FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 5: Supplement: Process Costing Using the Fifo Method

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 31

Multiple Choice

Review LaterAdd Note

Review Later

Qart Corporation uses the FIFO method in its process costing system.Operating data for the Cutting Department for the month of March appear below: According to the company's records,the conversion cost in beginning work in process inventory was $1,656 at the beginning of March.Additional conversion costs of $129,960 were incurred in the department during the month. The cost per equivalent unit for conversion costs for March is closest to:

A) $1.710
B) $1.677
C) $1.756
D) $1.840

E) A) and D)
F) B) and D)

Correct Answer

verified

Show Answer

Question 32

Multiple Choice

Review LaterAdd Note

Review Later

Winkle Corporation uses the FIFO method in its process costing system.Beginning inventory in the mixing processing center consisted of 5,000 units,90% complete with respect to conversion costs.Ending work in process inventory consisted of 2,000 units,60% complete with respect to conversion costs.If 10,000 units were transferred to the next processing center during the period,the equivalent units for conversion costs would be:

A) 13,200 units
B) 6,700 units
C) 10,000 units
D) 12,000 units

E) A) and C)
F) A) and B)

Correct Answer

verified

Show Answer

Question 33

Multiple Choice

Review LaterAdd Note

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?

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 FIFO cost method,the cost per equivalent unit for conversion costs for June is closest to:

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 for materials for the Assembly Department during the month were:

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.

In December,one of the processing departments at Moshier Corporation had ending work in process inventory of $24,000.During the month,$293,000 of costs were added to production and the cost of units transferred out from the department was $297,000.The company uses the FIFO method in its process costing system. Required: Construct a cost reconciliation report for the department for the month of December.

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. The total cost transferred from the first processing department to the next processing department during the month is closest to:

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?

Higgins Labs Inc. ,uses a process costing system.The following data are available for one department for October: The department started 45,000 units into production during the month and completed and transferred 50,000 units to the next department. Assuming the weighted-average method is used,the equivalent units for material for October would be:

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 conversion costs for the month in the first processing department?

The following data have been provided by Felux Corporation for the Circuit Prep Department.The company uses the FIFO method in its process costing. Required: Determine the equivalent units of production for the Circuit Prep Department for August using the FIFO method.

The following data relate to the Blending Department of Tru-Color Paint Corporation for a recent month: All materials are added prior to the beginning of work in the Blending Department. Assuming Tru-Color Paint Corporation uses the FIFO method,the equivalent units for conversion costs would be:

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:

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

Steven Corporation uses the FIFO method in its process costing system.Department A's beginning work in process inventory consisted of 15,000 units,100% complete with respect to materials and 40% complete with respect to conversion costs.The total cost of this inventory was $31,000.A total of 40,000 units were transferred out during the month.The costs per equivalent unit were computed to be $1.30 for materials and $2.20 for conversion costs.The cost of the units completed and transferred out was:

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 for conversion costs for the Assembly Department 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:

Information about units processed and processing costs incurred during a recent month in the Refining Department of a manufacturing company follow: The beginning work in process inventory included $11,000 of conversion cost.During the month,the Department incurred an additional $290,000 in conversion costs. Assuming that the company uses the FIFO method,what is the cost per equivalent unit for conversion costs for the month in the Blending Department to the nearest cent?

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