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Exam 3: Process Costing

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Question 61

Multiple Choice

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A firm using process costing needs to reconcile the number of physical units in order to

A) account for units that have different percentages of completion.
B) determine the number of units that were started during the period.
C) reconcile beginning Work in Process Inventory with ending Work in Process Inventory.
D) separate physical units from the equivalent units.

E) B) and C)
F) A) and B)

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Question 62

Multiple Choice

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Brody Corp uses a process costing system.Beginning inventory for January consisted of 1,300 units that were 40% completed.13,000 units were started into the process during January.On January 31,the inventory consisted of 650 units that were 70% completed.How many units were completed during the period?

A) 12,350
B) 13,650
C) 14,300
D) 14,950

E) A) and D)
F) All of the above

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Question 63

Multiple Choice

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Which of the following relationships is correct?

Kenney Co.uses process costing to account for the production of canned energy drinks.Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process.Equivalent units have been calculated to be 19,200 units for materials and 16,000 units for conversion costs.Beginning inventory consisted of $11,200 in materials and $6,400 in conversion costs.April costs were $57,600 for materials and $64,000 for conversion costs.Ending inventory still in process was 6,400 units (100% complete for materials,50% for conversion) .The cost per equivalent unit for conversion costs using the weighted average method would be

Under the FIFO method,the units completed during the period must be split between beginning units in process and units started and completed.In FIFO,physical units are divided between beginning units in process,units started and completed,and ending units in process.

A company that offers customized products would use job order costing.Job order costing is used by companies that offer customized products or services.

The journal entry to record the application of overhead costs to production includes

The key difference between a process costing production report prepared using one of the two acceptable methods is how they deal with any units and costs that are in ending Work in Process Inventory.The key difference between a process costing production report prepared using one of the two acceptable methods is how they deal with any units and costs that are in beginning Work in Process Inventory.

Braden Corp uses a process costing system.Beginning inventory for January consisted of 1,300 units that were 60% completed.13,000 units were started into the process during January.During January,13,650 units were completed.How many units were in ending inventory on January 31?

The journal entry to record the completion of goods includes

Brody Corp uses a process costing system in which direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process.Beginning inventory for January consisted of 1,300 units that were 40% completed.13,000 units were started into the process during January.On January 31,the inventory consisted of 650 units that were 70% completed.What would be the equivalent units for direct materials cost using the weighted average method?

The process costing production report is used to determine how much manufacturing cost to transfer out of Finished Goods Inventory and into Cost of Goods Sold.The process costing report is used to determine how much manufacturing cost to transfer out of Work in Process Inventory and into the next processing department.