?

(Multiple Choice)

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Question 21

In its initial year of operation, Sampson Production started and completed 2000 identical telephones and had 1000 telephones that were 30 per cent complete in work-in-process at the end of the year. Total production costs for the year were $40 000. -How many total equivalent units of telephones were completed during the year?

(Multiple Choice)

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Question 22

Bost Products Inc. manufactures plastic products and uses process costing to account for the cost of products manufactured. All product costs are added evenly throughout the production process. The following information was available for the plastic department for the month of December: Number Production Beginning work-in-process ( 60\% complete) 20000 \7 2000 Current period production 300000 1809000 Ending work-in-process ( 35\% complete) 10000 -If Bost uses the weighted-average method of computing equivalent units and assigning product costs,what is the cost of goods manufactured in December?

(Multiple Choice)

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Question 23

Peace Products Inc. Peace Products Inc. uses process costing. The following information was available for the current year: Number Production Beginning work-in-process ( 20\% complete) 1000 \ 5850 Current period production 40000 604500 Ending work-in-process ( 70\% complete) 6000 -If Peace uses the first-in,first-out (FIFO)method of computing equivalent units and assigning product costs,what is the cost per equivalent unit? (round to nearest cent)

(Multiple Choice)

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Question 24

Which costs should be included in the calculation of the cost per equivalent unit using the FIFO method of process costing?

(Multiple Choice)

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Question 25

Which of the following statements is true regarding process costing?

(Multiple Choice)

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Question 26

Peace Products Inc. Peace Products Inc. uses process costing. The following information was available for the current year: Number Production Beginning work-in-process ( 20\% complete) 1000 \ 5850 Current period production 40000 604500 Ending work-in-process ( 70\% complete) 6000 -If Peace uses the first-in,first-out (FIFO)method of computing equivalent units and assigning product costs,what is the cost of goods manufactured for the year?

(Multiple Choice)

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Question 27

Peace Products Inc. Peace Products Inc. uses process costing. The following information was available for the current year: Number Production Beginning work-in-process ( 20\% complete) 1000 \ 5850 Current period production 40000 604500 Ending work-in-process ( 70\% complete) 6000 -If Peace uses the first-in,first-out (FIFO)method of computing equivalent units and assigning product costs,what is the cost of ending work-in-process inventory?

(Multiple Choice)

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Question 28

What are the two types of spoilage costs for process costing?

(Multiple Choice)

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Question 29

Delaney Products uses process costing.The following information is available for the current year: Number of units in bepinnine wark-in-pracess inventary 3000 (25\% complete) Number of urits started in the curent period 50000 Number of units in endine wark-in-process inventary 9000 (10\% complete) If Delaney has already calculated their cost per equivalent unit to be $18 per unit,what would be the cost of the ending work-in-process inventory assuming they use the weighted-average method?

(Multiple Choice)

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Question 30

Why do different resources have different equivalent units of production?

(Essay)

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Question 31

Maximilian CD producers use the weighted average method of process costing.The following information was available for the current year: Number Production Beginning work-in-process ( 30 \% complete) 4000 \7 000 Goods completed in the period 65000 142000 Ending work-in-process ( 40\% complete) 7000 Required: A. How many total equivalent units were completed during the year? B. What was the cost per equivalent urit? C. What is the cost allocated to the ending work-in-process units? D. What is cost of goods manufactured for the year?

(Essay)

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Question 32

Harrelson Products uses the first-in,first-out (FIFO)method of process costing.The following information was available for the current year: Number Production Beginning work-in-process ( 40 \% complete) 1000 \6 400 Units started this period (current period production work) 200000 2730000 Ending work-in-process ( 20\% complete) 30000 Required: A. How many total equivalent units were completed during the year? B. What was the cost per equivalent unit? C. What is the cost allocated to the ending work-in-pracess units? D. What is cost of goods manufactured for the year?

(Essay)

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Question 33

Jet Products had no units in process at the beginning of the year.Jet uses process costing and has calculated 45 000 total equivalent units completed during the year.If there were 53 000 units started in the current period and 10 000 units in ending work-in-process,what percentage complete were the ending inventory units?

(Multiple Choice)

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Question 34

In its initial year of operation, Sampson Production started and completed 2000 identical telephones and had 1000 telephones that were 30 per cent complete in work-in-process at the end of the year. Total production costs for the year were $40 000. -If Sampson Production had a beginning inventory equal to $5000 comprised of 2000 telephones 50 per cent complete which were all completed this period,and all other numbers were as reported,what is the new cost per equivalent unit,assuming weighted average process costing?

(Multiple Choice)

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Question 35

Which of the following statements is true regarding the FIFO method of process costing?

(Multiple Choice)

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Question 36

Hudson Manufacturing uses process costing.The following information was available for the current year: Number of units in bepinnine wark-in-pracess inventary 5000 (20\% complete) Number of urits started in the curent period 60 000 Number of units in endine wark-in-process inventary 8000 (60\% complete) Required: A. If Hudson uses the first-in, first-dut (FIFO) method, calculate tatal equivalent units far the year. B. If Hudson uses the weighted-average method calculate total equivalent units for the year.

(Essay)

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Question 37

Which of the following companies would be the most likely to adopt a process costing system?

(Multiple Choice)

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Question 38

Which of the following statements is true regarding the weighted-average method of process costing?

(Multiple Choice)

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Question 39

Which type(s)of cost(s)are accumulated,tracked,and assigned to products when a company uses process costing?

(Multiple Choice)

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Question 40

Which costs should be included in the calculation of the cost per equivalent unit using the FIFO method of process costing?

Which of the following statements is true regarding process costing?

What are the two types of spoilage costs for process costing?

Why do different resources have different equivalent units of production?

Which of the following statements is true regarding the FIFO method of process costing?

Which of the following companies would be the most likely to adopt a process costing system?

Which of the following statements is true regarding the weighted-average method of process costing?

Which type(s)of cost(s)are accumulated,tracked,and assigned to products when a company uses process costing?

Introduction to Managerial Accounting

Product Costing: Manufacturing Processes, cost Terminology and Cost Flows

Cost Behaviour

Job Costing and Overhead Costing Systems

Service and Operations Costing

Departmental Overhead Costing

Activity-Based Costing

Cost-Volume-Profit Analysis

Relevant Costs and Product Planning Decisions

Long-Term Capital Investmentdecisions

Fixed and Rolling Budgets for Planning and Decision Making

Management Accounting for Cost Control and Performance Evaluation Flexible Budgets and Variance Analysis

Decentralisation and Modern Performance Management Systems the Balanced Scorecard

Accounting for Sustainability Social Reporting,environmental Reporting and Management Accounting

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