Exam 5: Supplement: Process Costing Using the Fifo Method

Muzyka Corporation uses the FIFO method in its process costing system.Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error.In all cases,select the answer that is the closest to the answer you computed. The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

A major advantage of the FIFO method is that it allows managers to judge the performance of the current period independently of the performance of the prior period.

Pushkin Corporation uses the FIFO method in its process costing system.Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error.In all cases,select the answer that is the closest to the answer you computed.To reduce rounding error,carry out all computations to at least three decimal places. What are the equivalent units for materials for the month in the first processing department?

In November,one of the processing departments at Goodsell Corporation had beginning work in process inventory of $36,000 and ending work in process inventory of $35,000.During the month,$427,000 of costs were added to production and the cost of units transferred out from the department was $428,000.The company uses the FIFO method in its process costing system.In the department's cost reconciliation report for November,the total cost to be accounted for would be:

Hayek Corporation uses the FIFO method in its process costing.The following data concern the company's Mixing Department for the month of August. Required: Compute the cost per equivalent unit for materials and conversion for the Mixing Department for August using the FIFO method.

If the FIFO cost method is used in a process costing system,costs in the beginning inventory are kept separate from current period costs.

Reid Corporation uses a process costing system in which units go through several departments.In the Cutting Department for June,units in the beginning work in process inventory were 80% complete with respect to conversion costs.Units in the ending work in process inventory were 25% complete with respect to conversion costs.Other data for the department for June are as follows: Assuming that the company uses the weighted-average method,the cost per equivalent unit for conversion costs for June is closest to:

Nouri Corporation uses the FIFO method in its process costing system.Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error.In all cases,select the answer that is the closest to the answer you computed.To reduce rounding error,carry out all computations to at least three decimal places. The cost per equivalent unit for conversion costs for the first department for the month is closest to:

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.Compute the equivalent units of production for materials and conversion using the weighted-average method. b.Compute the equivalent units of production for materials and conversion using the FIFO method.

The following information was obtained from the records of the first processing department of Bapst Corporation for the month of May.The company uses the FIFO method in its process costing system. All materials are added at the beginning of the manufacturing process. The equivalent units for labor and overhead for the month is:

In the cost reconciliation report under the FIFO method,the costs to be accounted for equals the cost of beginning work in process inventory plus the cost of units transferred out.

Any difference in the equivalent units calculated under the weighted-average and the FIFO methods is due to the units in the beginning work in process inventory.

In computing the cost per equivalent unit,costs in the beginning work in process inventory are kept separate from current period costs when the FIFO method is used.

There is no difference in the unit costs computed under the weighted-average and FIFO methods of process costing if there are no ending work in process inventories.

Quilling Corporation uses the FIFO method in its process costing system.Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error.In all cases,select the answer that is the closest to the answer you computed.To reduce rounding error,carry out all computations to at least three decimal places. How many units were started AND completed during the month in the first processing department?

Marlan Manufacturing produces a product that passes through two processing departments.The units from the Molding Department are completed in the Assembly Department.The activity in the Assembly Department for the current month is presented below.Marlan uses the FIFO method in its process costing system. The equivalent units (with respect to the Molding Department's costs)transferred from the Molding Department to the Assembly during the month were:

In October,one of the processing departments at Moake Corporation had beginning work in process inventory of $21,000 and ending work in process inventory of $35,000.During the month,$247,000 of costs were added to production.The company uses the FIFO method in its process costing system. Required: Construct a cost reconciliation report for the department for the month of October.

Muzyka Corporation uses the FIFO method in its process costing system.Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error.In all cases,select the answer that is the closest to the answer you computed. What are the equivalent units for materials for the month in the first processing department?

Muzyka Corporation uses the FIFO method in its process costing system.Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error.In all cases,select the answer that is the closest to the answer you computed. The total cost transferred from the first processing department to the next processing department during the month is closest to:

Rauls Corporation uses the FIFO method in its process costing.The following data concern the company's Assembly Department for the month of January. Required: Compute the costs per equivalent unit for the Assembly Department for January using the FIFO method.