Quill Corporation uses the FIFO method in its process costing system.Operating data for the Cutting Department for the month of March appear below: $\begin{array}{lrc} &&\text { Percent Complete with}\\ &\text { Units }&\text { Respect to Conversion}\\ \text { Beginning work in process inventory.... } & 6,500 & 10 \% \\ \text { Transferred in from the prior department } & & \\ \text { during March....................... } & 50,000 \\ \text { Completed and transferred to the next}\\ \text { department during March}&54,500\\ \text { Ending work in process inventory ......... } & 2,00& 80 \% \end{array}$ According to the company's records,the conversion cost in beginning work in process inventory was $5,018 at the beginning of March.Additional conversion costs of $420,644 were incurred in the department during the month. What would be the cost per equivalent unit for conversion costs for March? (Round off to three decimal places. )

A) $8.413 B) $7.586 C) $7.534 D) $7.720 A) $8.413 B) $7.586 C) $7.534 D) $7.720

Epstein Inc.uses the FIFO method in its process costing system.The following data concern the operations of the company's first processing department for a recent month. $\text {Work in process, beginning:}$ $\begin{array}{ll} \text { Units in process..................................... } & 700 \\ \text { Percent complete with respect to materials...…. } & 70 \% \\ \text { Percent complete with respect to conversion........ } & 70 \% \end{array}$ $\text {Costs in the beginning inventory:}$ $\begin{array}{llcc} \text { Materials cost.......................................................} &\$3,332\\ \text { Conversion cost.................................................... } &\$14,602\\ \text { Units started into production during the month ...} &23,000\\ \text {Units completed and transferred out...................... } &23,300\\ \end{array}$ $\text {Costs added to production during the month:}$ $\begin{array}{llcc} \text {Materials cost........................................................ } &\$155,394\\ \text { Conversion cost....................................................} &\$690,192\\ \end{array}$ $\text {Work in process, ending:}$ $\begin{array}{ll} \text { Units in process................................... } &400 \\ \text { Percent complete with respect to materials............ } & 70 \% \\ \text { Percent complete with respect to conversion........ } & 30 \% \end{array}$ Required: Using the FIFO method: a.Determine the equivalent units of production for materials and conversion costs. b.Determine the cost per equivalent unit for materials and conversion costs. c.Determine the cost of ending work in process inventory. d.Determine the cost of units transferred out of the department during the month.

The answer of Epstein Inc.uses the FIFO method in its...

The following data has been provided by Leser Inc. ,a company that uses the FIFO method in its process costing system.The data concern the company's Shaping Department for the month of June. $\begin{array}{llcc} \text { Cost in beginning work in process inventory........ } &\$1,150\\ \text { Units started and completed this month.............. } &2,910\\ \end{array}$ $\begin{array} { l r c } & \text { Materials } & \text { Conversion } \\ \text {Cost per equivalent unit ........................................ } & \$ 32.40& \$ 32.60 \\ \text { Equivalent units required to complete the units in} & &\\ \text { beginning work in process inventory .............. } &170&100\\ \text {Equivalent units in ending work in process inventory..}&230&220\\ \end{array}$ Required: Determine the cost of ending work in process inventory and the cost of the units transferred out of the department during June using the FIFO method.

The answer of The following data has been provided by...

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: $\begin{array}{lr} &\text { Units }\\ \text { Beginning work in process inventory } . . \ldots \ldots . & 16,000 \\ \text { Started into production during May ......... } & 100,000 \\ \text { Completed during May } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & 92,000 \\ \text { Ending work in process inventory } \ldots \ldots \ldots \ldots \ldots . & 24,000 \end{array}$ 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: $\begin{array} { l r r } & \text { Materials } & \text { Conversion } \\ \text { Beginning work in process inventory ....... } & \$ 54,560 & \$ 35,560 \\ \text { Costs incurred during May................. } & \$ 468,000 & \$ 574,040 \end{array}$ -Using the FIFO method,the equivalent units for May for materials are:

A) 82,400 units B) 104,000 units C) 107,200 units D) 108,000 units A) 82,400 units B) 104,000 units C) 107,200 units D) 108,000 units

Qtech Corporation uses the FIFO method in its process costing system.Data concerning the first processing department for the most recent month are listed below: $\begin{array}{llcc} \text {Beginning work in process inventory: } &\\ \text { Units in beginning work in process inventory.............. } &600\\ \text { Materials costs............................................................ } &\$3,200\\ \text { Conversion costs........................................................ } &\$2,200\\ \text { Percent complete with respect to materials................ } &50\%\\ \text {Percent complete with respect to conversion............... } &10\%\\ \text { Units started into production during the month......... } &8,900\\ \text {Materials costs added during the month.................... } &\$76,100\\ \text {Conversion costs added during the month................ } &\$281,200\\ \text { Ending work in process inventory: } &\\ \text {Units in ending work in process inventory................ } &1,400\\ \text {Percent complete with respect to materials.............. } &75\%\\ \text {Percent complete with respect to conversion............ } &55\%\\ \end{array}$ 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?

A) 8,900 B) 9,500 C) 8,100 D) 7,500 A) 8,900 B) 9,500 C) 8,100 D) 7,500

Ozdemir Company uses the FIFO method in its process costing system.Operating data for the Brazing Department for the month of November appear below: $\begin{array}{lrc} &&\text { Percent Complete with}\\ &\text { Units }&\text { Respect to Conversion}\\ \text { Beginning work in process inventory.... } &2,600 & 90 \% \\ \text { Transferred in from the prior department } & & \\ \text { during November....................... } & 56,800 \\ \text { Completed and transferred to the next}\\ \text { department during November}&57,500\\ \text { Ending work in process inventory ......... } & 1,900& 80 \% \end{array}$ What were the equivalent units for conversion costs in the Brazing Department for November?

A) 57,500 B) 56,680 C) 56,100 D) 59,020 A) 57,500 B) 56,680 C) 56,100 D) 59,020

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: $\begin{array}{lr} &\text { Units }\\ \text { Beginning work in process inventory } . . \ldots \ldots . & 16,000 \\ \text { Started into production during May ......... } & 100,000 \\ \text { Completed during May } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & 92,000 \\ \text { Ending work in process inventory } \ldots \ldots \ldots \ldots \ldots . & 24,000 \end{array}$ 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: $\begin{array} { l r r } & \text { Materials } & \text { Conversion } \\ \text { Beginning work in process inventory ....... } & \$ 54,560 & \$ 35,560 \\ \text { Costs incurred during May................. } & \$ 468,000 & \$ 574,040 \end{array}$ -Using the FIFO method,the cost per equivalent unit of conversion cost for May is closest to:

A) $5.65 B) $5.83 C) $6.00 D) $6.20 A) $5.65 B) $5.83 C) $6.00 D) $6.20

Pratt Corporation uses the FIFO method in its process costing system.Data concerning the first processing department for the most recent month are listed below: \(\begin{array}{llcc} \text {Beginning work in process inventory: } &\\ \text { Units in beginning work in process inventory.............. } &400\\ \text { Materials costs............................................................ } &\$6,000\\ \text { Conversion costs........................................................ } &\$10,600\\ \text { Percent complete with respect to materials................ } &70\%\\ \text {Percent complete with respect to conversion............... } &55\%\\ \text { Units started into production during the month......... } &9,900\\ \text {Units transferred to the next department during the } &\\ \text {month........................................................................ } &9,300\\ \text {Materials costs added during the month.................... } &\$200,700\\ \text {Conversion costs added during the month................ } &\$435,200\\ \text { Ending work in process inventory: } &\\ \text {Units in ending work in process inventory................ } &1,000\\ \text {Percent complete with respect to materials.............. } &55\%\\ \text {Percent complete with respect to conversion............ } &25\%\\ \end{array}\) 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:

A) $629,304 B) $652,500 C) $635,900 D) $696,455 A) $629,304 B) $652,500 C) $635,900 D) $696,455

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: \(\begin{array}{llcc} \text {Beginning work in process inventory: } &\\ \text { Units in beginning work in process inventory.............. } &700\\ \text { Materials costs............................................................ } &\$10,900\\ \text { Conversion costs........................................................ } &\$4,600\\ \text { Percent complete with respect to materials................ } &65\%\\ \text {Percent complete with respect to conversion............... } &15\%\\ \text { Units started into production during the month......... } &9,700\\ \text {Units transferred to the next department during the } &\\ \text {month........................................................................ } &8,800\\ \text {Materials costs added during the month.................... } &\$204,900\\ \text {Conversion costs added during the month................ } &\$362,600\\ \text { Ending work in process inventory: } &\\ \text {Units in ending work in process inventory................ } &1,600\\ \text {Percent complete with respect to materials.............. } &65\%\\ \text {Percent complete with respect to conversion............ } &55\%\\ \end{array}\) 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 of a completed unit transferred out of the department is closest to:

A) $63.28 B) $59.70 C) $56.06 D) $71.98 A) $63.28 B) $59.70 C) $56.06 D) $71.98

Bufford Corporation uses the FIFO method in its process costing system.The following data concern the company's Assembly Department for the month of September. $\begin{array}{llcc} \text { Cost in beginning work in process inventory ....... } &\$4,980\\ \text { Units started and completed this month.............. } &3,490\\ \end{array}$ $\begin{array} { l r r } & \text { Materials } & \text { Conversion } \\ \text { Cost per equivalent unit ................................... } & \$ 22.50 & \$ 9.80 \\ \text { Equivalent units required to complete the units in } & \\ \text { beginning work in process inventory ......................}&170&100\\ \text { Equivalent units in ending work in process inventory.. } & 350 & 154 \end{array}$ Required: Determine the cost of ending work in process inventory and the cost of units transferred out of the department during September using the FIFO method.

The answer of Bufford Corporation uses the FIFO method in...

Qtech Corporation uses the FIFO method in its process costing system.Data concerning the first processing department for the most recent month are listed below: $\begin{array}{llcc} \text {Beginning work in process inventory: } &\\ \text { Units in beginning work in process inventory.............. } &600\\ \text { Materials costs............................................................ } &\$3,200\\ \text { Conversion costs........................................................ } &\$2,200\\ \text { Percent complete with respect to materials................ } &50\%\\ \text {Percent complete with respect to conversion............... } &10\%\\ \text { Units started into production during the month......... } &8,900\\ \text {Materials costs added during the month.................... } &\$76,100\\ \text {Conversion costs added during the month................ } &\$281,200\\ \text { Ending work in process inventory: } &\\ \text {Units in ending work in process inventory................ } &1,400\\ \text {Percent complete with respect to materials.............. } &75\%\\ \text {Percent complete with respect to conversion............ } &55\%\\ \end{array}$ 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:

A) $34.72 B) $33.52 C) $36.67 D) $31.92 A) $34.72 B) $33.52 C) $36.67 D) $31.92

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: $\begin{array}{lr} &\text { Units }\\ \text { Beginning work in process inventory } . . \ldots \ldots . & 16,000 \\ \text { Started into production during May ......... } & 100,000 \\ \text { Completed during May } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & 92,000 \\ \text { Ending work in process inventory } \ldots \ldots \ldots \ldots \ldots . & 24,000 \end{array}$ 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: $\begin{array} { l r r } & \text { Materials } & \text { Conversion } \\ \text { Beginning work in process inventory ....... } & \$ 54,560 & \$ 35,560 \\ \text { Costs incurred during May................. } & \$ 468,000 & \$ 574,040 \end{array}$ -Using the FIFO method,the total cost of units in the ending work in process inventory is closest to:

A) $153,200 B) $154,800 C) $155,300 D) $157,000 A) $153,200 B) $154,800 C) $155,300 D) $157,000

Pratt Corporation uses the FIFO method in its process costing system.Data concerning the first processing department for the most recent month are listed below: \(\begin{array}{llcc} \text {Beginning work in process inventory: } &\\ \text { Units in beginning work in process inventory.............. } &400\\ \text { Materials costs............................................................ } &\$6,000\\ \text { Conversion costs........................................................ } &\$10,600\\ \text { Percent complete with respect to materials................ } &70\%\\ \text {Percent complete with respect to conversion............... } &55\%\\ \text { Units started into production during the month......... } &9,900\\ \text {Units transferred to the next department during the } &\\ \text {month........................................................................ } &9,300\\ \text {Materials costs added during the month.................... } &\$200,700\\ \text {Conversion costs added during the month................ } &\$435,200\\ \text { Ending work in process inventory: } &\\ \text {Units in ending work in process inventory................ } &1,000\\ \text {Percent complete with respect to materials.............. } &55\%\\ \text {Percent complete with respect to conversion............ } &25\%\\ \end{array}\) 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?

A) 10,300 B) 550 C) 9,570 D) 8,900 A) 10,300 B) 550 C) 9,570 D) 8,900

Exam 9: Fifo Method

Quill Corporation uses the FIFO method in its process costing system.Operating data for the Cutting Department for the month of March appear below: Percent Complete with Units Respect to Conversion Beginning work in process inventory.... 6,500 10\% Transferred in from the prior department during March....................... 50,000 Completed and transferred to the next department during March 54,500 Ending work in process inventory ......... 2,00 80\% According to the company's records,the conversion cost in beginning work in process inventory was $5,018 at the beginning of March.Additional conversion costs of $420,644 were incurred in the department during the month. What would be the cost per equivalent unit for conversion costs for March? (Round off to three decimal places. )

(Multiple Choice)

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Question 21

The cost per equivalent unit for conversion costs will always be the same under both the FIFO and the weighted-average methods if there is no beginning work in process inventory.

(True/False)

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Question 22

In January,one of the processing departments at Sessum Corporation had beginning work in process inventory of $17,000.During the month,$172,000 of costs were added to production and the cost of units transferred out from the department was $178,000.The company uses the FIFO method in its process costing system. -In the department's cost reconciliation report for January,the cost of ending work in process inventory would be:

(Multiple Choice)

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Question 23

The following data have been provided by Leon Corporation for the Circuit Prep Department.The company uses the FIFO method in its process costing. Units in process, December 1: materials 85 \% complete, conversion 20\% complete........ 900 Units started into production during December............. 7,100 Units started and completed during December.............. 5,000 Units completed and transferred to the next department during December....................................................................... 5,900 Units in process, December 31: materials 70\% complete, conversion 35\% complete....... 2,100 Required: Determine the equivalent units of production for the Circuit Prep Department for December using the FIFO method.

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Question 24

Epstein Inc.uses the FIFO method in its process costing system.The following data concern the operations of the company's first processing department for a recent month. $\text {Work in process, beginning:}$ Units in process..................................... 700 Percent complete with respect to materials...…. 70\% Percent complete with respect to conversion........ 70\% $\text {Costs in the beginning inventory:}$ Materials cost....................................................... \3 ,332 Conversion cost.................................................... \1 4,602 Units started into production during the month ... 23,000 Units completed and transferred out...................... 23,300 $\text {Costs added to production during the month:}$ Materials cost........................................................ \1 55,394 Conversion cost.................................................... \6 90,192 $\text {Work in process, ending:}$ Units in process................................... 400 Percent complete with respect to materials............ 70\% Percent complete with respect to conversion........ 30\% Required: Using the FIFO method: a.Determine the equivalent units of production for materials and conversion costs. b.Determine the cost per equivalent unit for materials and conversion costs. c.Determine the cost of ending work in process inventory. d.Determine the cost of units transferred out of the department during the month.

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Question 25

The following data has been provided by Leser Inc. ,a company that uses the FIFO method in its process costing system.The data concern the company's Shaping Department for the month of June. Cost in beginning work in process inventory........ \1 ,150 Units started and completed this month.............. 2,910 Materials Conversion Cost per equivalent unit ........................................ \ 32.40 \ 32.60 Equivalent units required to complete the units in beginning work in process inventory .............. 170 100 Equivalent units in ending work in process inventory.. 230 220 Required: Determine the cost of ending work in process inventory and the cost of the units transferred out of the department during June using the FIFO method.

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Question 26

Ismail Corporation uses the FIFO method in its process costing system.The first processing department,the Forming Department,started the month with 21,000 units in its beginning work in process inventory that were 10% complete with respect to conversion costs.The conversion cost in this beginning work in process inventory was $6,090.An additional 98,000 units were started into production during the month and 95,000 units were completed and transferred to the next processing department.There were 24,000 units in the ending work in process inventory of the Forming Department that were 30% complete with respect to conversion costs.A total of $269,269 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? (Round off to three decimal places. )

(Multiple Choice)

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Question 27

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 equivalent units for May for materials are:

(Multiple Choice)

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Question 28

Qtech 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.............. 600 Materials costs............................................................ \3 ,200 Conversion costs........................................................ \2 ,200 Percent complete with respect to materials................ 50\% Percent complete with respect to conversion............... 10\% Units started into production during the month......... 8,900 Materials costs added during the month.................... \7 6,100 Conversion costs added during the month................ \2 81,200 Ending work in process inventory: Units in ending work in process inventory................ 1,400 Percent complete with respect to materials.............. 75\% 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. -How many units were started AND completed during the month in the first processing department?

(Multiple Choice)

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Question 29

In October,one of the processing departments at Gascon Corporation had beginning work in process inventory of $10,000 and ending work in process inventory of $16,000.During the month,$100,000 of costs were added to production and the cost of units transferred out from the department was $94,000.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.

(Essay)

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Question 30

Ozdemir Company uses the FIFO method in its process costing system.Operating data for the Brazing Department for the month of November appear below: Percent Complete with Units Respect to Conversion Beginning work in process inventory.... 2,600 90\% Transferred in from the prior department during November....................... 56,800 Completed and transferred to the next department during November 57,500 Ending work in process inventory ......... 1,900 80\% What were the equivalent units for conversion costs in the Brazing Department for November?

(Multiple Choice)

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Question 31

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 conversion cost for May is closest to:

(Multiple Choice)

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Question 32

In January,one of the processing departments at Sessum Corporation had beginning work in process inventory of $17,000.During the month,$172,000 of costs were added to production and the cost of units transferred out from the department was $178,000.The company uses the FIFO method in its process costing system. -In the department's cost reconciliation report for January,the total cost to be accounted for would be:

(Multiple Choice)

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Question 33

Pratt 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.............. 400 Materials costs............................................................ \6 ,000 Conversion costs........................................................ \1 0,600 Percent complete with respect to materials................ 70\% Percent complete with respect to conversion............... 55\% Units started into production during the month......... 9,900 Units transferred to the next department during the month........................................................................ 9,300 Materials costs added during the month.................... \2 00,700 Conversion costs added during the month................ \4 35,200 Ending work in process inventory: Units in ending work in process inventory................ 1,000 Percent complete with respect to materials.............. 55\% Percent complete with respect to conversion............ 25\% 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:

(Multiple Choice)

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Question 34

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 of a completed unit transferred out of the department is closest to:

(Multiple Choice)

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Question 35

Bufford Corporation uses the FIFO method in its process costing system.The following data concern the company's Assembly Department for the month of September. Cost in beginning work in process inventory ....... \4 ,980 Units started and completed this month.............. 3,490 Materials Conversion Cost per equivalent unit ................................... \ 22.50 \ 9.80 Equivalent units required to complete the units in beginning work in process inventory ...................... 170 100 Equivalent units in ending work in process inventory.. 350 154 Required: Determine the cost of ending work in process inventory and the cost of units transferred out of the department during September using the FIFO method.

(Essay)

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Question 36

Capul Company uses the FIFO method in its process costing system.The Assembly Department started the month with 5,000 units in its beginning work in process inventory that were 50% complete with respect to conversion costs.An additional 74,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department.There were 15,000 units in the ending work in process inventory of the Assembly Department that were 60% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Assembly Department for the month?

(Multiple Choice)

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Question 37

Qtech 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.............. 600 Materials costs............................................................ \3 ,200 Conversion costs........................................................ \2 ,200 Percent complete with respect to materials................ 50\% Percent complete with respect to conversion............... 10\% Units started into production during the month......... 8,900 Materials costs added during the month.................... \7 6,100 Conversion costs added during the month................ \2 81,200 Ending work in process inventory: Units in ending work in process inventory................ 1,400 Percent complete with respect to materials.............. 75\% 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:

(Multiple Choice)

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Question 38

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 total cost of units in the ending work in process inventory is closest to:

(Multiple Choice)

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Question 39

Pratt 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.............. 400 Materials costs............................................................ \6 ,000 Conversion costs........................................................ \1 0,600 Percent complete with respect to materials................ 70\% Percent complete with respect to conversion............... 55\% Units started into production during the month......... 9,900 Units transferred to the next department during the month........................................................................ 9,300 Materials costs added during the month.................... \2 00,700 Conversion costs added during the month................ \4 35,200 Ending work in process inventory: Units in ending work in process inventory................ 1,000 Percent complete with respect to materials.............. 55\% Percent complete with respect to conversion............ 25\% 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?

(Multiple Choice)

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Question 40

The cost per equivalent unit for conversion costs will always be the same under both the FIFO and the weighted-average methods if there is no beginning work in process inventory.

Absorption Costing and Variable Costing

Statement of Cash Flows

Further Classification of Labor Costs

Cost of Quality

Least-Squares Regression Computations

Absorption Costing and Variable Costing

Abc Action Analysis

Use Activity-Based Costing Technique to Compute Product Costs for External Reports

Compute and Interpret the Fixed Overhead Variances

Journal Entries to Record Variances

Transfer Pricing

The Concept of Present Value

Income Taxes in Capital Budgeting Decisions

Pricing Products and Services

Profitability Analysis

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