Exam 4: Process Costing

In April, one of the processing departments at Salatino Corporation had beginning work in process inventory of $27,000 and ending work in process inventory of $36,000. During the month, the cost of units transferred out from the department was $261,000. The company uses the FIFO method in its process costing system. In the department's cost reconciliation report for April, the costs added to production in the department would be:

Muzyka Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. The cost per equivalent unit for materials for the month in the first processing department is closest to:

Salter Corporation uses the FIFO method in its process costing system. The company reported 25,000 equivalent units for materials last month. The company's beginning work in process inventory consisted of 6,000 units, 40% complete with respect to materials. The ending work in process inventory consisted of 4,000 units, 70% complete with respect to materials. The number of units started during the month was:

Garson Corporation uses the FIFO method in its process costing system. The Grinding Department started the month with 18,000 units in its beginning work in process inventory that were 10% complete with respect to conversion costs. An additional 98,000 units were transferred in from the prior department during the month to begin processing in the Grinding Department. During the month 115,000 units were completed in the Grinding Department and transferred to the next processing department. There were 1,000 units in the ending work in process inventory of the Grinding Department that were 20% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Grinding Department for the month?

Williams Corporation uses the FIFO method in its process costing system. The beginning work in process inventory in a particular department consisted of 10,000 units, 100% complete with respect to materials and 60% with respect to conversion costs. The total cost in the beginning work in process inventory was $48,200. During the month, 25,000 units were transferred out of the department. The costs per equivalent unit were computed to be $3.10 for materials and $4.50 for conversion costs. The total cost of the units completed and transferred out of the department was:

Information about units processed and processing costs incurred during a recent month in the Refining Department of a manufacturing company follow: The beginning work in process inventory included $11,000 of conversion cost. During the month, the Department incurred an additional $290,000 in conversion costs. Assuming that the company uses the FIFO method, what is the cost per equivalent unit for conversion costs for the month in the Blending Department to the nearest cent?

Ozogoz Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. What are the equivalent units for conversion costs for the month in the first processing department?

Marlan Manufacturing produces a product that passes through two processing departments. The units from the Molding Department are completed in the Assembly Department. The activity in the Assembly Department for the current month is presented below. Marlan uses the FIFO method in its process costing system. The equivalent units for conversion costs for the Assembly Department during the month were:

Easy Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work in process inventory. d. Determine the cost of units transferred out of the department during the month.

There is no difference in the unit costs computed under the weighted-average and FIFO methods of process costing if there are no ending work in process inventories.

Carson Corporation uses the FIFO method in its process costing system. The Assembly Department started the month with 6,000 units in its beginning work in process inventory that were 20% complete with respect to conversion costs. An additional 74,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 8,000 units in the ending work in process inventory of the Assembly Department that were 60% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Assembly Department for the month?

If the FIFO cost method is used in a process costing system, costs in the beginning inventory are kept separate from current period costs.

Marlan Manufacturing produces a product that passes through two processing departments. The units from the Molding Department are completed in the Assembly Department. The activity in the Assembly Department for the current month is presented below. Marlan uses the FIFO method in its process costing system. The equivalent units for materials for the Assembly Department during the month were:

Mottai Corporation uses the FIFO method in its process costing system. The following data concern the company's Assembly Department for the month of August. Required: Determine the cost of ending work in process inventory and the cost of units transferred out of the department during August using the FIFO method.

Higgins Labs Inc., uses a process costing system. The following data are available for one department for October: The department started 45,000 units into production during the month and completed and transferred 50,000 units to the next department. Assuming the FIFO method is used, the equivalent units for conversion for October would be:

The following information was obtained from the records of the first processing department of Bapst Corporation for the month of May. The company uses the FIFO method in its process costing system. All materials are added at the beginning of the manufacturing process. The equivalent units for materials for the month is:

Toefield Corporation uses the FIFO method in its process costing. The following data pertain to its Assembly Department for June. Required: Determine the equivalent units of production for the Assembly Department for June using the FIFO method.

Muzyka Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. The cost of a completed unit transferred out of the department is closest to:

Laurie Corporation uses the FIFO method in its process costing system. Department A is the first stage of Laurie Corporation's production process. The following information is available for conversion costs for the month of May for Department A: The equivalent units of production for conversion costs for the month are:

Farwest Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method, determine the equivalent units of production for materials and conversion costs.