Exam 5: Product Costing: Job and Process Operations

Texas Company manufactures a product through a process where all manufacturing costs are added uniformly. Information for October beginning work-in-process follows. During October, 50,000 units were completed. Also, 5,000 units that were 50 percent complete remained in process at the end of the day on October 31. Calculate the equivalent units in process and the total cost per equivalent unit using the weighted average method.

Which of the following inventory valuation approaches treats nonmanufacturing costs as period costs?

Presented below is selected information from the Larry Company's current period accounting records (in $000s): NOTE: All raw materials used were direct materials. Required: Determine the following (in dollars): a. Raw Material Purchases b. Gross Profit c. Cost of Goods Manufactured d. Manufacturing Overhead

London Corp. obtained the following information from the Raw Materials Inventory account and purchasing records for the second quarter of the current year: The amount of Raw Materials used this period was:

Which of the following tasks does not pertain to job-costing?

When a job is completed in a job order costing system, the final cost of the job is determined by summing up: