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Exam 3: Process Costing

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Question 51

Multiple Choice

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Which of these best reflects a distinguishing factor between a job order cost system and a process cost system?

A) The detail at which costs are calculated.
B) The time period each covers.
C) The number of work in process accounts.
D) The manufacturing cost elements included.

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

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Question 52

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Equivalent units for materials total 40,000. There were 32,000 units completed and transferred out. Equivalent units for conversion costs equal 36,000. How much are the physical units for conversion costs if ending work in process is 50% complete?

A) 36,000.
B) 40,000.
C) 8,000.
D) 32,000.

E) C) and D)
F) None of the above

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Question 53

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A department adds raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process. For the month of January, there were no units in the beginning work in process inventory; 90,000 units were started into production in January; and there were 20,000 units that were 40% complete in the ending work in process inventory at the end of January. What were the equivalent units of production for conversion costs for the month of January?

Which of the following would not appear as a debit in the Work in Process account of a second department in a two stage production process?

Total units to be accounted for less units in beginning work in process equals

Which of the following is a true statement about process cost systems?

Honrad Company's Assembly Department has materials cost at $4 per unit and conversion cost at $8 per unit. There are 30,000 units in ending work in process, all of which are 70% complete as to conversion costs. Materials are added at the beginning of the process. How much are total costs to be assigned to inventory?

In the month of June, a department had 20,000 units in beginning work in process that were 70% complete. During June, 90,000 units were transferred into production from another department. At the end of June there were 10,000 units in ending work in process that were 40% complete. Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. The equivalent units of production for materials for June were

In a process cost system, product costs are summarized:

If there are no units in process at the beginning of the period, then

The total costs accounted for in a production cost report equal the

Conversion cost per unit equals $7.00. Total materials costs are $80,000. Equivalent units are 20,000. How much is the total manufacturing cost per unit?

It is necessary to calculate equivalent units of production in a department because

In process cost accounting, manufacturing costs are summarized on a

In the month of June, a department had 20,000 units in beginning work in process that were 70% complete. During June, 90,000 units were transferred into production from another department. At the end of June there were 10,000 units in ending work in process that were 40% complete. Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. How many units were transferred out of the process in June?

Cohen Company is trying to determine the equivalent units for conversion costs with 5,000 units of ending work in process at 80% completion and 45,000 units that are 100% complete as to materials. There are no beginning units in the department. Materials are added at the beginning of the process, and conversion costs occur evenly throughout the entire production period. What is the equivalent units of production for conversion costs for the current period?

The Wrapping Department's output during the period consists of 21,000 units completed and transferred out, and 900 units in ending work in process that were 75% complete as to materials and conversion costs. Beginning inventory was 1,200 units that were 30% complete as to materials and conversion costs. Under the FIFO method, what are the equivalent units of production for materials?

The flow of costs in a process costing system requires that materials be added in one department, labor added in another department and manufacturing overhead in a third department.

In the Camria Company, materials are entered at the beginning of the process. If there is no beginning work in process, but there is an ending work in process inventory, the number of equivalent units as to materials costs will be

The assignment of the three manufacturing cost elements to Work in Process in a process cost system is the same as in a job order cost system.