Exam 4: Systems Design: Process Costing

(Appendix 4A)Using the FIFO method,what are the equivalent units of production for labour and overhead for the month?

The Assembly Department started the month with 35,000 units in its beginning work-in-process inventory.Additional units 472,000 were transferred in from the prior department during the month to begin processing in the Assembly Department.There were 34,000 units in the ending work-in-process inventory of the Assembly Department.How many units were transferred to the next processing department during the month?

(Appendix 4B)What is the value of S2 in the two equations?

(Appendix 4B)The step-down method requires establishing an order of allocation before service department costs can be allocated to operating departments.

Department 2 is the second of three sequential processes.All materials are added at the beginning of processing in Department 2.During October,Department 2 reported the following data: The company uses the weighted-average method in its process costing system.To the nearest cent,what is the cost per equivalent unit on the production report for conversion costs?

(Appendix 4B)Under the direct method of allocation,what would be the predetermined overhead rate for the year in the Assembly Department?

Black Company uses the weighted-average method in its process costing system.The company's ending work-in-process inventory consists of 5,000 units,80% complete with respect to materials and 50% complete with respect to labour and overhead.If the total dollar value of the inventory is $60,000 and the cost per equivalent unit for labour and overhead is $8.00,what is the cost per equivalent unit for materials?

(Appendix 4A)Ebis Company uses the FIFO method in its process costing system.The first processing department,the Welding Department,started the month with 13,000 units in its beginning work-in-process inventory; 10% of the units were complete with respect to conversion costs.The conversion cost in this beginning work-in-process inventory was $12,610.An additional 89,000 units were started into production during the month.There were 22,000 units in the ending work-in-process inventory of the Welding Department; 30% of these units were complete with respect to conversion costs.A total of $806,085 in conversion costs were incurred in the department during the month. What would be the cost per equivalent unit for conversion costs for the month on the department's production report? (Round off to three decimal places.)

Using the weighted-average method,what are the equivalent units of production for materials for March?

(Appendix 4A)Assuming that the company uses the FIFO method,what are the equivalent units of production for conversion costs for the refining Department for the month?

(Appendix 4B)Assume again that the company uses the step-down method.What would be the total amount of cost allocated from the two Service Departments to the Operating Departments for the year?

Which of the following statements best defines an operation costing system?

The "Total cost to be accounted for" section of the production report for the month will show an amount equal to which of the following?

(Appendix 4A)Oxyrom Company uses the FIFO method in its process costing system.Operating data for the Brazing Department for the month of November appear below: What were the equivalent units of production for conversion costs in the Brazing Department for November?

What are the equivalent units of production for labour and overhead for the month?

What was the unit cost for materials included in the beginning work-in-process inventory,rounded to the nearest cent?

(Appendix 4A)The cost per equivalent unit under the FIFO method of process costing is equal to the cost of beginning work-in-process inventory plus the costs added during the period,all divided by the equivalent units of production for the period.

Paxton Company uses the weighted-average method in its process costing system.The Moulding Department is the second department in its production process.The data below summarize the department's operations in January: The accounting records indicate that the conversion cost that had been assigned to beginning work-in-process inventory was $10,973,and a total of $268,107 in conversion costs were incurred in the department during January. What was the cost per equivalent unit for conversion costs for January in the Moulding Department? (Round off to three decimal places.)

Assuming that the company uses the weighted-average cost method,what is the cost per equivalent unit for conversion costs for the month in the refining Department,rounded to the nearest cent?

When assigning costs to partially completed units in the ending work-in-process inventory,it is NOT necessary to consider the percentage of completion of the units under the weighted-average method.