Exam 6: Process Costing

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.Total cost per equivalent unit of production using the FIFO method is

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 cost per unit for materials?

"Total costs to account for" does NOT include which of the following costs?

Figure 6-6 Pelosi Company manufactures chairs.The following information was given for the company: Units, beginning work in process 0 Units started 20,000 Units completed ? Units, ending work in process 5,000 Cost of direct materials $440,000 Cost of conversion $ 64,000 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?

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 materials?

The two methods used to determine equivalent units of production are

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

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 conversion costs would there be for Gill Corporation in March using the FIFO method?

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 2,500 units that were 80 percent complete remaining in Mixing at October 31.The amount of total costs to account for is

Figure 6-6 Pelosi Company manufactures chairs.The following information was given for the company: Units, beginning work in process 0 Units started 20,000 Units completed ? Units, ending work in process 5,000 Cost of direct materials $440,000 Cost of conversion $ 64,000 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 are the costs per unit for materials and conversion respectively?

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 is the cost per unit for conversion?

Figure 6-8 The following information is available: Materials are added at the beginning of the process. - Refer to Figure 6-8.Beginning and ending units were 60 percent converted.How many equivalent units for materials would there be using the FIFO method?

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.The journal entry to assign costs to the Assembly process would be

Figure 6-21 Ring Company produces two types of product: Small and Large.Two work orders for two batches of the products are shown below, along with some additional cost information: In the Mixing Department, conversion costs are applied on the basis of direct labor hours.Budgeted conversion costs for the department for the year were $50,000 for labor and $125,000 for overhead.Budgeted direct labor hours were 2,500.It takes three minutes to mix the ingredients needed for each bottle. Small (Work Order 10) and Large (Work Order 11) flow through the Mixing Department first, then through the Cooking and Bottling departments. - Refer to Figure 6-21.What is Ring Company's journal entry to record materials used in the Mixing Department for Work Order 10?

Transferred-in costs are accounted for in the same manner as

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

When products and their costs are moved from one process to the next process, these costs are referred to as