Exam 4: Process Costing

Jublot 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:

The Assembly Department started the month with 35,000 units in its beginning work in process inventory.An additional 472,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department.There were 34,000 units in the ending work in process inventory of the Assembly Department.How many units were transferred to the next processing department during the month?

Both job-order and process costing systems use averaging to compute unit product costs.

Under the weighted-average method of process costing,costs from the prior period are averaged with those of the current period in computing unit costs.

In February,one of the processing departments at Manger Corporation had beginning work in process inventory of $25,000 and ending work in process inventory of $34,000.During the month,$290,000 of costs were added to production and the cost of units transferred out from the department was $281,000.In the department's cost reconciliation report for February,the total cost to be accounted for under the weighted-average method would be:

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

Gupta Inc.uses the weighted-average method in its process costing.The following data concern the company's Mixing Department for the month of December. Required: Compute the cost per equivalent unit for materials and conversion for the Mixing Department in December.

Arizaga Corporation manufactures canoes in two departments,Fabrication and Waterproofing.In the Fabrication Department,fiberglass panels are attached to a canoe-shaped aluminum frame.The canoes are then transferred to the Waterproofing department to be coated with sealant.Arizaga uses a weighted-average process cost system to collect costs in both departments. All materials in the Fabrication Department are added at the beginning of the production process.On July 1,the Fabrication Department had 320 canoes in process that were 20% complete with respect to conversion cost.On July 31,Fabrication had 540 canoes in process that were 30% complete with respect to conversion cost.During July,the Fabrication Department completed 6,700 canoes and transferred them to the Waterproofing Department. What are the Fabrication Department's equivalent units related to materials for July?

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

Jublot 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:

Sarver Corporation uses the weighted-average method in its process costing system.The Fitting Department is the second department in its production process.The data below summarize the department's operations in March. The Fitting Department's cost per equivalent unit for conversion cost for March was $8.24. How much conversion cost was assigned to the units transferred out of the Fitting Department during March?

Chargualaf Corporation uses the weighted-average method in its process costing.The following data pertain to its Assembly Department for September. Required: Compute the equivalent units of production for both materials and conversion costs for the Assembly Department for September using the weighted-average method.

Costs are accumulated by department in a process costing system.

Which of the following journal entries would be used to record application of manufacturing overhead to work in process in a process costing system with two processing departments,Department A and Department B?

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 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 Assembly Department of Jataca Corporation for the month of November.Jataca uses a weighted-average process costing system.All materials at Jataca are added at the beginning of the production process. On November 1,the work in process inventory account contained $6,400 of material cost and $4,400 of conversion cost.Cost per equivalent unit for November was $1.50 for materials and $2.80 for conversion costs. What total amount of cost should be assigned to the units transferred out during November?

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

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

Able 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: a.Determine the equivalent units of production. b.Determine the costs per equivalent unit. c.Determine the cost of ending work in process inventory. d.Determine the cost of the units transferred to the next department.

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 total cost transferred from the first processing department to the next processing department during the month is closest to: