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Exam 16: Process Costing6 Cost-Volume-Profit Relationships

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Question 41

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Assuming that Owens Corporation uses the weighted-average method, which of the following is closest to the cost per equivalent unit for processing cost for March?

A) $4.08
B) $3.87
C) $3.68
D) $3.50

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

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Question 42

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The equivalent units for materials for March, using the weighted-average method, are:

A) 69,000 units
B) 65,000 units
C) 68,400 units
D) 67,000 units

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

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Question 43

Multiple Choice

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Roger Corporation uses the FIFO method in its process costing system.The following data are taken from the accounting records of a particular department for June: The cost of the 75,000 units transferred out of the department during June is closest to:

Salmont Corporation uses the FIFO method in its process costing system.The company reported 30,800 equivalent units of production for materials last month.The company's beginning work in process inventory consisted of 8,000 units, 75% complete with respect to materials.The ending work in process inventory consisted of 6,000 units, 80% complete with respect to materials.The number of units started during the month was:

Tabet Corporation uses the FIFO method in its process costing system.Operating data for the Curing Department for the month of March appear below: According to the company's records, the conversion cost in beginning work in process inventory was $20,349 at the beginning of March.The cost per equivalent unit for conversion costs for March was $5.00. How much conversion cost would be assigned to the units completed and transferred out of the department during March?

Clarks Corporation uses the FIFO method in its process costing.The following data pertain to its Assembly Department for June. Required: Determine the equivalent units of production for the Assembly Department for June using the FIFO method.

Ricardo Corporation uses the FIFO method in its process costing system.During June, 36,000 units were completed in Department M.Of this total, 6,000 were in the beginning work in process and the remainder were started and completed during the month.The work in process at June 1 was 40% complete with respect to conversion costs.Materials are added at the beginning of the process.A total of 8,000 units were in work in process at June 30; these units were 80% complete with respect to conversion costs.The equivalent units of production for conversion costs for June is closest to:

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

Crone Corporation uses the FIFO method in its process costing system.The following data concern the company's Assembly Department for the month of August. Required: Determine the cost of ending work in process inventory and the cost of units transferred out of the department during August using the FIFO method.

Merced Corporation has a process costing system and uses the FIFO method.For May, the company's beginning work in process inventory was 75% complete with respect to conversion, and the ending work in process inventory was 80% complete with respect to conversion.Information on units processed and conversion costs incurred during May follow: The amount of conversion cost in the ending work in process inventory was:

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

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

In the cost reconciliation report under the FIFO method, the costs accounted for equals the cost of units transferred out plus the costs added during the period.

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

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

The equivalent units of production for a department using the FIFO process costing method is equal to the number of units completed plus the equivalent units in the ending inventory.

Lenning Corporation uses the FIFO method in its process costing.The following data pertain to its Assembly Department for August. Required: Compute the equivalent units of production for both materials and conversion costs for the Assembly Department for August using the FIFO method.

Equivalent units of production for a process costing system using the FIFO method are equal to:

Marlow Corporation uses the FIFO method in its process costing system.Department A's beginning work in process inventory consisted of 12,000 units, 100% complete with respect to materials and 60% complete with respect to conversion costs.The total cost of this inventory was $76,400.A total of 25,000 units were transferred out during the month.The costs per equivalent unit were computed to be $3.40 for materials and $4.70 for conversion costs.The cost of the units completed and transferred out was closest to:

The following data has been provided by Glasco Inc., a company that uses the FIFO method in its process costing system.The data concern the company's Shaping Department for the month of March. Required: Determine the cost of ending work in process inventory and the cost of the units transferred out of the department during March using the FIFO method.