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Exam 5: Process Costing6 Cost-Volume-Profit Relationships

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Question 51

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

A) $61,227
B) $48,071
C) $42,859
D) $122,453

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

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Question 52

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

A) 840
B) 6,940
C) 7,500
D) 6,100

E) All of the above
F) None of the above

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Question 53

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

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

The units in beginning work in process inventory plus the units started into production must equal the units transferred out of the department plus the units in ending work in process inventory.

The cost per equivalent unit for conversion costs for the first department for the month is closest to:

The cost reconciliation report has two sections: "Costs to be accounted for" followed by "Costs accounted for".The "Costs accounted for" portion of the cost reconciliation report includes the cost of beginning work in process inventory and the costs added during the period.

Hache Corporation uses the weighted-average method in its process costing system.The first processing department, the Welding Department, started the month with 17,000 units in its beginning work in process inventory that were 20% complete with respect to conversion costs.The conversion cost in this beginning work in process inventory was $7,480.An additional 89,000 units were started into production during the month and 92,000 units were completed in the Welding Department and transferred to the next processing department.There were 14,000 units in the ending work in process inventory of the Welding Department that were 90% complete with respect to conversion costs.A total of $202,400 in conversion costs were incurred in the department during the month. The cost per equivalent unit for conversion costs for the month is closest to:

In July, one of the processing departments at Junkin Corporation had beginning work in process inventory of $17,000 and ending work in process inventory of $19,000.During the month, $193,000 of costs were added to production and the cost of units transferred out from the department was $191,000. Required: Construct a cost reconciliation report for the department for the month of July.

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

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

Holling Inc.uses the weighted-average method in its process costing.The following data concern the company's Mixing Department for the month of December. Required: Compute the cost per equivalent unit for materials and conversion for the Mixing Department in December.

Whether a company uses process costing or job-order costing depends on its industry.A number of companies in different industries are listed below: 1.Flour mill 2.Dairy farm 3.Electric utility 4.Custom boat builder 5.Management consulting firm 6.Aluminum refiner that makes aluminum ingots from bauxite ore Required: For each company, indicate whether the company is most likely to use job-order costing or process costing.

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

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

How many units are in ending work in process inventory in the first processing department at the end of the month?

Jahncke Inc.uses the weighted-average method in its process costing.The following data concern the company's Assembly Department for the month of November. Required: Compute the costs per equivalent unit for the Assembly Department for November.

What total amount of cost should be assigned to the units completed and transferred out during October?

Assume there was no beginning work in process inventory and the ending work in process inventory is 70% complete with respect to conversion costs.Under the weighted-average method, the number of equivalent units of production with respect to conversion costs would be:

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