Exam 6: Process Costing

Figure 6-12 Twinnings Corporation manufactures Scheduling Books. There are two processes: printing and binding. The following information is given for the printing department for September. Units: Costs: The company uses FIFO inventory assumption. Refer to Figure 6-12. What is the journal entry for the cost of goods sent to binding?

Figure 6-5 Maynard Inc. manufactures desks. The following data was given for production in February: Refer to Figure 6-5. If a total of $11,050 in production costs were incurred, what is the unit cost in February?

Figure 6-5 Maynard Inc. manufactures desks. The following data was given for production in February: Refer to figure 6-5. What were the total number of units to account for?

FIFO follows the job-order costing principle.

Figure 6-14 The following information is available for Department C for the month of June: Materials are added at the beginning of the process. Round unit costs to two decimal places. Refer to Figure 6-14. The cost per equivalent unit of production for conversion using the weighted average method is

The following information pertains to Mcintosh Company: Materials are added at the start of the process. How many equivalent units for materials would there be using the weighted average method?

Figure 6-16 Ramses Corporation produces a product that passes through two processes. During April, the first department transferred 19,000 units to the second department. The cost of the units transferred was $30,000. Materials are added uniformly in the second process. The following information is provided about the second department's operations during October: Refer to Figure 6-16. The number of units started and completed in the second department during April is

The production report is the document that summarizes the manufacturing activity that takes place in a work-in-process department.

The costs included in the cost per equivalent unit using the weighted average method are

In a process-costing system, the costing of goods transferred out in BWIP inventory is difficult because there are multiple categories of completed units.

When spoilage is due to the exacting nature of a particular job it is called __________ spoilage.

In a process costing system, which of the following would be TRUE?

In calculating equivalent units of production using the weighted average method, the transferred-in goods are treated as materials added at the beginning of the process.

Which of the following process costing methods is simpler to use?

Abnormal spoilage costs are treated the same as normal spoilage for process costing.

Figure 6-1 The Sinbad Company has the following information for the Assembly Department for October 2014: Overhead rate is 200 percent of direct labor costs. Allen Company uses a process costing system for the Assembly Department. Refer to Figure 6-1. The journal entry to record goods completed and transferred out of the Assembly Department would include a

Figure 6-7 Edelstein Company had the following data for 2014: Materials are added at the beginning of the process. Beginning work in process was 40 percent complete as to conversion. Ending work in process was 70 percent complete as to conversion. Refer to Figure 6-7. How many equivalent units for materials would there be using the FIFO method?

Figure 6-17 Loganbery Corporation produces a product that passes through two processes. During January, the first department transferred 20,000 units to the second department. The cost of the units transferred was $60,000. Materials are added uniformly in the second process. The following information is provided about the first department's operations during January: Refer to Figure 6-17. The equivalent units for those transferred in from the prior department using weighted average is

The cost flows for a process-costing system are totally different from those of a job order costing system.

Refer to Figure 6-11. There were 3,750 units that were 80 percent complete remaining in Mixing at January 31. The cost of goods transferred to the Molding Department during January using the FIFO method is