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Exam 28: Process Cost Accounting

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Question 31

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The Completion Department transferred 8,000 units to the finished goods storeroom during a month.There was no beginning work in process inventory,but 1,000 units were still in process at the end of the month,and were 40% complete.Inventory costs at the end of the month were $3.50.What were total production costs for the month?

A) $28,000.
B) $29,400.
C) $30,100.
D) $31.500.

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

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Question 32

Multiple Choice

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The current department costs categories are

A) work in process-beginning costs,started in production costs,and transferred in costs.
B) materials costs,labor costs,and manufacturing overhead costs.
C) work in process-beginning costs,transferred out to next department costs,and work in process-ending costs.
D) started in production costs,transferred in from prior department costs,and transferred out to next department costs.

E) C) and D)
F) B) and D)

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Question 33

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Jocund Manufacturing produces exercise machines.In February,all the materials issued to Department X were entered into production.There was no beginning inventory.Department X started 6,200 units.During February,5,300 units were transferred out-4,750 to Department Y and 550 to Finished Goods.Of the 900 units in ending inventory,65% of the labor and overhead had been added during the month.Calculate the equivalent units of production for material and for Labor and Manufacturing Overhead.

The process costs associated with departmental inputs and outputs are reconciled on the Cost of Production report.

In the process cost accounting system,the ____________________ of the ending work in process is estimated.

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 total cost of a completed unit.

The entry to record the transfer of goods from Department A to Department B would include a debit to the Work in Process account for Department A.

Total costs accounted for consists of the

A process cost accounting system may be viewed as a monthly ____________________ cost system.

The two sections of the cost of production report are

The Painting Department transferred 6,000 units to the finished goods storeroom during a month.There was no beginning work in process inventory,but 800 units were still in process at the end of the month,and were 70% complete,and production costs incurred totaled $21,320.Inventory costs would be determined using a unit cost of

On a cost of production report,beginning work in process

Materials issued to production are recorded by ____________________ the departmental work in process accounts.

Explain the flow of production in a manufacturing environment for production as the products are started and moved through the production process and eventually sold.Include the account titles.

When the average cost method is used,units in beginning inventory which are 40 percent complete are multiplied by 60 percent to compute equivalent units of production.

The Finishing department began the period with 3,000 units of a product.During the month,Assembly completed and transferred-out 6,800 units to Finishing.Ending in process quantities and percentage completion for Assembly and Finishing are as follows: 300 units 40 percent complete and 600 units 10 percent complete,respectively.The equivalent production for Assembly and Finishing for the month is:

The total accounted for consists of

During the month,1,600 units of a product were completed and 900 units were two-thirds complete with respect to labor and still in process.The total equivalent units of production for labor for the month is

Each section of the production report has two parts.They reconcile

The ending balance of a(n)____________________ Inventory account for a producing department must agree with the amount shown for that department in the cost of production report.