Exam 8: Fifo Method

Assuming the weighted-average method is used, the equivalent units for material for October would be:

The cost per equivalent unit for conversion costs for the first department for the month is closest to:

The cost per equivalent unit for materials for the month in the first processing department is closest to:

Assuming that Tru-Color Paint Corporation uses the weighted-average method, the equivalent units for materials would be:

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:

Voyer Corporation uses the FIFO method in its process costing. The following data pertain to its Assembly Department for August. Required: Compute the equivalent units of production for both materials and conversion costs for the Assembly Department for August using the FIFO method.

Under which of the following conditions will the FIFO method of process costing result in the same amount of cost being transferred to the next department as the weighted-average method?

The equivalent units (with respect to the Molding Department's costs) transferred from the Molding Department to the Assembly during the month were:

Ebis Corporation 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 that were 10% 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 that were 30% complete with respect to conversion costs. A total of $806,085 in conversion costs were incurred in the department during the month. The cost per equivalent unit for conversion costs is closest to:

Tarten Corporation uses the FIFO method in its process costing system. Operating data for the Curing Department for the month of March appear below: According to the company's records, the conversion cost in beginning work in process inventory was $7,470 at the beginning of March. The cost per equivalent unit for conversion costs for March was $8.20. How much conversion cost would be assigned to the units completed and transferred out of the department during March?

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

Oxyrom Corporation 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 for conversion costs in the Brazing Department for November?

Williams Corporation uses the FIFO method in its process costing system. The beginning work in process inventory in a particular department consisted of 10,000 units, 100% complete with respect to materials and 60% with respect to conversion costs. The total cost in the beginning work in process inventory was $48,200. During the month, 25,000 units were transferred out of the department. The costs per equivalent unit were computed to be $3.10 for materials and $4.50 for conversion costs. The total cost of the units completed and transferred out of the department was:

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

Easy 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. 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 following data has been provided by Klemm 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 March. Required: Determine the cost of ending work in process inventory and the cost of the units transferred out of the department during March using the FIFO method.

The equivalent units for labor and overhead for the month is:

What are the equivalent units for materials for the month in the first processing department?

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.

Assuming that the company uses the weighted-average cost method, what are the equivalent units for conversion costs for the Blending Department for the month?