Exam 9: Fifo Method

Moulgadi Corporation uses the FIFO method in its process costing system.Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory.............. 700 Materials costs............................................................ \1 0,900 Conversion costs........................................................ \4 ,600 Percent complete with respect to materials................ 65\% Percent complete with respect to conversion............... 15\% Units started into production during the month......... 9,700 Units transferred to the next department during the month........................................................................ 8,800 Materials costs added during the month.................... \2 04,900 Conversion costs added during the month................ \3 62,600 Ending work in process inventory: Units in ending work in process inventory................ 1,600 Percent complete with respect to materials.............. 65\% Percent complete with respect to conversion............ 55\% 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:

Under the FIFO process costing method,the equivalent units of production relate only to work done during the current period.

The following data pertain to the Milling Department of Herd Corporation for September.The company uses the FIFO method in its process costing. $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\underline{\text { Percent Complete }}$ Units Materials Conversion Work in process, September 1............................. 600 85\% 35\% Units started into production during September... 5,700 Units completed during September and transferred to the next department ...................... 4,900 Work in process, September 30\ldots\ldots\ldots\ldots\ldots\ldots\ldots\ldots. 1,400 80\% 70\% Required: Compute the equivalent units of production for both materials and conversion costs for the Milling Department for September using the FIFO method.

Noda Corporation uses the FIFO method in its process costing system.Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory.............. 300 Materials costs........................................................... \3 ,000 Conversion costs........................................................ \5 ,500 Percent complete with respect to materials................ 85\% Percent complete with respect to conversion.............. 60\% Units started into production during the.................... 6,900 Units transferred to the next department during the month....................................................................... 3,600 Materials costs added during the month.................... \7 0,400 Conversion costs added during the month................. \1 79,200 Ending work in process inventory: Units in ending work in process inventory................ 900 Percent complete with respect to materials.............. 70\% Percent complete with respect to conversion............ 55\% 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?

Kimbeth Manufacturing makes Dust Density Sensors (DDS),a safety device for the mining industry.The company uses a process costing system and has only a single processing department.The following information pertains to operations for the month of May: Units Beginning work in process inventory ..\ldots\ldots. 16,000 Started into production during May ......... 100,000 Completed during May \ldots\ldots\ldots\ldots\ldots\ldots\ldots\ldots\ldots\ldots 92,000 Ending work in process inventory \ldots\ldots\ldots\ldots\ldots. 24,000 The beginning work in process inventory was 60% complete with respect to materials and 20% complete with respect to conversion costs.The ending work in process inventory was 90% complete with respect to materials and 40% complete with respect to conversion costs.The costs were as follows: Materials Conversion Beginning work in process inventory ....... \ 54,560 \ 35,560 Costs incurred during May................. \ 468,000 \ 574,040 -Assuming that Cherrington Company uses the weighted-average method,what is the cost per equivalent unit for conversion costs for May to the nearest whole cent?

In August,one of the processing departments at Marchese Corporation had beginning work in process inventory of $34,000 and ending work in process inventory of $35,000.During the month,$401,000 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 August.

Kimbeth Manufacturing makes Dust Density Sensors (DDS),a safety device for the mining industry.The company uses a process costing system and has only a single processing department.The following information pertains to operations for the month of May: Units Beginning work in process inventory ..\ldots\ldots. 16,000 Started into production during May ......... 100,000 Completed during May \ldots\ldots\ldots\ldots\ldots\ldots\ldots\ldots\ldots\ldots 92,000 Ending work in process inventory \ldots\ldots\ldots\ldots\ldots. 24,000 The beginning work in process inventory was 60% complete with respect to materials and 20% complete with respect to conversion costs.The ending work in process inventory was 90% complete with respect to materials and 40% complete with respect to conversion costs.The costs were as follows: Materials Conversion Beginning work in process inventory ....... \ 54,560 \ 35,560 Costs incurred during May................. \ 468,000 \ 574,040 -Using the FIFO method,the cost per equivalent unit of materials for May is closest to:

In July,one of the processing departments at Keen Corporation had beginning work in process inventory of $19,000 and ending work in process inventory of $18,000.During the month,the cost of units transferred out from the department was $216,000.The company uses the FIFO method in its process costing system. -In the department's cost reconciliation report for July,the total cost accounted for would be:

Noda Corporation uses the FIFO method in its process costing system.Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory.............. 300 Materials costs........................................................... \3 ,000 Conversion costs........................................................ \5 ,500 Percent complete with respect to materials................ 85\% Percent complete with respect to conversion.............. 60\% Units started into production during the.................... 6,900 Units transferred to the next department during the month....................................................................... 3,600 Materials costs added during the month.................... \7 0,400 Conversion costs added during the month................. \1 79,200 Ending work in process inventory: Units in ending work in process inventory................ 900 Percent complete with respect to materials.............. 70\% Percent complete with respect to conversion............ 55\% 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:

Auguste Corporation uses the FIFO method in its process costing.The following data pertain to its Assembly Department for October. $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\underline{\text { Percent Complete }}$ Units Materials Conversion Work in process, October 1.................... 500 70\% 15\% Units started into production during October... 9,400 Units completed during October and transferred to the next department ............ 8,800 Work in process, October 31\ldots\ldots\ldots\ldots\ldots\ldots\ldots\ldots. 1,100 75\% 20\% Required: Compute the equivalent units of production for both materials and conversion costs for the Assembly Department for October using the FIFO method.

Freisn Corporation uses the FIFO method in its process costing system.Department A is the first processing department the company's production process.The following information pertains to conversion costs in June for that department: Units Work in process, beginning ( 40 \% complete)..................... 20,000 Started in June................................................................. 160,000 Completed in June and transferred to the next processing department...................................................................... 170,000 Work in process, ending ( 60\% complete)......................... 10,000 The equivalent units for conversion costs are:

Moulgadi Corporation uses the FIFO method in its process costing system.Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory.............. 700 Materials costs............................................................ \1 0,900 Conversion costs........................................................ \4 ,600 Percent complete with respect to materials................ 65\% Percent complete with respect to conversion............... 15\% Units started into production during the month......... 9,700 Units transferred to the next department during the month........................................................................ 8,800 Materials costs added during the month.................... \2 04,900 Conversion costs added during the month................ \3 62,600 Ending work in process inventory: Units in ending work in process inventory................ 1,600 Percent complete with respect to materials.............. 65\% Percent complete with respect to conversion............ 55\% 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 total cost transferred from the first processing department to the next processing department during the month is closest to:

Tenicheff Corporation uses the FIFO method in its process costing system.Operating data for the Curing Department for the month of March appear below: Percent Complete with Units Respect to Conversion Beginning work in process inventory.... 8,200 50\% Transferred in from the prior department during March...................................... 49,000 Completed and transferred to the next department during March..................... 56,200 Ending work in process inventory ......... 1,000 40\% According to the company's records,the conversion cost in beginning work in process inventory was $10,250 at the beginning of March.The cost per equivalent unit for conversion costs for March was $2.40. How much conversion cost would be assigned to the units completed and transferred out of the department during March?

Ahler Corporation uses the FIFO method in its process costing.The following data concern the company's Assembly Department for the month of October. Materials Conversion Work in process, October 1......................................... \1 3,870 \1 2,400 Cost added to production in the Assembly Department during Oetober............................................................ \2 3,360 \2 9,760 Equivalent units of production for October.................. 3,650 3,100 Required: Compute the costs per equivalent unit for the Assembly Department for October using the FIFO method.

In September,one of the processing departments at Becka Corporation had ending work in process inventory of $23,000.During the month,$362,000 of costs were added to production and the cost of units transferred out from the department was $372,000.The company uses the FIFO method in its process costing system.In the department's cost reconciliation report for September,the total cost accounted for would be:

Moulgadi Corporation uses the FIFO method in its process costing system.Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory.............. 700 Materials costs............................................................ \1 0,900 Conversion costs........................................................ \4 ,600 Percent complete with respect to materials................ 65\% Percent complete with respect to conversion............... 15\% Units started into production during the month......... 9,700 Units transferred to the next department during the month........................................................................ 8,800 Materials costs added during the month.................... \2 04,900 Conversion costs added during the month................ \3 62,600 Ending work in process inventory: Units in ending work in process inventory................ 1,600 Percent complete with respect to materials.............. 65\% Percent complete with respect to conversion............ 55\% 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 materials for the month in the first processing department is closest to:

Moulgadi Corporation uses the FIFO method in its process costing system.Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory.............. 700 Materials costs............................................................ \1 0,900 Conversion costs........................................................ \4 ,600 Percent complete with respect to materials................ 65\% Percent complete with respect to conversion............... 15\% Units started into production during the month......... 9,700 Units transferred to the next department during the month........................................................................ 8,800 Materials costs added during the month.................... \2 04,900 Conversion costs added during the month................ \3 62,600 Ending work in process inventory: Units in ending work in process inventory................ 1,600 Percent complete with respect to materials.............. 65\% Percent complete with respect to conversion............ 55\% 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?

Kets Corporation uses the FIFO method in its process costing system.Operating data for the Enameling Department for the month of May appear below: Percent Complete with Units Respect to Conversion Beginning work in process inventory.... 6,100 10\% Transferred in from the prior department during May....................... 82,500 Ending work in process inventory ......... 8,000 40\% What were the equivalent units for conversion costs in the Enameling Department for May?

Galli Corporation uses the FIFO method in its process costing system.The Grinding Department started the month with 10,000 units in its beginning work in process inventory that were 30% complete with respect to conversion costs.An additional 73,000 units were transferred in from the prior department during the month to begin processing in the Grinding Department.During the month 66,000 units were completed in the Grinding Department and transferred to the next processing department.There were 17,000 units in the ending work in process inventory of the Grinding Department that were 40% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Grinding Department for the month?

Kimbeth Manufacturing makes Dust Density Sensors (DDS),a safety device for the mining industry.The company uses a process costing system and has only a single processing department.The following information pertains to operations for the month of May: Units Beginning work in process inventory ..\ldots\ldots. 16,000 Started into production during May ......... 100,000 Completed during May \ldots\ldots\ldots\ldots\ldots\ldots\ldots\ldots\ldots\ldots 92,000 Ending work in process inventory \ldots\ldots\ldots\ldots\ldots. 24,000 The beginning work in process inventory was 60% complete with respect to materials and 20% complete with respect to conversion costs.The ending work in process inventory was 90% complete with respect to materials and 40% complete with respect to conversion costs.The costs were as follows: Materials Conversion Beginning work in process inventory ....... \ 54,560 \ 35,560 Costs incurred during May................. \ 468,000 \ 574,040 -Using the weighted-average method,the cost per equivalent unit of materials for May is closest to: