Exam 4: Process Costing

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 of ending work in process inventory in the first processing department according to the company's cost system is closest to:

Zhang Corporation uses process costing.A number of transactions that occurred in June are listed below. (1)Raw materials that cost $41,700 are withdrawn from the storeroom for use in the Mixing Department.All of these raw materials are classified as direct materials. (2)Direct labor costs of $47,700 are incurred,but not yet paid,in the Mixing Department. (3)Manufacturing overhead of $56,900 is applied in the Mixing Department using the department's predetermined overhead rate. (4)Units with a carrying cost of $128,300 finish processing in the Mixing Department and are transferred to the Drying Department for further processing. (5)Units with a carrying cost of $133,800 finish processing in the Drying Department,the final step in the production process,and are transferred to the finished goods warehouse. (6)Finished goods with a carrying cost of $129,200 are sold. Required: Prepare journal entries for each of the transactions listed above.

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

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. The cost per equivalent unit for materials for the month in the first processing department 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 materials for the month in the first processing department is closest to:

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

Kuzuck 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:

During February,the following transactions were recorded at Cuenca Corporation.The company uses process costing. (1)Raw materials that cost $38,300 are withdrawn from the storeroom for use in the Assembly Department.All of these raw materials are classified as direct materials. (2)Direct labor costs of $21,700 are incurred,but not yet paid,in the Assembly Department. (3)Manufacturing overhead of $45,200 is applied in the Assembly Department using the department's predetermined overhead rate. (4)Units with a carrying cost of $86,500 finish processing in the Assembly Department and are transferred to the Painting Department for further processing. (5)Units with a carrying cost of $109,100 finish processing in the Painting Department,the final step in the production process,and are transferred to the finished goods warehouse. (6)Finished goods with a carrying cost of $106,100 are sold. Required: Prepare journal entries for each of the transactions listed above.

Carmon 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 7,900 units were started and 6,900 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 35% 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:

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. How many units are in ending work in process inventory in the first processing department at the end of the month?

Oleksy Corporation uses the weighted-average method in its process costing.The following data concern the company's Assembly Department for the month of June. During the month,4,900 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 June using the weighted-average method.

Kuzuck 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:

Carmon 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 7,900 units were started and 6,900 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 35% 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:

Barker 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: 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 units transferred out of the department during the month. d.Determine the cost of ending work in process inventory in the department.

Which of the following statements about a process costing system is incorrect?

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 cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

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

Yoder Corporation uses the weighted-average method in its process costing system.The following data pertain to operations in the first processing department for a recent month: What was the cost per equivalent unit for materials during the month?

In calculating cost per equivalent unit under the weighted-average method,prior period costs are not combined with current period costs.

David Corporation uses the weighted-average method in its process costing system.The first processing department,the Welding Department,started the month with 20,000 units in its beginning work in process inventory that were 80% complete with respect to conversion costs.The conversion cost in this beginning work in process inventory was $123,200.An additional 65,000 units were started into production during the month.There were 19,000 units in the ending work in process inventory of the Welding Department that were 10% complete with respect to conversion costs.A total of $389,250 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: