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Exam 7: Process Costing

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Question 31

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Which of the following are needed to compute the cost per equivalent unit for materials under the weighted-average method of process costing?

A) Option A
B) Option B
C) Option C
D) Option D

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

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Question 32

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Lafollette Inc. uses the weighted-average method in its process costing. The following data concern the company's Assembly Department for the month of November. Required: Compute the costs per equivalent unit for the Assembly Department for November.

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Question 33

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Process costing is used in those situations where many different products or services are produced each period to customer specifications.

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

Chargualaf Corporation uses the weighted-average method in its process costing. The following data pertain to its Assembly Department for September. Required: Compute the equivalent units of production for both materials and conversion costs for the Assembly Department for September using the weighted-average method.

A number of companies in different industries are listed below: 1. Synthetic rubber manufacturer 2. Contract printer that produces posters, books, and pamphlets to order 3. Dress manufacturer that makes clothing on contract for department stores 4. Aluminum refiner that makes aluminum ingots from bauxite ore 5. Asparagus cannery 6. Winery that produces a number of varietal wines Required: For each company, indicate whether the company is most likely to use job-order costing or process costing.

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

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

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

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

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

Using process costing, it is necessary to consider the stage of completion of the units when assigning conversion cost to partially completed units in the ending work in process inventory.

What are the Fabrication Department's equivalent units related to materials for July?

The "costs to be accounted for" portion of the cost reconciliation report includes the cost of beginning work in process inventory and the costs added during the period.

Larner Corporation uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below: According to the company's records, the conversion cost in beginning work in process inventory was $68,064 at the beginning of June. Additional conversion costs of $585,324 were incurred in the department during the month. What was the cost per equivalent unit for conversion costs for the month? (Round off to three decimal places.)

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

Barraza Corporation uses a weighted-average process costing system. Barraza has two direct materials. One of these materials is added at the beginning of the production process. The other material is added when processing is 50% complete. When will the equivalent units of production for these two materials be equal?

What total amount of cost should be assigned to the units transferred out during November?

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

Which of the following companies would be most likely to use a process costing system?