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Exam 7: Process Costing

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Question 71

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Kamp Company uses the weighted-average method in its process costing. Information about units processed during a recent month in the Curing Department follow: The beginning work in process inventory had $4,600 in conversion cost. During the month, the Department incurred an additional $210,000 in conversion cost. Required: a. Determine the equivalent units of production for conversion for the month. b. Determine the cost per equivalent unit of production for conversion for the month. c. Determine the conversion cost assigned to the ending work in process inventory. d. Determine the total conversion cost transferred out during the month.

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a. Weighted-average method equ...

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Question 72

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What was the cost per equivalent unit for materials during the month?

A) $0.30
B) $0.25
C) $0.20
D) $0.15

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Question 73

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Valley Manufacturing Corporation's beginning work in process inventory consisted of 10,000 units, 100% complete with respect to materials cost and 40% complete with respect to conversion costs. The total cost in the beginning inventory was $30,000. During the month, 50,000 units were transferred out. The equivalent unit cost was computed to be $2.00 for materials and $3.70 for conversion costs under the weighted-average method. Given this information, the total cost of the units completed and transferred out was:

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

Which of the following statements about a process costing system is incorrect?

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: