1. Gunes Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 10,600 65% Conversion costs $ 12,800 30% A total of 8,500 units were started and 7,400 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 142,100 Conversion costs $ 359,500 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. The cost per equivalent unit for conversion costs for the first department for the month is closest to: A $46.16 B $40.03 C $44.58 D $48.47
1. Gunes Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 10,600 65% Conversion costs $ 12,800 30% A total of 8,500 units were started and 7,400 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 142,100 Conversion costs $ 359,500 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. The cost per equivalent unit for conversion costs for the first department for the month is closest to: A $46.16 B $40.03 C $44.58 D $48.47
Chapter5: Process Costing
Section: Chapter Questions
Problem 14PA: Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units....
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MCQS
1. Gunes Corporation uses the weighted-average method in its
Cost | Percent Complete |
||||||
Materials costs | $ | 10,600 | 65% | ||||
Conversion costs | $ | 12,800 | 30% |
Cost | |||
Materials costs | $ | 142,100 | |
Conversion costs | $ | 359,500 |
The cost per equivalent unit for conversion costs for the first department for the month is closest to:
A |
$46.16
|
|
B |
$40.03
|
|
C |
$44.58
|
|
D |
$48.47
|
2.
Carpenter Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 600 units. The costs and percentage completion of these units in beginning inventory were:
A total of 7,800 units were started and 7,100 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:
The ending inventory was 85% complete with respect to materials and 70% complete with respect to conversion costs.
The total cost transferred from the first processing department to the next processing department during the month is closest to:
Cost | Percent Complete |
||||||
Materials costs | $ | 5,200 | 60% | ||||
Conversion costs | $ | 8,500 | 55% |
A total of 7,800 units were started and 7,100 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:
Materials costs | $ | 95,000 | |
Conversion costs | $ | 169,200 |
The ending inventory was 85% complete with respect to materials and 70% complete with respect to conversion costs.
The total cost transferred from the first processing department to the next processing department during the month is closest to:
A |
$277,900
|
|
B |
$244,219
|
|
C |
$288,935
|
|
D |
$264,200
|
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