Exam 4: Process Costing

Lumb Corporation uses the weighted-average 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 of ending work in process inventory in the first processing department according to the company's cost system is closest to:

Barker Corporation uses the weighted-average method in its process costing system.This month,the beginning inventory in the first processing department consisted of 300 units.The costs and percentage completion of these units in beginning inventory were: A total of 9,100 units were started and 8,700 units were transferred to the second processing department during the month.The following costs were incurred in the first processing department during the month: The ending inventory was 85% complete with respect to materials and 20% complete with respect to conversion costs. 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 total cost transferred from the first processing department to the next processing department during the month is closest to:

The following information relates to the Blending Department of Kedakai Products Corporation for the month of May.Kedakai uses a weighted-average process costing system. What are the Blending Department's equivalent units related to conversion costs for May?

Hache Corporation uses the weighted-average 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 total cost transferred from the first processing department to the next processing department during the month is closest to:

Dodd Corporation uses the weighted-average method in its process costing system.This month,the beginning inventory in the first processing department consisted of 400 units.The costs and percentage completion of these units in beginning inventory were: A total of 5,400 units were started and 4,700 units were transferred to the second processing department during the month.The following costs were incurred in the first processing department during the month: The ending inventory was 85% complete with respect to materials and 30% complete with respect to conversion costs. 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 are in ending work in process inventory in the first processing department at the end of the month?

In May,one of the processing departments at Stitzel Corporation had beginning work in process inventory of $16,000 and ending work in process inventory of $27,000.During the month,the cost of units transferred out from the department was $160,000.In the department's cost reconciliation report for May,the total cost to be accounted for under the weighted-average method would be:

The "costs accounted for" portion of the cost reconciliation report includes the cost of beginning work in process inventory and the costs added to production during the period.

The following journal entry would be made in a processing costing system when units that have been completed with respect to the work done in Processing Department Z are transferred from Processing Department Z to Processing Department Y:

For which situation(s)below would an organization be more likely to use a process costing system of rather than a job-order costing system?

Lumb Corporation uses the weighted-average 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?

In July,one of the processing departments at Gulbranson Corporation had beginning work in process inventory of $14,000 and ending work in process inventory of $18,000.During the month,$165,000 of costs were added to production and the cost of units transferred out from the department was $161,000. Required: Construct a cost reconciliation report for the department for the month of July.

Hache Corporation uses the weighted-average 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:

When materials are purchased in a process costing system,a materials account is debited with the cost of the materials.

The "costs accounted for" portion of the cost reconciliation report includes the cost of beginning work in process inventory and the cost of units transferred out.

Barker Corporation uses the weighted-average method in its process costing system.This month,the beginning inventory in the first processing department consisted of 300 units.The costs and percentage completion of these units in beginning inventory were: A total of 9,100 units were started and 8,700 units were transferred to the second processing department during the month.The following costs were incurred in the first processing department during the month: The ending inventory was 85% complete with respect to materials and 20% complete with respect to conversion costs. 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:

Baker Corporation uses the weighted-average method in its process costing system.The Assembly Department started the month with 8,000 units in its beginning work in process inventory that were 90% complete with respect to conversion costs.An additional 95,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department.There were 11,000 units in the ending work in process inventory of the Assembly Department that were 90% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Assembly Department for the month?

Which of the following are needed to compute the cost per equivalent unit for materials under the weighted-average method of process costing?

Fulton Corporation uses the weighted-average method in its process costing system.This month,the beginning inventory in the first processing department consisted of 800 units.The costs and percentage completion of these units in beginning inventory were: A total of 9,900 units were started and 8,900 units were transferred to the second processing department during the month.The following costs were incurred in the first processing department during the month: The ending inventory was 70% complete with respect to materials and 60% complete with respect to conversion costs. 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 total cost transferred from the first processing department to the next processing department during the month is closest to:

Acklac Corporation uses the weighted-average method in its process costing system.This month,the beginning inventory in the first processing department consisted of 700 units.The costs and percentage completion of these units in beginning inventory were: A total of 9,200 units were started and 8,300 units were transferred to the second processing department during the month.The following costs were incurred in the first processing department during the month: The ending inventory was 75% complete with respect to materials and 15% complete with respect to conversion costs. 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:

Carver Inc.uses the weighted-average 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 weighted-average method,determine the equivalent units of production for materials and conversion costs.