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Exam 6: Process Costing

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Question 1

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Select the appropriate definition for each of the items listed below -combines beginning inventory costs and work done with current-period costs and work to calculate this period's unit cost

A) parallel processing
B) sequential processing
C) process costing
D) weighted-average costing method

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Question 2

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Eclypso Inc.manufactures a product that passes through two processes: mixing and molding.All manufacturing costs are added uniformly in the mixing department. Information for the mixing department for October is as follows: During October, 38,400 units were completed and transferred to the molding department.The following costs were incurred by the mixing department during October: - By October 31, the 3,600 units that were 85% complete remained in mixing department.Eclypso uses the weighted average method.Which of the following is Eclypso's cost of October's ending work in process for the mixing department? (Note: Round answer to two decimal places.)

A) $27,500.40
B) $29,200.60
C) $22,520.50
D) $37,117.80

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Question 3

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Which step is physical flow analysis in the general pattern of a process-costing production report?

Manufacturing firms may operate without significant work-in-process inventories.

Burgundy Manufacturing uses a process cost system and computes cost using the weighted average method.During the current period, the beginning work-in-process inventory cost was $13,525.Manufacturing cost added was $57,000.If Burgundy's ending work-in-process inventory was valued at $15,100, then cost of goods transferred must have been

Eclypso Inc.manufactures a product that passes through two processes: mixing and molding.All manufacturing costs are added uniformly in the mixing department. Information for the mixing department for October is as follows: During October, 38,400 units were completed and transferred to the molding department.The following costs were incurred by the mixing department during October: - By October 31, the 3,600 units that were 85% complete remained in mixing department.Eclypso uses the weighted average method.Eclypso's cost of goods transferred to the molding department (Note: Round answer to two decimal places.) during October would be:

Eclypso Inc.manufactures a product that passes through two processes: mixing and molding.All manufacturing costs are added uniformly in the mixing department. Information for the mixing department for October is as follows: During October, 38,400 units were completed and transferred to the molding department.The following costs were incurred by the mixing department during October: - By October 31, the 3,600 units that were 85% complete remained in mixing department.Eclypso uses the weighted average method.Which of the following is the total cost per equivalent unit of production? (Note: Round answer to two decimal places)

Match the five steps involved in creating the department production report with the steps below in the proper order. -cost reconciliation

Geller Manufacturing uses a process cost system to manufacture sensors for the security industry.The following information pertains to operations for the month of March. ​ ​ The beginning inventory was 70% complete for materials and 30% complete for conversion costs.The ending inventory was 90% complete for materials and 50% complete for conversion costs. Costs pertaining to the month of March are as follows: Beginning inventory costs are: materials, $44,400; conversion cost $30,500. ​ Costs incurred during March are: materials used, $588,000; conversion cost $624,000. ​ Using the weighted average method, the equivalent unit conversion cost, rounded to 2 decimal places, for March is

Since transferred-in material is treated as a separate material category for calculating equivalent units, the department receiving transferred-in goods would have:

The major benefit of the FIFO method is simplicity.

Match the five steps involved in creating the department production report with the steps below in the proper order. -valuation of inventories

Which of the following does not appear in the production report?

Firms that offer services cannot have work-in-process inventories.

If changes occur in the ________ of the manufacturing inputs from one period to the next, then FIFO produces a more accurate unit cost than does the weighted average method.

A cost received by a subsequent process from a prior process is referred to as a:

The usual approach is to treat transferred-in goods as a separate conversion category when calculating equivalent units.

Which of the following methods uses costs and work of beginning work in process?

Any product or service that is basically homogeneous and repetitively produced can take advantage of a process-costing approach.

In process manufacturing, partially completed goods received from prior departments are referred to as: