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Exam 5: Process Costing6 Cost-Volume-Profit Relationships

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Question 31

True/False

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A job-order costing system would be best suited for production of a large quantity of a homogeneous product.

A) True
B) False

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Question 32

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The Richmond Corporation uses the weighted-average method in its process costing system.The company has only a single processing department.The company's ending work in process inventory on August 31 consisted of 18,000 units.The units in the ending work in process inventory were 100% complete with respect to materials and 60% complete with respect to labor and overhead.If the cost per equivalent unit for August was $2.75 for materials and $4.25 for labor and overhead, the total cost assigned to the ending work in process inventory was:

A) $126,000
B) $75,600
C) $80,100
D) $95,400

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

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Question 33

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How many units were started into production during the month?

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

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

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

Lanjan Corporation uses the weighted-average method in its process costing system.Operating data for the first processing department for the month of June appear below: According to the company's records, the conversion cost in beginning work in process inventory was $92,218 at the beginning of June.Additional conversion costs of $571,618 were incurred in the department during the month. What was the cost per equivalent unit for conversion costs for the month? (Round off to three decimal places.)

Janner 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?

What are the Fabrication Department's equivalent units of production related to materials for July?

The total cost transferred from the first processing department to the next processing department during the month is closest to:

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

Lucas Corporation uses the weighted-average method in its process costing system.The company adds materials at the beginning of the process in the Forming Department, which is the first of two stages in its production process.Information concerning operations in the Forming Department in October follows: What was the materials cost of work in process at October 31?

Which of the following journal entries would be used to record direct labor costs in a company having two processing departments (Department A and DepartmentB)?

The equivalent units for February for conversion costs were:

How much cost, in total, was assigned to the units transferred out to the next department during the month?

When materials are purchased in a process costing system, a work in process account is debited with the cost of the materials.

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

Saada Corporation uses the weighted-average method in its process costing system.The Fitting Department is the second department in its production process.The data below summarize the department's operations in March. The Fitting Department's cost per equivalent unit for conversion cost for March was $5.99. How much conversion cost was assigned to the units transferred out of the Fitting Department during March?

When computing the cost per equivalent unit, the weighted-average method of process costing considers:

Paceheco Corporation uses the weighted-average method in its process costing system.The Molding Department is the second department in its production process.The data below summarize the department's operations in January. The accounting records indicate that the conversion cost that had been assigned to beginning work in process inventory was $34,558 and a total of $559,254 in conversion costs were incurred in the department during January. The cost per equivalent unit for conversion costs for January in the Molding Department is closest to: