Question 1

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

Accepted Answer

A) 8,800 
B) 900 
C) 400 
D) 700 
A) 8,800 
B) 900 
C) 400 
D) 700

Question 2

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

Accepted Answer

A) $23.31 
B) $23.70 
C) $24.43 
D) $24.03 
A) $23.31 
B) $23.70 
C) $24.43 
D) $24.03

Question 3

Costs are accumulated by department in a process costing system.

Accepted Answer

A) True 
 B)False

Question 4

When the weighted-average method of process costing is used, a department's equivalent units are computed by:

Accepted Answer

A) subtracting the equivalent units in beginning inventory from the equivalent units in ending inventory. 
B) subtracting the equivalent units in beginning inventory from the equivalent units for work performed during the period. 
C) adding the units transferred out to the equivalent units in ending inventory. 
D) subtracting the equivalent units in beginning inventory from the sum of the units transferred out and the equivalent units in ending inventory. 
A) subtracting the equivalent units in beginning inventory from the equivalent units in ending inventory. 
B) subtracting the equivalent units in beginning inventory from the equivalent units for work performed during the period. 
C) adding the units transferred out to the equivalent units in ending inventory. 
D) subtracting the equivalent units in beginning inventory from the sum of the units transferred out and the equivalent units in ending inventory.

Question 5

What are the Fabrication Department's equivalent units related to conversion costs for July?

Accepted Answer

A) 6,542 
B) 6,798 
C) 6,862 
D) 7,078 
A) 6,542 
B) 6,798 
C) 6,862 
D) 7,078

Question 6

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?

Accepted Answer

A) 93,000 
B) 83,100 
C) 87,000 
D) 89,400 
A) 93,000 
B) 83,100 
C) 87,000 
D) 89,400

Question 7

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

Accepted Answer

A) $16.31 
B) $17.89 
C) $14.48 
D) $15.88 
A) $16.31 
B) $17.89 
C) $14.48 
D) $15.88

Question 8

The following journal entry would be made in a processing costing system when units that have been completed with respect to the work done in Processing Department Z are transferred from Processing Department Z to Processing Department Y:

Accepted Answer

A) True 
 B)False

Question 9

Jawson Corporation uses the weighted-average method in its process costing system. Operating data for the Painting Department for the month of April appear below:   What were the equivalent units for conversion costs in the Painting Department for April?

Accepted Answer

A) 67,300 
B) 68,820 
C) 70,520 
D) 63,900 
A) 67,300 
B) 68,820 
C) 70,520 
D) 63,900

Question 10

The following data have been provided by Allton Corporation, which uses the weighted-average method in its process costing. The data are for the company's Shaping Department for October.   Required:
Compute the equivalent units of production for both materials and conversion costs for the Shaping Department for October using the weighted-average method.

Accepted Answer

Weighted-a

Question 11

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.

Accepted Answer

Weighted-a

Question 12

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

Accepted Answer

A) $21.37 
B) $19.47 
C) $20.04 
D) $20.76 
A) $21.37 
B) $19.47 
C) $20.04 
D) $20.76

Question 13

In the department's cost reconciliation report for September, the total cost to be accounted for would be:

Accepted Answer

A) $37,000 
B) $323,000 
C) $619,000 
D) $646,000 
A) $37,000 
B) $323,000 
C) $619,000 
D) $646,000

Question 14

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

Accepted Answer

A) $16.66 
B) $15.31 
C) $17.53 
D) $19.09 
A) $16.66 
B) $15.31 
C) $17.53 
D) $19.09

Question 15

How much cost, in total, was assigned to the ending work in process inventory?

Accepted Answer

A) $2,600 
B) $4,300 
C) $15,000 
D) $5,400 
A) $2,600 
B) $4,300 
C) $15,000 
D) $5,400

Question 16

What are the Blending Department's equivalent units related to materials for May?

Accepted Answer

A) 260,000 
B) 277,000 
C) 290,000 
D) 307,000 
A) 260,000 
B) 277,000 
C) 290,000 
D) 307,000

Question 17

Stay Corporation uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 8,000 units, 60% complete with respect to materials and 80% complete with respect to conversion costs. If the total cost in this inventory is $200,000 and if the cost for materials is $16 per equivalent unit for the period, the conversion cost per equivalent unit of the production for the period must be:

Accepted Answer

A) $19.25 
B) $16.00 
C) $25.67 
D) $31.25 
A) $19.25 
B) $16.00 
C) $25.67 
D) $31.25

Question 18

During February, the following transactions were recorded at Cuenca Corporation. The company uses process costing.
(1) Raw materials that cost $38,300 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 $21,700 are incurred, but not yet paid, in the Assembly Department.
(3) Manufacturing overhead of $45,200 is applied in the Assembly Department using the department's predetermined overhead rate.
(4) Units with a carrying cost of $86,500 finish processing in the Assembly Department and are transferred to the Painting Department for further processing.
(5) Units with a carrying cost of $109,100 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 $106,100 are sold.
Required:
Prepare journal entries for each of the transactions listed above.

Accepted Answer

The answer of During February, the following transactions were recorded...

Question 19

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

Accepted Answer

A) 9,925 
B) 10,200 
C) 9,100 
D) 825 
A) 9,925 
B) 10,200 
C) 9,100 
D) 825

Question 20

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:

Accepted Answer

A) $5.02 
B) $5.10 
C) $5.12 
D) $5.25 
A) $5.02 
B) $5.10 
C) $5.12 
D) $5.25

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

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

Costs are accumulated by department in a process costing system.

When the weighted-average method of process costing is used, a department's equivalent units are computed by:

What are the Fabrication Department's equivalent units related to conversion costs for July?

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

The following journal entry would be made in a processing costing system when units that have been completed with respect to the work done in Processing Department Z are transferred from Processing Department Z to Processing Department Y:

Jawson Corporation uses the weighted-average method in its process costing system. Operating data for the Painting Department for the month of April appear below: What were the equivalent units for conversion costs in the Painting Department for April?

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.

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

In the department's cost reconciliation report for September, the total cost to be accounted for would be:

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

How much cost, in total, was assigned to the ending work in process inventory?

What are the Blending Department's equivalent units related to materials for May?

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

Managerial Accounting and Cost Concepts

Least-Squares Regression Computations

Cost of Quality

Job-Order Costing

Activity-Based Absorption Costing

The Predetermined Overhead Rate and Capacity

Fifo Method

Service Department Allocations

Cost-Volume-Profit Relationships

Variable Costing and Segment Reporting: Tools for Management

Super-Variable Costing

Activity-Based Costing: a Tool to Aid Decision Making

Abc Action Analysis

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Exam 7: Process Costing

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

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

Costs are accumulated by department in a process costing system.

When the weighted-average method of process costing is used, a department's equivalent units are computed by:

What are the Fabrication Department's equivalent units related to conversion costs for July?

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

The following journal entry would be made in a processing costing system when units that have been completed with respect to the work done in Processing Department Z are transferred from Processing Department Z to Processing Department Y:

Jawson Corporation uses the weighted-average method in its process costing system. Operating data for the Painting Department for the month of April appear below: What were the equivalent units for conversion costs in the Painting Department for April?

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

In the department's cost reconciliation report for September, the total cost to be accounted for would be:

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

How much cost, in total, was assigned to the ending work in process inventory?

What are the Blending Department's equivalent units related to materials for May?

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

Managerial Accounting and Cost Concepts

Least-Squares Regression Computations

Cost of Quality

Job-Order Costing

Activity-Based Absorption Costing

The Predetermined Overhead Rate and Capacity

Fifo Method

Service Department Allocations

Cost-Volume-Profit Relationships

Variable Costing and Segment Reporting: Tools for Management

Super-Variable Costing

Activity-Based Costing: a Tool to Aid Decision Making

Abc Action Analysis

Filters