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Exam 16: Process Costing

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Question 61

Multiple Choice

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Which of these best reflects a distinguishing factor between a job order cost system and a process cost system?

A) The detail at which costs are calculated.
B) The time period each covers.
C) The number of work in process accounts.
D) The manufacturing cost elements included.

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Question 62

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In a process cost system, unit costs are determined using a

A) numerator of costs of each job.
B) denominator of units produced during the period.
C) denominator of units produced for the job.
D) denominator of units produced for the day.

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Question 63

Multiple Choice

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In Saint-Simon, Inc., the Assembly Department started 60,000 units and completed 70,000 units. If beginning work in process was 30,000 units, how many units are in ending work in process?

Tip Top Painting Company has the following production data for January: $\bullet$ Beginning work in process, 0 units $\bullet$ Units transferred out, 35,000 $\bullet$ Units in ending work in process, 10,000, which are 30% complete for conversion costs Materials are added only at the beginning of the process. Instructions Compute equivalent units of production for both materials and conversion costs.

A process cost accounting system is most appropriate when

For the Assembly Department, unit materials cost is $6 and unit conversion cost is $9. If there are 10,000 units in ending work in process 75% complete as to conversion costs, the costs to be assigned to the inventory are

Materials costs of $600,000 and conversion costs of $642,600 were charged to a processing department in the month of September. Materials are added at the beginning of the process, while 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 those units that were completed and transferred out of the process in September?

A primary driver of overhead costs in continuous manufacturing operations is:

In the Camria Company, materials are entered at the beginning of the process. If there is no beginning work in process, but there is an ending work in process inventory, the number of equivalent units as to materials costs will be

In computing equivalent units, ___________ is not part of the equivalent units of production formula.

When finished goods are sold, the entry to record the cost of goods sold is a debit to Finished Goods Inventory and a credit to Cost of Goods Sold.

The Molding Department of Boswell Company has the following production data: beginning work process 40,000 units (60% complete) , started into production 730,000 units, completed and transferred out 690,000 units, and ending work in process 80,000 units (40% complete) . Assuming materials are entered at the beginning of the process, equivalent units for materials are:

A primary driver of overhead costs in continuous manufacturing operations is machine time used.

In a process cost system, costs are tracked through a series of connected manufacturing processes or departments, rather than by individual jobs.

In the Shaping Department of Rollins Company the unit materials cost is $5.00 and the unit conversion cost is $3.00. The department transferred out 40,000 units and had 5,000 units in ending work in process 20% complete. If all materials are added at the beginning of the process, the total cost to be assigned to the ending work in process is

Separate _________________ accounts are maintained for each production department or manufacturing process in a process cost system.

Process cost systems are used to apply costs to a specific job, such as the manufacturing of a specialized machine.

The general ledger of Oates Company has the following work in process account. Production records show that there were 2,000 units in beginning inventory, 50% complete; 8,000 units started, and 4,500 units transferred out. The beginning work in process had conversion costs of $3,150. The units in ending inventory were 60% complete. Materials are added at the beginning of the process. Instructions Answer the following questions. (a) How many units are in process at June 30? (b) What is the unit conversion cost for June? (c) What is the conversion cost in the June 30 inventory?

The total costs accounted for in a production cost report equal the

The Molding Department of Boswell Company has the following production data: beginning work process 40,000 units (60% complete) , started into production 730,000 units, completed and transferred out 690,000 units, and ending work in process 80,000 units (40% complete) . Assuming conversion costs are incurred uniformly during the process, the equivalent units for conversion costs are: