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Exam 4: Process Cost Accounting

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Question 21

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If 20,000 units are started into production and 12,000 units are in process at the end of the period, how many units were completed and transferred out if there was no beginning Work in Process?

A) 20,000
B) 12,000
C) 8,000
D) 42,000

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Question 22

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A process with no beginning Work in Process, completed and transferred out 12,000 units during a period and had 1,000 units in the ending Work in Process that were 30% complete.Materials are added at the beginning of the process and conversion costs are added equally throughout the process.How much is the equivalent units of production for the period for conversion costs if the weighted-average method is used?

A) 13,000 equivalent units
B) 11,000 equivalent units
C) 12,000 equivalent units
D) 12,300 equivalent units

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Question 23

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Use the following information to answer questions The mixing department of a company's output during the period consists of 25,000 units completed and transferred out, and 15,000 units in ending Work in Process that were 30% complete as to materials and conversion costs.Beginning inventory was 17,000 units that were 15% complete as to materials and conversion costs. -Under the weighted-average method, what are the equivalent units of production for materials?

The FIFO method is easier to understand and use than the weighted-average method.

Cinder Company had the following department information for the month: $\begin{array}{lr}\text { Total materials costs............................. } & \$ 80,000 \\\text { Equivalent units of materials................. } & 10,000 \\\text { Total conversion costs. ......................... } & 120,000 \\\text { Equivalent units of conversion costs........ } & 20,000\end{array}$ How much is the total manufacturing cost per unit?

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

Knarley Inc.manufactures snowboarding pants.The pants pass from the cutting department to the sewing department.The sewing department had the following data on physical units during the month: $\begin{array}{ll}\text { Work in process, beginning } & 14,000 \\\text { Units transferred from cutting department} & 26,000 \\\text { Units completed and transferred out }&31,000\end{array}$ What is the number of units in ending Work in Process inventory at month end?

Why are materials requisition forms used less frequently in process costing?

Which statement is true concerning process cost systems?

Harms Company enters materials at beginning of the process.On January 1, there was no beginning Work in Process, but there were 100 units in ending Work in Process inventory.To what is the 'number of units completed' equal?

Conversion cost is another name for manufacturing overhead.

Why is it necessary to calculate equivalent units of production in a department?

Schiller Company has unit costs of $6 for materials and $15 for conversion costs.There are 4,200 units in ending Work in Process which are 25% complete as to conversion costs, and fully complete as to materials cost.How much is the total cost assignable to the ending Work in Process inventory if the weighted-average method is used?

Which of the following is true of a process cost system?

Cyrprano Company had the following department data: $\begin{array}{ll}\text {Work in process, physical units, beginning }&-0-\\\text {Units started }&25,000\\\text {Completed and transferred out physical units }&20,000\\\text { Work in process physical units ending}&5,000\\\end{array}$ Materials are added at the beginning of the process.Conversion costs are added evenly throughout the process.The incomplete units are 40% completed as to conversion costs.What is the total number of equivalent units for materials during the period if the weighted-average method is used?

Operations costing involves a combination of a process cost and a job-order cost system.

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 statements about the Work in Process account is true?

Which one of the following will appear as a credit in the Work in Process account of a first department in a two stage production process?

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