Question 1

Under the weighted-average method,the equivalent units used to compute the unit costs of ending inventories relate only to work done during the current period.

Accepted Answer

A) True 
 B)False

Question 2

Sydnor Inc.has provided the following data concerning the Assembly Department for the month of April.The company uses the weighted-average method in its process costing.   During the month,7,000 units were completed and transferred from the Assembly Department to the next department.
Required:
Determine the cost of ending work in process inventory and the cost of units transferred out of the department during April using the weighted-average method.

Accepted Answer

Weighted-a

Question 3

Evans Corporation uses the weighted-average method in its process costing system.This month,the beginning inventory in the first processing department consisted of 900 units.The costs and percentage completion of these units in beginning inventory were:   A total of 8,100 units were started and 6,800 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 60% complete with respect to materials and 10% 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.
What are the equivalent units for conversion costs for the month in the first processing department?

Accepted Answer

A) 9,000 
B) 7,020 
C) 6,800 
D) 220 
A) 9,000 
B) 7,020 
C) 6,800 
D) 220

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

Lafollette Inc.uses the weighted-average method in its process costing.The following data concern the company's Assembly Department for the month of November.   Required:
Compute the costs per equivalent unit for the Assembly Department for November.

Accepted Answer

Weighted-a

Question 6

In September,one of the processing departments at Wielgus Corporation had beginning work in process inventory of $27,000 and ending work in process inventory of $10,000.During the month,$296,000 of costs were added to production. In the department's cost reconciliation report for September,the total cost to be accounted for would be:

Accepted Answer

A) $37,000 
B) $323,000 
C) $619,000 
D) $646,000 
A) $37,000 
B) $323,000 
C) $619,000 
D) $646,000

Question 7

Stay Corporation uses the weighted-average method in its process costing system.The company's ending work in process inventory consists of 8,000 units,60% complete with respect to materials and 80% complete with respect to conversion costs.If the total cost in this inventory is $200,000 and if the cost for materials is $16 per equivalent unit for the period,the conversion cost per equivalent unit of the production for the period must be:

Accepted Answer

A) $19.25 
B) $16.00 
C) $25.67 
D) $31.25 
A) $19.25 
B) $16.00 
C) $25.67 
D) $31.25

Question 8

In December,one of the processing departments at Rumsey Corporation had ending work in process inventory of $21,000.During the month,$110,000 of costs were added to production and the cost of units transferred out from the department was $99,000. In the department's cost reconciliation report for December,the total cost accounted for would be:

Accepted Answer

A) $230,000 
B) $120,000 
C) $31,000 
D) $240,000 
A) $230,000 
B) $120,000 
C) $31,000 
D) $240,000

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

Larner Corporation uses the weighted-average method in its process costing system.Operating data for the first processing department for the month of June appear below:   According to the company's records,the conversion cost in beginning work in process inventory was $68,064 at the beginning of June.Additional conversion costs of $585,324 were incurred in the department during the month. The cost per equivalent unit for conversion costs for the month is closest to:

Accepted Answer

A) $6.892 
B) $6.806 
C) $5.575 
D) $7.090 
A) $6.892 
B) $6.806 
C) $5.575 
D) $7.090

Question 11

Lagana Corporation uses process costing.The following data pertain to its Assembly Department for February.   Required:
Determine the equivalent units of production for the Assembly Department for February using the weighted-average method.

Accepted Answer

Weighted-a

Question 12

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. What are the equivalent units for materials for the month in the first processing department?

Accepted Answer

A) 750 
B) 5,900 
C) 4,400 
D) 5,150 
A) 750 
B) 5,900 
C) 4,400 
D) 5,150

Question 13

Pulo Corporation uses a weighted-average process costing system.The company has two processing departments.Production starts in the Assembly Department and is completed in the Finishing Department.The units completed and transferred out of the Assembly department during April will become the:

Accepted Answer

A) units in April's ending work in process in Finishing. 
B) units in May's beginning work in process in Finishing. 
C) units started in production in Finishing for April. 
D) units started in production in Finishing for May. 
A) units in April's ending work in process in Finishing. 
B) units in May's beginning work in process in Finishing. 
C) units started in production in Finishing for April. 
D) units started in production in Finishing for May.

Question 14

Guo Corporation uses the weighted-average method in its process costing system.This month,the beginning inventory in the first processing department consisted of 500 units.The costs and percentage completion of these units in beginning inventory were:   A total of 9,700 units were started and 9,100 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 75% 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 three decimal places.
What are the equivalent units for materials for the month in the first processing department?

Accepted Answer

A) 935 
B) 9,100 
C) 10,200 
D) 10,035 
A) 935 
B) 9,100 
C) 10,200 
D) 10,035

Question 15

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.
What are the equivalent units for conversion costs for the month in the first processing department?

Accepted Answer

A) 5,800 
B) 5,030 
C) 4,700 
D) 330 
A) 5,800 
B) 5,030 
C) 4,700 
D) 330

Question 16

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 materials for the month in the first processing department is closest to:

Accepted Answer

A) $26.35 
B) $25.85 
C) $26.65 
D) $25.56 
A) $26.35 
B) $25.85 
C) $26.65 
D) $25.56

Question 17

A job-order cost system would be used to account for the cost of building an oil tanker.

Accepted Answer

A) True 
 B)False

Question 18

When the weighted-average method of process costing is used,a department's equivalent units are computed by:

Accepted Answer

A) subtracting the equivalent units in beginning inventory from the equivalent units in ending inventory. 
B) subtracting the equivalent units in beginning inventory from the equivalent units for work performed during the period. 
C) adding the units transferred out to the equivalent units in ending inventory. 
D) subtracting the equivalent units in beginning inventory from the sum of the units transferred out and the equivalent units in ending inventory. 
A) subtracting the equivalent units in beginning inventory from the equivalent units in ending inventory. 
B) subtracting the equivalent units in beginning inventory from the equivalent units for work performed during the period. 
C) adding the units transferred out to the equivalent units in ending inventory. 
D) subtracting the equivalent units in beginning inventory from the sum of the units transferred out and the equivalent units in ending inventory.

Question 19

Kamp Company uses the weighted-average method in its process costing.Information about units processed during a recent month in the Curing Department follow:   The beginning work in process inventory had $4,600 in conversion cost.During the month,the Department incurred an additional $210,000 in conversion cost.
Required:
a.Determine the equivalent units of production for conversion for the month.
b.Determine the cost per equivalent unit of production for conversion for the month.
c.Determine the conversion cost assigned to the ending work in process inventory.
d.Determine the total conversion cost transferred out during the month.

Accepted Answer

a.Weighted-average method equi

Question 20

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. What are the equivalent units for conversion costs for the month in the first processing department?

Accepted Answer

A) 5,900 
B) 4,400 
C) 4,850 
D) 450 
A) 5,900 
B) 4,400 
C) 4,850 
D) 450

Under the weighted-average method,the equivalent units used to compute the unit costs of ending inventories relate only to work done during the current period.

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

Lafollette Inc.uses the weighted-average method in its process costing.The following data concern the company's Assembly Department for the month of November. Required: Compute the costs per equivalent unit for the Assembly Department for November.

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

Lagana Corporation uses process costing.The following data pertain to its Assembly Department for February. Required: Determine the equivalent units of production for the Assembly Department for February using the weighted-average method.

Pulo Corporation uses a weighted-average process costing system.The company has two processing departments.Production starts in the Assembly Department and is completed in the Finishing Department.The units completed and transferred out of the Assembly department during April will become the:

A job-order cost system would be used to account for the cost of building an oil tanker.

When the weighted-average method of process costing is used,a department's equivalent units are computed by:

Managerial Accounting and Cost Concepts

Job-Order Costing: Calculating Unit Production Costs

Job-Order Costing: Cost Flows and External Reporting

Supplement: Process Costing Using the Fifo Method

Cost-Volume-Profit Relationships

Variable Costing and Segment Reporting: Tools for Management

Activity-Based Costing: a Tool to Aid Decision Making

Master Budgeting

Flexible Budgets and Performance Analysis

Differential Analysis: The Key to Decision Making

Performance Measurement in Decentralized Organizations

Differential Analysis: The Key to Decision Making

Capital Budgeting Decisions

Predetermined Overhead Rates and Overhead Analysis in a Standard Costing System

Journal Entries to Record Variance

The Concept of Present Value

The Direct Method of Determining the Net Cash Provided by Operating Activities

Filters

Exam 4: Process Costing

Under the weighted-average method,the equivalent units used to compute the unit costs of ending inventories relate only to work done during the current period.

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

Lafollette Inc.uses the weighted-average method in its process costing.The following data concern the company's Assembly Department for the month of November. Required: Compute the costs per equivalent unit for the Assembly Department for November.

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

Lagana Corporation uses process costing.The following data pertain to its Assembly Department for February. Required: Determine the equivalent units of production for the Assembly Department for February using the weighted-average method.

Pulo Corporation uses a weighted-average process costing system.The company has two processing departments.Production starts in the Assembly Department and is completed in the Finishing Department.The units completed and transferred out of the Assembly department during April will become the:

A job-order cost system would be used to account for the cost of building an oil tanker.

When the weighted-average method of process costing is used,a department's equivalent units are computed by:

Managerial Accounting and Cost Concepts

Job-Order Costing: Calculating Unit Production Costs

Job-Order Costing: Cost Flows and External Reporting

Supplement: Process Costing Using the Fifo Method

Cost-Volume-Profit Relationships

Variable Costing and Segment Reporting: Tools for Management

Activity-Based Costing: a Tool to Aid Decision Making

Master Budgeting

Flexible Budgets and Performance Analysis

Differential Analysis: The Key to Decision Making

Performance Measurement in Decentralized Organizations

Differential Analysis: The Key to Decision Making

Capital Budgeting Decisions

Predetermined Overhead Rates and Overhead Analysis in a Standard Costing System

Journal Entries to Record Variance

The Concept of Present Value

The Direct Method of Determining the Net Cash Provided by Operating Activities

Filters