Exam 18: Process Costing

All of the following are characteristics of the products of process costing except:

A typical production cost report will contain all of the following except:

In evaluating the efficiency of a production department,management should:

A company may choose to use process costing or job order costing,but never both simultaneously.

An equivalent unit measures the percentage of a completed unit's cost that is present in a partially finished unit.

During August,Department Z started and completed 90,000 units and also finished 18,000 units that were 75% completed on July 31.On August 31,Department Z's ending inventory consisted of 26,000 units that were 45% completed.All manufacturing costs are incurred at a uniform rate throughout Department Z's production process.The number of equivalent units of production for Department Z during August is:

If beginning inventory in Work in Process is zero and 2,000 units are started during the period,assuming that 300 units remain in ending inventory,how many equivalent units were completed and transferred out?

Which company would most likely not use a process costing system?

During July,the equivalent units of direct materials added to the product worked on by Department A amounted to a total of 90,000 applied as follows: beginning inventory,20,000 units; units started and completed in July,60,000 units; and ending inventory,10,000 units.Assuming that the cost of direct materials requisitioned by the department in July was $135,000; the amount of the materials cost to be assigned to the ending inventory would be: (Do not round intermediate calculations)

If 8,000 units were in beginning inventory,26,000 units were started,and 6,000 units were in the ending inventory,how many units were transferred out?

Equivalent units of production are:

The best cost system to use for a company producing a continuous stream of similar items would be a:

Equivalent units are usually computed for:

In a process costing system,the number of units started and completed for a period is equal to:

Monfort Company had the following information (1.)What are equivalent units of production for materials? (2.)What was the cost per equivalent unit of production for materials during the period? (Round your final answer to two decimal places.) (3.)What were the equivalent units of production for conversion cost? (4.)What was the cost per equivalent unit of production for conversion costs? (Round your final answer to two decimal places.)

For the month of December,its first month of operations,the Radcliffe Corporation completed and transferred 800 units of product costing $80,000 to produce to Finished Goods Inventory.If Radcliffe sold 650 units during the same month,how much was cost of goods sold for the same period?

Conversion costs include direct labor and direct materials associated with converting units,so that they can be transferred out of Work in Process.

Equivalent units In the first month of operations,the manufacturing costs for Blue Sun Company were as follows: During the month 10,000 units were completed,and 5,000 units were in process at the end of the month.The 5,000 units in process were 100% completed as to materials and 80% completed as to direct labor and overhead.Compute the following: (a)Direct materials cost per equivalent unit: $_______________ (b)Equivalent units of production for direct labor and manufacturing overhead: ________________ (c)Direct labor cost per equivalent unit: $________________ (d)Manufacturing overhead cost per equivalent unit: $________________ (e)Total cost of 10,000 units completed: $________________ (f)Total cost of 5,000 units in process at the end of the month: $________________

A summary of work completed with related unit and total costs in a process costing system is called a(n):

Elmer Corporation has the following information for the month of October,its first month of operations: Round intermediate calculations to two decimal places Costs added in October: (1.)Determine the equivalent units of production for October. (2.)Determine the cost of the ending work in process. (3.)Determine the cost of goods completed. (4.)If the company sold ¾ of its completed goods for $264,000,what is the gross profit?