Exam 3: Process Costing

Kramer 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:

In January, one of the processing departments at Seidl Corporation had ending work in process inventory of $35,000. During the month, $111,000 of costs were added to production and the cost of units transferred out from the department was $86,000. -In the department's cost reconciliation report for January,the cost of beginning work in process inventory for the department would be:

Epstein 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 7,000 units were started and 6,500 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 45% 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:

The Assembly Department started the month with 14,000 units in its beginning work in process inventory.An additional 296,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department.There were 14,000 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?

Vanstraten 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,4,800 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.

Atwich Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 600 units. The costs and percentage completion of these units in beginning inventory were: A total of 5,100 units were started and 4,400 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 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:

A company should use process costing,rather than job order costing,if:

Froment Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 200 units. The costs and percentage completion of these units in beginning inventory were: A total of 7,900 units were started and 7,400 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 65% complete with respect to materials and 25% 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:

Jumper Company 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 conversion cost?

Atwich Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 600 units. The costs and percentage completion of these units in beginning inventory were: A total of 5,100 units were started and 4,400 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 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. -How many units are in ending work in process inventory in the first processing department at the end of the month?

Grosseiller 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 6,400 units were started and 5,200 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 65% 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?

Jaderston 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:

Borwan Company 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 70% complete with respect to conversion costs.An additional 69,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department.There were 5,000 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?

The information below was obtained from the records of the first processing department of Moore Company for the month of May. The company uses the weighted-average method in its process costing system. All materials are added at the beginning of the process. -The equivalent units for labor and overhead for the month of May were:

Diston Company uses the weighted-average method in its process costing system.The first processing department,the Welding Department,started the month with 18,000 units in its beginning work in process inventory that were 30% complete with respect to conversion costs.The conversion cost in this beginning work in process inventory was $44,820.An additional 90,000 units were started into production during the month.There were 21,000 units in the ending work in process inventory of the Welding Department that were 10% complete with respect to conversion costs.A total of $677,970 in conversion costs were incurred in the department during the month. What would be the cost per equivalent unit for conversion costs for the month? (Round off to three decimal places. )

In process costing,the equivalent units computed for materials is generally the same as that computed for direct labor.

Lothian 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 March,one of the processing departments at Perrill Corporation had beginning work in process inventory of $31,000.During the month,$368,000 of costs were added to production and the cost of units transferred out from the department was $367,000. Required: Construct a cost reconciliation report for the department for the month of March.

When computing the cost per equivalent unit,it is not necessary to consider the percentage completion of the units in beginning inventory under the weighted-average method.

Heller 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: