Exam 6: Process Costing

Figure 6-12 Reed Company manufactures steno pads.There are two processes: printing and binding. The following information is given for the printing department for November. The company uses FIFO inventory assumption. - Refer to Figure 6-12.What is the journal entry for the cost of goods sent to binding?

The material cost per equivalent unit using the weighted average method is calculated as

The following information pertains to Jones Company: Materials are added at the start of the process. How many equivalent units for conversion costs would there be using the FIFO method?

Figure 6-9 Gill Corporation adds raw materials to production at the beginning of the process in the Assembly Department.Materials data for this department for March 2011 are as follows: Beginning inventory was 70 percent complete.Ending inventory was 40 percent complete. - Refer to Figure 6-9.How many equivalent units for materials would there be for Gill Corporation in March using the FIFO method?

The following information pertains to Fry Corporation: Materials are added at the beginning of the process. If 18,000 units were completed during the month, ending work in process at December 31 is

The following information pertains to Mack 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 6-18 Square Deal Company makes carpenter's squares and uses a process costing system.There is no spoilage.Manufacturing goes through three departments: Forming, Finishing, and Packing.Unit data for these departments are given below: The Finishing Department adds materials at the point where processing is 50 percent complete. -Refer to Figure 6-18.The equivalent units for transferred-in the Finishing Department is

Figure 6-17 Quinn Corporation produces a product that passes through two processes.During October, 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 second department's operations during October: -Refer to Figure 6-17.The equivalent units for those transferred in from the prior department using FIFO would be

Figure 6-2 Speakeasy Co.manufactures podiums.Production consists of three processes: cutting, assembly, and finishing.The following costs are given for May: 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.

_______________ is a process that produces batches of different products which are identical in many ways but differ in others.

Figure 6-14 The following information is available for Department A for the month of January: 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

Figure 6-10 Irvin Corporation's mixing department began January 2011 with 10,000 gallons of product (40 percent completed) in process.During January, Irvin 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 Irvin Corporation using the FIFO costing method?

As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in

Figure 6-13 Irvin Corporation's Mixing Department began January 2011 with 10,000 gallons of product (40 percent completed) in process.During January, Irvin started 100,000 gallons of new product, of which 15,000 gallons remained in ending inventory (70 percent completed). - Refer to Figure 6-13.If materials were added when the units were 80 percent complete, how many equivalent units of production for materials would there be for Irvin using the weighted average costing method?

Which is NOT a feature of a process costing system?

_______________ is a unit-costing method that merges prior-period work and costs with current-period work and costs.

Figure 6-19 Takon manufactures specialized plastic boxes in two processes: Molding and Packaging.In the Packaging Department, materials are added at the end of the process.The following data are given: The conversion process on the beginning inventory is 70 percent completed and the ending inventory is 60 percent completed. - Refer to Figure 6-19.Takon's equivalent units for transferred-in units using weighted average would be

Which is TRUE about services?

Which is NOT a difference between the job-order costing system and the process costing system?

Figure 6-13 Irvin Corporation's Mixing Department began January 2011 with 10,000 gallons of product (40 percent completed) in process.During January, Irvin started 100,000 gallons of new product, of which 15,000 gallons remained in ending inventory (70 percent completed). - Refer to Figure 6-13.If materials were added at the beginning of the process, how many equivalent units of production for conversion costs would there be for Irvin using the weighted average costing method?