Exam 6: Process Costing

Figure 6-2 Leandro Corp. manufactures wooden desks. Production consists of three processes: cutting, assembly, and finishing. The following costs are given for April: There were no work in process inventories and 1,000 podiums were produced. Refer to Figure 6-2. The journal entry to assign costs to the Assembly process would be

When job-order costing is used to assign material costs and process costing is used to assign conversion costs, it is called

Manufacturing firms that have characteristics of both job and process environments often use __________ processes.

Operation costing uses a blend of job-order and process-costing procedures whenever batches of dissimilar products are produced.

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 conversion using weighted average is

The process that produces batches of different products which are identical in many ways but differ in others is called:

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 materials using the weighted average method is

Figure 6-10 Julius Corporation's mixing department began January 2014 with 10,000 gallons of product (40 percent completed) in process. During January, Julius started 100,000 gallons of new product, of which 15,000 gallons remained in ending inventory (70 percent completed). Refer to Figure 6-10. If materials were added when the units are 50 percent complete, how many equivalent units of production for materials would there be for Julius Corporation using the FIFO costing method?

Suburbia Company manufactures a product through a continuous single-step process. All materials are added at the beginning of processing. Production and cost data for the company for February 2014 are as follows: Required: Prepare a cost of production report for February 2014. Use FIFO process costing.

Figure 6-2 Leandro Corp. manufactures wooden desks. Production consists of three processes: cutting, assembly, and finishing. The following costs are given for April: There were no work in process inventories and 1,000 podiums were produced. Refer to Figure 6-2. What is the cost transferred out of the assembly department.

The whole units that could have been produced in a period given the amount of manufacturing inputs used is(are) called:

Spoilage in a process costing process means

The Tolstoy Corporation uses JIT manufacturing. There are several manufacturing cells set up within one of its factories. One of the cells makes welders. The cost of production for the month of December is as follows: During December, Tolstoy Corporation produced and sold 500 welders. Required:

Figure 6-8 Thunder Roads Enterprises makes the following information available: Materials are added at the beginning of the process. Refer to Figure 6-8. Beginning and ending units were 60 percent complete as to conversion costs. What is the number of units started and completed?

In order to determine product costs, JIT firms are usually structured so they can use:

Figure 6-4 The following information is available from the records of Diamond Cut, Inc.: Refer to Figure 6-4. What are the "total costs to account for" in the Assembly Department?

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. What is the number of units completed and transferred out during the period?

Figure 6-6 Mannassass Company manufactures chairs. The following information was given for the company: Materials in the ending inventory were 100 percent complete and conversion in the ending inventory was 20 percent complete. Refer to Figure 6-6. What cost is assigned to ending work in process?

The unit-costing method that merges prior-period work and costs with current-period work and costs is called:

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. What is the total amount of debits to Work in Process-Assembly Department for October?