Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

Materials are added at the beginning of the process and conversion costs are added uniformly.
 
What is the total number of physical units to account for?

Accepted Answer

A) 56,500 
B) 47,500 
C) 43,000 
D) 38,500 
A) 56,500 
B) 47,500 
C) 43,000 
D) 38,500

Question 3

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

Accepted Answer

A) $7,569. 
B) $29,325. 
C) $14,361. 
D) $19,320. 
A) $7,569. 
B) $29,325. 
C) $14,361. 
D) $19,320.

Question 4

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

Accepted Answer

A) 100%. 
B) 0%. 
C) 50%. 
D) none of the above. 
A) 100%. 
B) 0%. 
C) 50%. 
D) none of the above.

Question 5

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 total cost of units completed and transferred out?

Accepted Answer

A) $612,675 
B) $632,625 
C) $563,317 
D) $615,381 
A) $612,675 
B) $632,625 
C) $563,317 
D) $615,381

Question 6

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 direct materials?

Accepted Answer

A) 42,400 
B) 41,350 
C) 40,300 
D) 31,800 
A) 42,400 
B) 41,350 
C) 40,300 
D) 31,800

Question 7

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?

Accepted Answer

A) $120,750 
B) $92,586 
C) $100,050 
D) $69,000 
A) $120,750 
B) $92,586 
C) $100,050 
D) $69,000

Question 8

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,the cost per equivalent unit for conversion costs would be closest to

Accepted Answer

A) $32.45. 
B) $27.82. 
C) $42.00. 
D) $39.59. 
A) $32.45. 
B) $27.82. 
C) $42.00. 
D) $39.59.

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

Indirect labor would not be a component of conversion costs.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following is the first step of the 5-step process costing procedure?

Accepted Answer

A) Compute output in terms of equivalent units 
B) Summarize total costs to account for 
C) Summarize the flow of physical units 
D) Compute the cost per equivalent unit 
A) Compute output in terms of equivalent units 
B) Summarize total costs to account for 
C) Summarize the flow of physical units 
D) Compute the cost per equivalent unit

Question 12

During a period,38,200 units were completed and 5,300 units were in ending WIP Inventory.Ending WIP was 70% complete for direct materials and 50% complete for conversion costs.What are the equivalent units for conversion costs?

Accepted Answer

A) 21,750 
B) 43,500 
C) 41,910 
D) 40,850 
A) 21,750 
B) 43,500 
C) 41,910 
D) 40,850

Question 13

Total direct materials = $67,500,and there is no beginning WIP Inventory.Units completed are 15,000 with no ending Work In Process Inventory.The cost per unit is $4.50.

Accepted Answer

A) True 
 B)False

Question 14

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 100%.

Accepted Answer

A) True 
 B)False

Question 15

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?

Accepted Answer

A) WIP Inventory-Molding 
B) WIP Inventory-Coloring 
C) Raw Materials Inventory 
D) WIP Inventory-Finishing 
A) WIP Inventory-Molding 
B) WIP Inventory-Coloring 
C) Raw Materials Inventory 
D) WIP Inventory-Finishing

Question 16

When units are sold,Finished Goods Inventory is credited.

Accepted Answer

A) True 
 B)False

Question 17

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%.

Accepted Answer

A) True 
 B)False

Question 18

What are the ending inventory equivalent units for materials if 15,500 units are completed and transferred out and 4,200 remain in ending WIP at 35% complete?

Accepted Answer

A) 3,955 
B) 4,200 
C) 1,470 
D) 5,425 
A) 3,955 
B) 4,200 
C) 1,470 
D) 5,425

Question 19

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 conversion costs?

Accepted Answer

A) 126,300 
B) 139,700 
C) 128,200 
D) 130,500 
A) 126,300 
B) 139,700 
C) 128,200 
D) 130,500

Question 20

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?

Accepted Answer

A) 7,000 
B) 9,000 
C) 2,500 
D) 11,500 
A) 7,000 
B) 9,000 
C) 2,500 
D) 11,500

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

Materials are added at the beginning of the process and conversion costs are added uniformly. What is the total number of physical units to account for?

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

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

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 total cost of units completed and transferred out?

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 direct materials?

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?

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,the cost per equivalent unit for conversion costs would be closest to

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

Indirect labor would not be a component of conversion costs.

Which of the following is the first step of the 5-step process costing procedure?

During a period,38,200 units were completed and 5,300 units were in ending WIP Inventory.Ending WIP was 70% complete for direct materials and 50% complete for conversion costs.What are the equivalent units for conversion costs?

Total direct materials = $67,500,and there is no beginning WIP Inventory.Units completed are 15,000 with no ending Work In Process Inventory.The cost per unit is $4.50.

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 100%.

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?

When units are sold,Finished Goods Inventory is credited.

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%.

What are the ending inventory equivalent units for materials if 15,500 units are completed and transferred out and 4,200 remain in ending WIP at 35% complete?

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 conversion costs?

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?

Introduction to Managerial Accounting

Building Blocks of Managerial Accounting

Job Costing

Activity-Based Costing, lean Operations, and the Costs of Quality

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs for Short-Term Decisions

The Master Budget

Performance Evaluation

Standard Costs and Variances

Capital Investment Decisions and the Time Value of Money

Statement of Cash Flows

Financial Statement Analysis

Sustainability

Filters

Exam 5: Process Costing

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

Materials are added at the beginning of the process and conversion costs are added uniformly. What is the total number of physical units to account for?

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

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

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 total cost of units completed and transferred out?

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 direct materials?

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?

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,the cost per equivalent unit for conversion costs would be closest to

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

Indirect labor would not be a component of conversion costs.

Which of the following is the first step of the 5-step process costing procedure?

During a period,38,200 units were completed and 5,300 units were in ending WIP Inventory.Ending WIP was 70% complete for direct materials and 50% complete for conversion costs.What are the equivalent units for conversion costs?

Total direct materials = $67,500,and there is no beginning WIP Inventory.Units completed are 15,000 with no ending Work In Process Inventory.The cost per unit is $4.50.

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 100%.

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?

When units are sold,Finished Goods Inventory is credited.

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%.

What are the ending inventory equivalent units for materials if 15,500 units are completed and transferred out and 4,200 remain in ending WIP at 35% complete?

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 conversion costs?

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?

Introduction to Managerial Accounting

Building Blocks of Managerial Accounting

Job Costing

Activity-Based Costing, lean Operations, and the Costs of Quality

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs for Short-Term Decisions

The Master Budget

Performance Evaluation

Standard Costs and Variances

Capital Investment Decisions and the Time Value of Money

Statement of Cash Flows

Financial Statement Analysis

Sustainability

Filters