Exam 3: Process Costing

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

The weighted-average method of process costing can only be used if materials are added at the beginning of the production process.

Scheney Company uses the weighted-average method in its process costing system.The company's work in process inventory on March 31 consisted of 20,000 units.The units in the ending work in process inventory were 100% complete with respect to materials and 70% complete with respect to labor and overhead.If the cost per equivalent unit for March was $2.50 for materials and $4.75 for labor and overhead,the total cost in the March 31 work in process inventory was:

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

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

Under the weighted-average method,the cost of materials in the beginning work in process inventory is not used in the computation of the cost per equivalent unit for materials.

During February,the following transactions were recorded at Ferrington Corporation.The company uses process costing. (1)Raw materials that cost $42,400 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 $16,100 are incurred,but not yet paid,in the Assembly Department. (3)Manufacturing overhead of $30,200 is applied in the Assembly Department using the department's predetermined overhead rate. (4)Units with a carrying cost of $76,500 finish processing in the Assembly Department and are transferred to the Painting Department for further processing. (5)Units with a carrying cost of $97,200 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 $92,800 are sold. Required: Prepare journal entries for each of the transactions listed above.

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

Parmentier Company 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 accounting records indicate that the conversion cost that had been assigned to beginning work in process inventory was $5,096 and a total of $87,668 in conversion costs were incurred in the department during January. What was the cost per equivalent unit for conversion costs for January in the Molding Department? (Round off to three decimal places. )