Exam 6: Systems Design: Process Costing

(Appendix 6A)Winkle Company uses the FIFO method in its process costing system.At the beginning of March,the work-in-process inventory in the Blending Processing Center consisted of 5,000 units,90% complete with respect to conversion costs.At the end of the month,the work-in-process inventory consisted of 2,000 units that were 60% complete with respect to conversion costs.If 10,000 units were transferred to the next processing center during the month,what would be the equivalent units of production for conversion costs?

(Appendix 6A)Roger Company uses the FIFO method in its process costing system.The following data are taken from the accounting records of a particular department for June: What is the cost of the 75,000 units transferred out of the department during June?

(Appendix 6A)What are the equivalent units of production for labour and overhead for the month?

The following data were taken from the accounting records of the Hazel Corporation,which uses the weighted-average method in its process costing system: What were the equivalent units of production for conversion costs?

(Appendix 6A)Using the FIFO method,what are the equivalent units of production for labour and overhead for the month?

(Appendix 6B)There is only one method of accounting treatment for normal losses.

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

(Appendix 6A)Winder Company uses the FIFO method in its process costing system.Department One is the first stage of the company's production process.The following information pertains to conversion costs for April for Department One: What are the equivalent units of production for conversion costs?

What are the equivalent units of production for materials for the month of May?

(Appendix 6A)Using the FIFO method,what are the equivalent units of production for conversion costs for May?

(Appendix 6A)Sharp Company has a process costing system.The following data relate to the company's Mixing Department for a recent month: All materials are added at the beginning of the mixing process. Required: a)(Appendix 6A)Compute the equivalent units of production for materials using the FIFO method. b)(Appendix 6A)Compute the equivalent units of production for conversion using the FIFO method. c)Compute the equivalent units of production for materials using the weighted-average method. d)Compute the equivalent units of production for conversion using the weighted-average method.

(Appendix 6A)Which of the following statements referring to a production report is not correct?

(Appendix 6A)Assuming that Tru-Colour Paint Company uses the FIFO method,what are the equivalent units of production for conversion costs?

(Appendix 6A)All production costs have been steadily rising in the Donner Company for several periods,and the company maintains large work-in-process inventories.What is the Donner Company's cost per equivalent unit,as computed using the FIFO method?

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.

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

If all units go through all processing departments,then the processing departments are arranged in a parallel,rather than sequential,fashion.

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?

Sarver Company uses the weighted-average method in its process costing system.The Fitting Department is the second department in its production process.The data below summarize the department's operations in March: The Fitting Department's production report indicates that the cost per equivalent unit for conversion cost for March was $8.24. How much conversion cost was assigned to the units transferred out of the Fitting Department during March?

The Morgan Company uses the weighted-average method in its process costing system.For a particular department,the company had 54,000 equivalent units of production with respect to conversion costs in March.There were 7,500 units in the department's beginning work-in-process inventory,two-thirds complete with respect to conversion costs.During March,52,500 units were started and 50,000 were completed and transferred out of the department.What was the ending work-in-process inventory in the department?