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Exam 5: Process Costing6 Cost-Volume-Profit Relationships

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Question 41

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Under the weighted-average method, the cost of units transferred out of a department is computed as follows for a cost category:

A) Costs added during the period + Cost of beginning work in process inventory
B) Units transferred to the next department × Cost per equivalent unit
C) Units in ending work in process inventory × Cost per equivalent unit
D) Cost of ending work in process inventory - Cost of beginning work in process inventory

E) B) and D)
F) All of the above

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Question 42

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In April, one of the processing departments at Terada Corporation had beginning work in process inventory of $21,000 and ending work in process inventory of $27,000.During the month, $244,000 of costs were added to production and the cost of units transferred out from the department was $238,000.In the department's cost reconciliation report for April, the total cost to be accounted for under the weighted-average method would be:

A) $48,000
B) $265,000
C) $530,000
D) $509,000

E) C) and D)
F) B) and D)

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Question 43

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

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

In the cost reconciliation report under the weighted-average method, the "Total cost accounted for" equals:

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

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

What total amount of cost should be assigned to the units in work in process on October 31?

Darden Corporation uses the weighted-average method in its process costing system.The first processing department, the Welding Department, started the month with 18,000 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 $16,200.An additional 84,000 units were started into production during the month.There were 17,000 units in the ending work in process inventory of the Welding Department that were 70% complete with respect to conversion costs.A total of $836,880 in conversion costs were incurred in the department during the month. The cost per equivalent unit for conversion costs for the month is closest to:

The Assembly Department started the month with 24,000 units in its beginning work in process inventory.An additional 309,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department.There were 29,000 units in the ending work in process inventory of the Assembly Department.How many units were transferred to the next processing department during the month?

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

The equivalent units in beginning work in process inventory plus the equivalent units in ending work in process inventory equals the units transferred out plus the equivalent units for the work done during the period.

Vallin Manufacturing Corporation's beginning work in process inventory consisted of 8,000 units, 100% complete with respect to materials cost and 60% complete with respect to conversion costs.The total cost in the beginning inventory was $36,000.During the month, 40,000 units were transferred out.The equivalent unit cost was computed to be $2.50 for materials and $3.00 for conversion costs under the weighted-average method.Given this information, the total cost of the units completed and transferred out was:

Raider Corporation uses the weighted-average method in its process costing system.The Molding Department is the second department in its production process.The data below summarize the department's operations in January. The Molding Department's cost per equivalent unit for conversion cost for January was $3.19. How much conversion cost was assigned to the ending work in process inventory in the Molding Department for January?

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

How many units are in ending work in process inventory in the first processing department at the end of the month?

In a process costing system, overhead is allocated to departments after being applied to units of product.

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

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

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