Exam 5: Process Costing

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

At Trapeze 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?

Flying High 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?

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

Flying High Manufacturing produces frisbees using a three-step process that includes molding, coloring and finishing. Requisition of materials to molding includes a

The existence of ending Work In Process Inventory necessitates the use of the 5-step process costing procedure.

Freddie Company adds direct materials at the beginning of the process and adds conversion costs throughout the process. Data for the Finishing Department follows: What are the equivalent units for direct materials?

Product cost reports are done only for the final department in process costing.

During a period,43,200 units were completed and 3800 units were in ending WIP Inventory. Ending WIP was 75% complete for direct materials and 30% complete for conversion costs. What are the equivalent units for conversion costs?

In process costing, manufacturing costs are usually combined into two categories: direct materials and conversion costs.

In a particular department, 8200 units were started and all but 800 were completed at the end of the period. These 800 were 70% complete for materials and 30% for conversion costs. Costs added were $55,400 for materials and $52,100 for conversion costs. What is the total number of 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?

Garrison Company adds direct materials at the beginning of the process and adds conversion costs throughout the process. The data listed below represents data in the Shaping Department: What are the equivalent units for direct materials?

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%.

At Trapeze 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?

Companies that use automated production processes often condense the three manufacturing costs into two categories: Direct labor and Conversion costs.

At Trapeze 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?

To simplify the accounting, the journal entry to record the transfer of costs from one WIP account to the next WIP account is generally made once a month to reflect all physical transfers that occurred during the month.

Raw materials purchased were $18,640 and ending inventory of raw materials was $5,200. If raw materials beginning inventory was 30% of materials used in the process, what was the cost of materials used in production?

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 18,000 gallons of the drink, and the 2300 gallons left in ending WIP were 20% of the way through the process. The number of equivalent units for vitamins and minerals is