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Exam 16: Process Costing6 Cost-Volume-Profit Relationships

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Question 51

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The equivalent units for labor and overhead for the month, using the weighted-average method, is:

A) 162,000
B) 80,000
C) 81,000
D) 74,000

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

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Question 52

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What are the Fermenting Department's equivalent units (gallons) of production related to conversion costs for May?

A) 459,200
B) 474,800
C) 477,200
D) 478,400

E) A) and B)
F) B) and D)

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Question 53

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Steven Corporation uses the FIFO method in its process costing system.The following data were taken from the accounting records of a particular department for last month: The cost of units transferred out of the department during the month is:

Gaba Corporation uses the FIFO method in its process costing system.The Grinding Department started the month with 17,000 units in its beginning work in process inventory that were 60% complete with respect to conversion costs.An additional 60,000 units were transferred in from the prior department during the month to begin processing in the Grinding Department.During the month 70,000 units were completed in the Grinding Department and transferred to the next processing department.There were 7,000 units in the ending work in process inventory of the Grinding Department that were 10% complete with respect to conversion costs. What were the equivalent units of production for conversion costs in the Grinding Department for the month?

Ibarra Corporation uses the FIFO method in its process costing system.The first processing department, the Forming Department, started the month with 16,000 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 $19,250.An additional 97,000 units were started into production during the month and 100,000 units were completed and transferred to the next processing department.There were 13,000 units in the ending work in process inventory of the Forming Department that were 30% complete with respect to conversion costs.A total of $593,123 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:

Under the FIFO method of product costing, equivalent units of production consider units in the beginning inventory as if they were started and completed during the current period.

Using the weighted-average method, the equivalent units for materials for March would be:

When comparing the two process costing methods for the same company, equivalent units computed under the FIFO method will always be less than or equal to equivalent units computed under the weighted-average method.

In October, one of the processing departments at Ingersoll Corporation had beginning work in process inventory of $16,000 and ending work in process inventory of $29,000.During the month, $191,000 of costs were added to production.The company uses the FIFO method in its process costing system. Required: Construct a cost reconciliation report for the department for the month of October.

Daosta Inc.uses the FIFO method in its process costing system.The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method: a.Determine the equivalent units of production for materials and conversion costs. b.Determine the cost per equivalent unit for materials and conversion costs. c.Determine the cost of ending work in process inventory. d.Determine the cost of units transferred out of the department during the month.

Under the FIFO method, in addition to the cost of units started and completed during the period, the cost of the units transferred out of the department includes:

In the cost reconciliation report under the FIFO method, the costs accounted for equals the cost of beginning work in process inventory plus the costs added during the period.

How many units were started AND completed during the month in the first processing department?

What was the cost per equivalent unit for materials during the month?

Crimp Corporation uses the FIFO method in its process costing system.Department A had 10,000 units in process at the beginning of January that were 40% complete with respect to conversion costs.All materials are added at the beginning of the process in Department A.The January 1 work in process inventory in Department A contained $20,000 in materials cost and $11,000 in conversion cost.During January, materials costs were $2.00 per equivalent unit and conversion costs were $2.50 per equivalent unit.All of the units in the beginning work in process inventory were completed and transferred out during the month.What was the total cost attached to these units when they were transferred to the next department?

Using the FIFO method, the equivalent units for conversion for March would be:

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

Maccari Corporation uses the FIFO method in its process costing system.Operating data for the Casting Department for the month of September appear below: According to the company's records, the conversion cost in beginning work in process inventory was $61,824 at the beginning of September.Additional conversion costs of $206,412 were incurred in the department during the month. The cost per equivalent unit for conversion costs for September is closest to: (Round off to three decimal places.)

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

The equivalent units for materials for March, using the FIFO method, are: