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Exam 3: Process Costing

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Question 41

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To reconcile the number of physical units using the weighted average method of process costing,one must determine whether the units were:

A) in process at the beginning of the period or were completed at the beginning of the period.
B) in process at the beginning of the current period or in process at the beginning of the previous period.
C) in process at the beginning of the period or were sold at the beginning of the period.
D) in process at the beginning of the period or were started during the period.

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

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Question 42

Multiple Choice

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How could a firm using the weighted average method of process costing calculate how many units were worked on during a period?

A) Add beginning units in inventory and units completed
B) Add beginning units in inventory and ending units in inventory
C) Add units completed and ending units in inventory
D) Add units started and units completed

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

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Question 43

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Which of the following statements is true?

Cost per equivalent unit is kept separate for direct materials and conversion costs because:

Which of the following companies would most likely use process costing?

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

The journal entry to record the completion of goods includes:

How could a firm using the weighted average method of process costing calculate how many units were started during a period?

Swan Corp.began work on 3,000 units this period.Work in Process Inventory was 500 at the beginning of the period (60% complete)and 1,000 at the end of the period (50% complete).Beginning inventory costs were $3,000 for conversion costs and $7,000 for direct materials.During the period,Swan incurred $75,000 for conversion costs and $52,500 for direct materials.Swan uses the weighted average method of process costing.Direct materials are added at the beginning of the process,and conversion costs are incurred evenly throughout the period. Required: Using the weighted average method,compute: a.How many units were completed during the period? b.Determine the number of equivalent units for direct materials. c.Determine the number of equivalent units for conversion costs. d.Calculate the cost per equivalent unit for direct materials. e.Determine the cost per equivalent unit for conversion costs. f.Determine the cost assigned to ending Work in Process Inventory. g.Determine the cost assigned to goods completed and transferred out.

The journal entry to record the actual (not applied) overhead costs incurred includes:

Bosco Corp.uses a process costing system.Beginning inventory for January consisted of 1,500 units that were 50% completed.During January,10,000 units were completed.On January 31,the inventory consisted of 750 units that were 75% completed.How many units were started during January?

Crador 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.13,000 units were started into the process during January.On January 31,the inventory consisted of 650 units.Equivalent units for conversion costs were 14,235.What percentage complete was the ending inventory with respect to conversion costs on January 31 using the weighted-average method?

Griffin,Inc.manufactures units in two processes: Machining and Assembly.All direct materials are added at the beginning of the Machining process,while conversion costs are incurred evenly throughout the period for both Machining and Assembly.Goods completed in Machining are transferred to Assembly where they are completed and transferred to Finished Goods Inventory.Griffin's controller accumulated the following information about the units and costs incurred in the two processes for the current period: Units: Costs: Required: Using the weighted average method,determine the number of physical units: a.transferred into Assembly during the period. b.transferred from Machining to Assembly during the period. c.started in Machining during the period. Using the weighted average method,determine the number of equivalent units: d.for direct materials for Machining. e.for conversion for Machining. f.for direct materials for Assembly. g.for conversion for Assembly. Using the weighted average method,determine the cost per equivalent unit (round to 5 decimals): h.for direct materials for Assembly. i.for conversion for Assembly. Using the weighted average method,determine the total cost of (round to whole dollars,i.e. ,0 decimals): j.materials in the goods transferred to Finished Goods Inventory. k.conversion costs in the goods transferred to Finished Goods Inventory. l.the goods transferred to Finished Goods Inventory. m.materials in ending Work in Process Assembly. n.conversion costs in ending Work in Process Assembly. o.ending Work in Process Assembly.

Swan Corp.began work on 4,200 units this period.Work in Process Inventory was 700 at the beginning of the period (60% complete)and 1,400 at the end of the period (50% complete).Swan uses the weighted average method of process costing.Direct materials are added at the beginning of the process,and conversion costs are incurred evenly throughout the period. Required: Using the weighted average method: a.How many units were completed during the period? b.Determine the number of equivalent units for direct materials. c.Determine the number of equivalent units for conversion costs.

The journal entry to record the purchase of direct materials includes:

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

Computing equivalent units is especially important for:

Which of the following is not a characteristic of process costing?

Which of the following statements is incorrect regarding the production costing report?

To calculate cost per equivalent unit in process costing,divide total manufacturing costs by the total number of equivalent units.Under the weighted average method,what costs are reflected in total manufacturing costs?