Exam 6: Process Costing

Figure 6-7 Ely Company had the following data for 2011: 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?

In process costing, costs are accounted for by

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 are the FIFO equivalent units for conversion?

Franklin Company manufactures a product that passes through two processes: Mixing and Molding.All manufacturing costs are added uniformly in the Mixing Department.Information for the Mixing Department for October follows: During October, 37,500 units were completed and transferred to the Molding Department.The following costs were incurred by the Mixing Department during October: There were 3,750 units that were 80 percent complete remaining in mixing at October 30.The equivalent units of production using the weighted average method is

Figure 6-1 Allen Company has the following information for the Assembly Department for October 2011: 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?

Figure 6-20 CUPORAMA Corp.manufactures cups.The company's manufacturing operations and costs applied to products for April were: Three types of cups were produced in April.The quantities and direct materials costs were: Casts are produced in the Molding Department.Cups pass through the Molding and Finishing Departments.Mugs pass through all three departments.An operations costing system is used. - Refer to Figure 6-20.What is CUPORAMA's total cost for Casts in April?

Equivalent units expresses all activity of the period in terms of

Figure 6-5 Baynor Inc.manufactures desks.The following data was given for production in January: Units, beginning work in process 0 Units started 200 Units completed ? Units, ending work in process (40% complete) 50 - Refer to Figure 6-5.If a total of $11,050 in production costs were incurred, how much cost is assigned to the units completed?

Spoilage in a process costing process means

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 materials using the weighted average method is

Figure 6-16 Peck 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 $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 completed in the second department during October is

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.Record the journal entries to record the transfer of goods from process to process.

Figure 6-11 Champ Inc.manufactures a product that passes through two processes: mixing and molding.All manufacturing costs are added uniformly in the Mixing Department.Information for the Mixing Department for October follows: During October, 26,750 units were completed and transferred to the Molding Department.The following costs were incurred by the Mixing Department during October: -Refer to Figure 6-11.There were 3,750 units that were 80 percent complete remaining in Mixing at October 31.The cost of goods transferred to the Molding Department during October using the FIFO method is

Figure 6-15 The Dodd Company uses a weighted average process costing system.The following information was reported for the Assembly Process for July.Materials are added at the beginning of the process and are 100%. -Refer to Figure 6-15.What are the equivalent units for conversion?

Vance Manufacturing Company began June 2011 with 10,000 units of inventory in process, 20 percent completed.During the period, 50,000 units were completed and transferred to the finished goods warehouse.Ending inventory consisted of 5,000 units, 70 percent completed.Materials were added at the beginning of the process. Required: Calculate the equivalent units for:

Figure 6-22 The following information is available for Department A for the month of January: Materials are added at the beginning of the process.Inspection takes place at the 50 percent point in the conversion process to determine spoiled units.Round unit costs to two decimal places.The company uses the weighted average cost flow assumption. -Refer to Figure 6-22.Department A's equivalent units of production for conversion using the weighted average method is

Kent Company adds materials to production at the beginning of the process in the Production Department.It uses a single-step process.Data on material for this department for October 2011 are as follows: The company uses the FIFO inventory method. The materials cost in Work in Process on October 31 is

What system would a manufacturer of unique special orders or batch processes most likely use to accumulate costs?

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 weighted average is

Figure 6-20 CUPORAMA Corp.manufactures cups.The company's manufacturing operations and costs applied to products for April were: Three types of cups were produced in April.The quantities and direct materials costs were: Casts are produced in the Molding Department.Cups pass through the Molding and Finishing Departments.Mugs pass through all three departments.An operations costing system is used. - Refer to Figure 6-20.What is CUPORAMA's total cost per unit for Cups in April?