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Exam 28: Process Cost Accounting

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Question 21

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A firm had no work in process at the beginning of a month.It transferred 4,000 units to finished goods during the month,and 500 units were still in process at the end of the month.Equivalent production for the month was 4,400 units.At what stage of completion were the unfinished units at the end of the month?

A) 67 percent
B) 75 percent
C) 20 percent
D) 80 percent

E) A) and B)
F) None of the above

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Question 22

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The Vinh Corporation has two producing departments.Cost data from the firm's records for the month of January 2016 is given below.There were no beginning inventories. Prepare a cost of production report for the Assembling Department.

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Question 23

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The activity for Noah Company's mixing department for August is given below.All material is added at the beginning of the process. Compute the cost of Noah's completed units.

Costs of ____________________ departments are allocated as manufacturing overhead to the producing departments that benefit.

As percentage of completion is difficult to evaluate for manufacturing overhead costs,the percentage complete is ignored as immaterial.

Based on the information provided,prepare the journal entries to record the flow of costs at Caruso & Company. Beginning inventories for Assembly and Finishing departments were both zero at the start of June. a)Raw materials issued to Assembly and Finishing departments in June was $25,000 and $12,000 respectively. b)Direct labor costs incurred in June were $30,000 ($16,000 of which was incurred by Assembly workers,the remainder by Finishing). c)Manufacturing overhead is applied based on 125% of labor cost for Assembly and 200% of labor cost in the Finishing department. d)Cost of goods transferred out of Assembly to Finished Goods was $5,000 and $60,000 was transferred out to the Finishing department for additional processing. e)Ending inventory cost of the Finishing department at month end was $24,000. f)The Finished Goods inventory account had a beginning balance of $10,000 in June and an ending balance of $20,000. Units were sold to customers on account at 50% markup on cost.Record the sale and corresponding cost of units sold.

When the ____________________ cost method is used to calculate unit costs,the beginning inventory costs are added to the current period costs,and the sum is divided by the equivalent production units.

In a process cost accounting system,

The equivalent units of production are computed on the Units of Production report.

Calculate the equivalent production units from the information given.

Kobold Company manufactures lamps.In May,Department B started 4,500 units.None had been transferred in from a prior department.Of the 4,500 units started,4,250 were transferred out-3,850 to the next department,Department C,and 400 were transferred to Finished Goods.All the materials issued during May were used in production while only 70% of the labor and overhead was added to the ending inventory.Calculate the equivalent units for material and for the labor and manufacturing overhead.

The part of the Cost Schedule showing the total and unit cost of each element and the cumulative cost total is the

Fill in the blanks in the Quantity Section of the following Production Report.

The activity for Noah Company's mixing department for August is given below.All material is added at the beginning of the process. Compute the cost of Noah's ending work in process inventory.

McGill Manufacturing had 900 units in its work in process inventory at the beginning of a month.Of these units,40 percent were complete with respect to labor,and 100% complete with respect to materials,and overhead.The firm transferred 4,000 units to the finished goods inventory during the month.It had 600 units of which 30 percent were complete and still in process at the end of the month.Equivalent production for the month was

When beginning inventory is part of the production report,costs from the prior department are included.They are

The Vinh Corporation has two producing departments.Cost data from the firm's records for the month of January 2016 is given below.There were no beginning inventories. Prepare equivalent production computations for each department.

During the month,1,600 units of a product were completed and 900 units were two-thirds complete with respect material and one-third complete with respect to labor and overhead.After completing equivalent unit cost computations,the company determined material cost was $3.25 and the combined labor and overhead cost was $6.50 per unit.Compute the cost of completed units.

The ending work in process inventory does not appear on the following month's cost of production report.

Simon Productions Company had a beginning work in process inventory totaling $6,000.During the current period,the company added materials costs of $12,300,labor cost of $14,500 and overhead of $18,200.Equivalent production was 12,000 units,and 9,000 units were completed and transferred to the finished goods inventory.Inventory costs would be determined using a unit cost of