Exam 20: Process Costing

During September,the Filtering Department of Coronet,Inc.had a beginning Work-in-Process Inventory of 800 units with costs of $125,000.During the month,800 units were transferred in from the Milling Department with transferred in costs of $166,000.It had 400 units in ending Work-in-Process Inventory.What is the total cost of production for the units transferred to the Filtering Department in September under the first-in,first-out (FIFO)method? (Round any intermediate calculations to two decimal places,and your final answer to the nearest dollar.)

Muses Manufacturing produces plastic toys and uses process costing.There are three processing departments-Assembling,Finishing,and Packaging.On January 1,the Finishing Department had 2,000 units of partially processed product in production.During January,31,000 units were transferred in from the Assembling Department and 30,000 units were completed and transferred out.At the end of the month,3,000 units of partially processed products remained in the Finishing Department.See additional details below. Finishing Department,ending balance at January 31 Percent completed for materials cost: $94 \%$ Percent completed for conversion cost: $70 \%$ What was the number of equivalent units for the month of January,with respect to direct materials,for the Finishing Department?

Thomas Manufacturing produces a chemical pesticide and uses process costing.There are three processing departments-Mixing,Refining,and Packaging.On January 1,the Refining Department had 4,000 gallons of partially processed product in production.During January,34,000 gallons were transferred in from the Mixing Department,and 32,000 gallons were completed and transferred out.At the end of the month,there were 6,000 gallons of partially processed product remaining in the Refining Department.See additional details below. Refining Department,beginning balance at January 1 Quantity: 4,000 units (partially processed) Cost: \ 15,600 of costs transferred in \ 1,000 of materials cost \ 4,500 of conversion cost \ 21,100 total account balance Costs added during January Cost of units transferred in \ 222,400 Direct materials cost \ 47,000 Conversion cost \ 93,750 Refining Department,ending balance at January 31 Quantity: 6,000 units (partially processed) Percent complete for materials cost: 85\% Percent complete for conversion cost: 70\% What was the cost per equivalent unit with respect to direct materials costs for the Refining Department in the month of January? Use the weighted-average method.(Round your calculations to the nearest cent.)

On September 30,the Drying Department of Green Tea,Inc.had Work-in-Process Inventory that was 30% complete for materials and 20% complete for conversion costs.This means that for the ending Work-in-Process inventory,________% of materials and ________% of the conversion costs were added during September.

Which of the following is used to calculate the number of units to account for under the first-in,first-out (FIFO)method of inventory valuation of process costing?

If a business operates in an industry that does not experience significant cost changes,should the business prepare its production cost report using the FIFO method or the weighted-average method? Explain your answer.

List the four steps,in the order of occurrence,that are used in preparing a production cost report.