Exam 4: Process Costing

Rariton Corporation uses the weighted-average method in its process costing system.The Molding Department is the second department in its production process.The data below summarize the department's operations in January. The Molding Department's cost per equivalent unit for conversion cost for January was $5.37. How much conversion cost was assigned to the ending work in process inventory in the Molding Department for January?

Trapp Corporation uses the weighted-average method in its process costing system.The beginning work in process inventory in its Painting Department consisted of 3,000 units that were 70% complete with respect to materials and 60% complete with respect to conversion costs.The cost of the beginning work in process inventory in the department was recorded as $10,000.During the period,9,000 units were completed and transferred on to the next department.The costs per equivalent unit for the period were $2.00 for material and $3.00 for conversion costs.The cost of units transferred out during the month was:

Valley Manufacturing Corporation's beginning work in process inventory consisted of 10,000 units,100% complete with respect to materials cost and 40% complete with respect to conversion costs.The total cost in the beginning inventory was $30,000.During the month,50,000 units were transferred out.The equivalent unit cost was computed to be $2.00 for materials and $3.70 for conversion costs under the weighted-average method.Given this information,the total cost of the units completed and transferred out was:

In December,one of the processing departments at Weisz Corporation had beginning work in process inventory of $20,000 and ending work in process inventory of $14,000.During the month,the cost of units transferred out from the department was $244,000. Required: Construct a cost reconciliation report for the department for the month of December.

Barraza Corporation uses a weighted-average process costing system.Barraza has two direct materials.One of these materials is added at the beginning of the production process.The other material is added when processing is 50% complete.When will the equivalent units of production for these two materials be equal?

The units in beginning work in process inventory plus the units in ending work in process inventory must equal the units transferred out of the department plus the units started into production.

Harker Corporation uses the weighted-average method in its process costing system.The first processing department,the Welding Department,started the month with 16,000 units in its beginning work in process inventory that were 40% complete with respect to conversion costs.The conversion cost in this beginning work in process inventory was $29,440.An additional 59,000 units were started into production during the month and 61,000 units were completed in the Welding Department and transferred to the next processing department.There were 14,000 units in the ending work in process inventory of the Welding Department that were 10% complete with respect to conversion costs.A total of $246,400 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:

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 conversion costs for the month in the first processing department?

Using process costing,it is necessary to consider the stage of completion of the units when assigning conversion cost to partially completed units in the ending work in process inventory.

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 per equivalent unit for conversion costs for the first department for 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. How many units are in ending work in process inventory in the first processing department at the end of the month?

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

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

Fabian Corporation uses the weighted-average method in its process costing system.The Assembly Department started the month with 9,000 units in its beginning work in process inventory that were 70% complete with respect to conversion costs.An additional 90,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department.During the month 87,000 units were completed in the Assembly Department and transferred to the next processing department.There were 12,000 units in the ending work in process inventory of the Assembly Department that were 20% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Assembly Department for the month?

Jordon Corporation uses the weighted-average method in its process costing.The following data pertain to its Materials Preparation Department for November. Required: Determine the equivalent units of production for the Materials Preparation Department for November using the weighted-average method.

Barnett Corporation uses the weighted-average method in its process costing system.The company adds materials at the beginning of the process in Department M.Conversion costs were 75% complete with respect to the 4,000 units in work in process at May 1 and 50% complete with respect to the 6,000 units in work in process at May 31.During May,12,000 units were completed and transferred to the next department.An analysis of the costs relating to work in process at May 1 and to production activity for May follows: The total cost per equivalent unit for May was:

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:

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

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

In order to equitably allocate costs in a process costing system,dissimilar products are restated in terms of equivalent units by weighting the number of units produced by their market values.