Exam 4: Process Costing

In the cost reconciliation report under the FIFO method, the costs to be accounted for equals the cost of ending work in process inventory plus the cost of units transferred out.

The equivalent units of production will be the same under the weighted-average and the FIFO method if there is no ending work in process inventory.

The following data pertain to the Milling Department of Vario Corporation for July. The company uses the FIFO method in its process costing. Required: Compute the equivalent units of production for both materials and conversion costs for the Milling Department for July using the FIFO method.

Nouri 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. The cost per equivalent unit for conversion costs for the first department for the month is closest to:

Quilling 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. How many units were started AND completed during 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 (with respect to the Molding Department's costs) transferred from the Molding Department to the Assembly during the month were:

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 weighted-average method is used, the equivalent units for conversion for October would be:

Overhill Corporation uses the FIFO method in its process costing system. In the Cutting Department in June, units were 80% complete with respect to conversion in the beginning work in process inventory and 25% complete with respect to conversion in the ending work in process inventory. Other data for the department for June follow: The cost per equivalent unit for conversion cost is closest to:

Quilling 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. The cost per equivalent unit for conversion costs for the first department for the month is closest to:

Nouri 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 materials for the month in the first processing department?

The equivalent units of production for a department using the FIFO process costing method is equal to the number of units completed plus the equivalent units in the ending inventory less the equivalent units in the beginning inventory.

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 are the equivalent units for conversion costs for the Blending Department for the month?

Karmen Corporation uses the FIFO method in its process costing system. Operating data for the Enameling Department for the month of May appear below: What were the equivalent units for conversion costs in the Enameling Department for May?

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 material for October would be:

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 weighted-average method is used, the equivalent units for material for October would be:

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 total cost accounted for would be:

Index Corporation uses the FIFO method in its process costing system. The first processing department, the Forming Department, started the month with 17,000 units in its beginning work in process inventory that were 10% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $9,010. An additional 76,000 units were started into production during the month and 83,000 units were completed and transferred to the next processing department. There were 10,000 units in the ending work in process inventory of the Forming Department that were 70% complete with respect to conversion costs. A total of $445,915 in conversion costs were incurred in the department during the month. The cost per equivalent unit for conversion costs for the month is closest to:

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 conversion costs for the first department for the month is closest to:

Voyer Corporation uses the FIFO method in its process costing. The following data pertain to its Assembly Department for August. Required: Compute the equivalent units of production for both materials and conversion costs for the Assembly Department for August using the FIFO method.

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 labor and overhead for the month is: