Module 08 Quiz Practice

Question 3: Process Costing (FIFO) Daytona Incorporated uses the first-in, first-out method in its process costing system. The following data is on the operations of the company’s first processing department for a recent month. Work in process, beginning: Units in process 700 Percent complete with respect to materials 60% Percent complete with respect to conversion 10% Costs in the beginning inventory: Materials cost $ 555 Conversion cost $ 2,123 Units started into production during the month 21,000 Units completed and transferred out 21,000 Costs added to production during the month: Materials cost $ 48,461 Conversion cost $ 559,062 Work in process, ending: Units in process 700 Percent complete with respect to materials 70% Percent complete with respect to conversion 70% Required: Using the first-in, first-out 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. (Round…

Question 3: Process Costing (FIFO) Daytona Incorporated uses the first-in, first-out method in its process costing system. The following data is on the operations of the company’s first processing department for a recent month. Work in process, beginning: Units in process 700 Percent complete with respect to materials 60% Percent complete with respect to conversion 10% Costs in the beginning inventory: Materials cost $ 555 Conversion cost $ 2,123 Units started into production during the month 21,000 Units completed and transferred out 21,000 Costs added to production during the month: Materials cost $ 48,461 Conversion cost $ 559,062 Work in process, ending: Units in process 700 Percent complete with respect to materials 70% Percent complete with respect to conversion 70% Required: Using the first-in, first-out 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. (Round…

Question 3: Process Costing (FIFO) Daytona Incorporated uses the first-in, first-out method in its process costing system. The following data is on the operations of the company’s first processing department for a recent month. Work in process, beginning: Units in process 700 Percent complete with respect to materials 60% Percent complete with respect to conversion 10% Costs in the beginning inventory: Materials cost $ 555 Conversion cost $ 2,123 Units started into production during the month 21,000 Units completed and transferred out 21,000 Costs added to production during the month: Materials cost $ 48,461 Conversion cost $ 559,062 Work in process, ending: Units in process 700 Percent complete with respect to materials 70% Percent complete with respect to conversion 70% Required: Using the first-in, first-out 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. (Round…

Question 18 Jublot Corporation uses the weighted-average 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 $ 7,300 Conversion costs $ 2,300 Percent complete with respect to materials 50 % Percent complete with respect to conversion 10 % Units started into production during the month 9,400 Units transferred to the next department during the month 8,600 Materials costs added during the month $ 196,300 Conversion costs added during the month $ 315,800 Ending work in process inventory: Units in ending work in process inventory 1,400 Percent complete with respect to materials 70 % Percent complete with respect to conversion 40 % The cost per equivalent unit for materials for the month in the first processing department is closest to: $14.48 $15.88…

Chapter 18: Process Costing - Practice Questions 1) Pet Products Company uses an automated process to manufacture its pet replica products. For June, the company had the following activities: Beginning work in process inventory Units placed in production Units completed Ending work in process inventory Cost of beginning work in process Direct material costs, current Conversion costs, current 4,500 items, 1/4 complete with regards to conversion costs 15,000 units 17,500 units 2,000 items, 3/4 complete with regards to conversion costs Direct Materials = $3,000; Conversion Costs = $2,250 $16,500 $23,945 Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process. Compute the following using FIFO method: a) Units completed and transferred out. 17,500 units b) Total cost to account for. Beginning WIP+Units in production 4,500+15,000 =19,500 units c) Equivalent units with respect to direct materials and…

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Problem IV Nicole Company employs a process costing system. A unit of product passes through three departments - Molding, Assembly, and Finishing , before it is completed. The following activity took place in the Finishing Department during May: Work in process, May 1 - 1,400 units; transferred in from the Assembly Department - 14,000; spoilage - 700; completed and transferred to finished goods inventory - 11,200. Direct material is added at the beginning of the processing in the Finishing Department without changing the number of units being processed. Conversion costs are added evenly throughout the process. The work in process inventory was 70% complete as to conversion costs in May 1 and 40% complete as to conversion costs on May 31. All spoilage is discovered at final inspection, which occurs immediately after the units are completed: 560 of the units spoiled were within the limit considered normal. Nicole Company employs the weighted average costing method. The costs per…

QUESTION 2- PROCESS COSTING Crystal Company Ltd. makes a single product using two processes. Quality control check takes place during the process, at which point, rejected units are separated from good units. The following details relate to production for the month of June 20X22 for Process 2. Work-in-process, beginning inventory: -0- Transfer from Process 1: 15,000 units valued at $51.40 each Other manufacturing costs incurred during the month:   Direct material added $513,000 Direct labour $365,000 Manufacturing overhead $211,000 Normal losses were estimated to be 4% of input during the period. The scrap value of any loss is $38 per At inspection 1,750 units were rejected as These units had reached the following degree of completion:   Input material                            100% Direct material added                 50% Conversion costs                         30%   12,000 units were completed and transferred to Finished Goods Work-in-process at…

Chapter 4 Practice #1 5. ABC Corporation uses the weighted-average method in its process costing. The following data pertain to its Assembly Department for September. Work in process, September 1 Units started into production during September Units completed during September and transferred to the next department Work in process, September 30 Units 1,000 8,400 7,500 1,900 Percent Complete Materials Conversion 55% 10% 75% 25% Compute the equivalent units of production for both materials and conversion costs for the Assembly Department for September using the weighted-average method.

5 Daosta 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. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Materials cost Conversion cost Work in process, ending: Units in process Percent complete with respect to materials Percent complete with respect to conversion 600 40% 20% $ 620 $ 2,162 18,000 18,200 $55,388 $500,872 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…

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18 ces 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. Beginning work in process inventory Transferred in from the prior department during January Completed and transferred to the next department during January Ending work in process inventory Multiple Choice $22,106,70 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? $25,201.00 $20,160.80 Units 7,700 64,000 63,800 7,900 $5,040.20 Percent Complete with Respect to Conversion 10% 80%

4.Colby Company has a process costing system in which the weighted-average method is used. The company adds all materials at the beginning of the process in the moulding department, which is the first of two stages of its production process. Information concerning the materials used in the moulding department during March is as follows:   Units Materials costs   Work in progress at March 1 22,000 €  15,480 Units started during March 90,000 €  46,120 Units completed and transferred to next department during March 100,000 What was the materials cost of the work-in-progress inventory at March 31? a)  € 1,100 b)  € 5,500 c) € 6,600 d) €12,100

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Urgent Please Paceheco 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. Beginning work in process inventory Transferred in from the prior department during January Completed and transferred to the next department during January Ending work in process inventory Units Percent Complete with Respect to Conversion 5,850 70% 59,750 57,550 8,050 40% The accounting records indicate that the conversion cost that had been assigned to beginning work in process inventory was $35,308 and a total of $560,004 in conversion costs were incurred in the department during January. The cost per equivalent unit for conversion costs for January in the Molding Department is closest to: Multiple Choice $9.599 $9.796 $9.800 $8.555