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Exam 4: Process Costing

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Question 51

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Use the following information to answer questions Materials costs of $300,000 and conversion costs of $214,200 were charged to a processing department in the month of September.Materials are added at the beginning of the process; conversion costs are incurred uniformly throughout the process.There were no units in beginning Work in Process, 100,000 units were started into production in September, and there were 8,000 units in ending Work in Process that were 40% complete at the end of September. -What was the total amount of manufacturing costs assigned to the 8,000 units in the ending Work in Process if the weighted-average method is used?

A) $24,000
B) $34,000
C) $13,600
D) $31,200

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Question 52

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What situation is created if there are no units in process at the beginning of the period?

A) The company must be using a job-order cost system.
B) The units to be accounted for will equal the units transferred out plus the units in process at the end of the period.
C) The units started into production will equal the number of units transferred out.
D) Equivalent units of production for materials and conversion costs will be the same.

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Question 53

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Use the following information for questions A department adds raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process.For the month of January, there were no units in the beginning Work in Process inventory; 10,000 units were started into production in January; and there were 4,000 units that were 60% complete in the ending Work in Process inventory at the end of January.The weighted-average method is used. -What were the equivalent units of production for conversion costs for the month of January?

Tivoli-Ng Company's Assembly Department started 14,000 units and completed 16,000 units.If beginning Work in Process was 2,600 units, how many units are in ending Work in Process?

David Katz' Assembly Department has materials cost at $3 per unit and conversion cost at $6 per unit.There are 9,000 units in ending Work in Process, all of which are 70% complete as to conversion costs and fully complete as to direct materials.How much are total costs to be assigned to inventory if the weighted-average method is used?

If beginning Work in Process is 2,000 units, ending Work in Process is 1,000 units, and the units accounted for equals 5,000 units, what must units started in production be?

Use the following information to answer questions In the month of March, a department had 8,000 units in beginning Work in Process that were 75% complete.During March, 30,000 units were transferred into production from another department.At the end of March there were 2,000 units in ending Work in Process that were 75% complete.Materials are added at the beginning of the process while conversion costs are incurred uniformly throughout the process.The weighted-average method is used. -How many units were transferred out of the process in March?

Which of the following only applies to process costing?

What is a production cost report used for?

Macor Manufacturing assigns overhead based on machine hours.Department R logs 500 machine hours and Department W shows 400 machine hours for the period.The overhead rate is $7 per machine hour.What will the entry to assign overhead include?

Which of the following items is not a characteristic of a process cost system?

A production cost report shows units and costs.Which one of the following sections is not shown under costs?

What document is used to summarize costs in process cost accounting?

Which statement is true concerning process cost systems?

The following department data are available: $\begin{array}{ll} \text {Total materials costs. } &\$140,000\\ \text { Equivalent units of materials } & \text { 20,000 units } \\ \text { Total conversion costs } &\$70,000\\ \text {Equivalent units of conversion costs. } & \text { 10.000 units }\\\end{array}$ $\text { How much is the total manufacturing cost per unit? }$

Reed Manufacturing has recently tried to improve its analysis for their manufacturing process.Units started into production equalled 2,300 and ending Work in Process equalled 900 units.Reed had no beginning Work in Process inventory.Conversion costs are applied equally throughout production, and materials are applied at the beginning of the process.How much is the material cost per unit if ending Work in Process was 15% complete and total material costs equalled $11,500 if the weighted-average method is used, rounded to the nearest cent?

Which of the following is considered a difference between a job-order cost system and a process cost system?

Which of the following is a characteristic of products that are mass produced in a continuous fashion?

Under the weighted-average process cost method, we ignore

Cardly Company determined its total physical units to be accounted for.What does this total equal?