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Exam 19: Fifo Method

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Question 21

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Herston Company uses the FIFO method in its process costing system.The beginning work in process inventory in a particular department consisted of 6,000 units,two-thirds complete with respect to conversion costs.During the month,42,000 units were started and 40,000 units were completed and transferred out of the department.The company had 40,000 equivalent units for conversion costs.The ending work in process inventory in the department consisted of:

A) 8,000 units,25% complete with respect to conversion costs
B) 0 units
C) 8,000 units,50% complete with respect to conversion costs
D) 4,000 units,100% complete with respect to conversion costs

E) A) and B)
F) None of the above

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Question 22

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Galos Corporation uses the FIFO method in its process costing system.The Grinding Department started the month with 3,000 units in its beginning work in process inventory that were 70% complete with respect to conversion costs.An additional 82,000 units were transferred in from the prior department during the month to begin processing in the Grinding Department.During the month 74,000 units were completed in the Grinding Department and transferred to the next processing department.There were 11,000 units in the ending work in process inventory of the Grinding Department that were 10% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Grinding Department for the month?

A) 74,000
B) 75,100
C) 90,000
D) 73,000

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

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Question 23

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Qdynamic Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -The cost per equivalent unit for conversion costs for the first department for the month is closest to:

In October,one of the processing departments at Schones Corporation had beginning work in process inventory of $26,000 and ending work in process inventory of $17,000.During the month,$279,000 of costs were added to production and the cost of units transferred out from the department was $288,000.The company uses the FIFO method in its process costing system.In the department's cost reconciliation report for October,the total cost to be accounted for would be:

In the cost reconciliation report,the costs accounted for equals the cost of beginning work in process inventory plus the cost of ending work in process inventory.

Morvan Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. -The total cost transferred from the first processing department to the next processing department during the month is closest to:

Cargin Company uses the FIFO method in its process costing system.The Assembly Department started the month with 15,000 units in its beginning work in process inventory that were 50% complete with respect to conversion costs.An additional 71,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department.There were 9,000 units in the ending work in process inventory of the Assembly Department that were 30% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Assembly Department for the month?

Froment 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. Required: Using the FIFO method,determine the equivalent units of production for materials and conversion costs.

In February, one of the processing departments at Grosz Corporation had beginning work in process inventory of $18,000 and ending work in process inventory of $11,000. During the month, the cost of units transferred out from the department was $204,000. The company uses the FIFO method in its process costing system. -In the department's cost reconciliation report for February,the total cost accounted for would be:

Elard Company uses the FIFO method in its process costing system.The first processing department,the Welding Department,started the month with 17,000 units in its beginning work in process inventory that were 70% complete with respect to conversion costs.The conversion cost in this beginning work in process inventory was $101,150.An additional 68,000 units were started into production during the month.There were 23,000 units in the ending work in process inventory of the Welding Department that were 80% complete with respect to conversion costs.A total of $565,125 in conversion costs were incurred in the department during the month. The cost per equivalent unit for conversion costs is closest to:

Zippy Company has a process costing system. Information about units processed and processing costs incurred during a recent month in the Refining Department follow: The beginning work in process inventory had $10,946 of processing cost attached to it at the beginning of the month. During the month, the Department incurred an additional $289,954 in processing cost. -Assuming that the company uses the weighted-average method,what are the equivalent units for processing costs for the Department for the month?

Castle Company uses the FIFO method in its process costing system.In the Cutting Department in June,units were four-fifths complete with respect to conversion in the beginning work in process inventory and one-third complete with respect to conversion in the ending work in process inventory.Other data for the department for June follow: The cost per equivalent unit for conversion cost is closest to:

Imbram Corporation uses the FIFO method in its process costing system.The first processing department,the Forming Department,started the month with 23,000 units in its beginning work in process inventory that were 40% complete with respect to conversion costs.The conversion cost in this beginning work in process inventory was $27,692.An additional 86,000 units were started into production during the month and 86,000 units were completed and transferred to the next processing department.There were 23,000 units in the ending work in process inventory of the Forming Department that were 10% complete with respect to conversion costs.A total of $221,480 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:

Mannarelli Corporation uses the FIFO method in its process costing system.Operating data for the Casting Department for the month of September appear below: According to the company's records,the conversion cost in beginning work in process inventory was $15,660 at the beginning of September.Additional conversion costs of $526,524 were incurred in the department during the month. The cost per equivalent unit for conversion costs for September is closest to: (Round off to three decimal places. )

The weighted-average method of process costing differs from the FIFO method of process costing in that the weighted-average method:

Zippy Company has a process costing system. Information about units processed and processing costs incurred during a recent month in the Refining Department follow: The beginning work in process inventory had $10,946 of processing cost attached to it at the beginning of the month. During the month, the Department incurred an additional $289,954 in processing cost. -Assuming that the company uses the weighted-average method,what is the cost per equivalent unit for processing for the month?

Deluz Corporation uses the FIFO method in its process costing.The following data pertain to its Assembly Department for August. Required: Compute the equivalent units of production for both materials and conversion costs for the Assembly Department for August using the FIFO method.

The equivalent units in the ending work in process inventory will be the same under both the FIFO and the weighted-average methods of process costing.

The following data have been provided by Bicknese Corporation for the Circuit Prep Department.The company uses the FIFO method in its process costing. Required: Determine the equivalent units of production for the Circuit Prep Department for August using the FIFO method.

Dita Company uses a process costing system.The following information relates to one month's activity in the company's Curing Department. The conversion cost of the beginning inventory was $6,500.During the month,$112,000 in additional conversion cost was incurred. Required: a.Assume that the company uses the FIFO method.Compute: 1.The equivalent units of production for conversion for the month. 2.The cost per equivalent unit for conversion for the month. 3.The total cost transferred out during the month. 4.The cost assigned to the ending work in process inventory. b.Assume that the company uses the weighted-average cost method.Compute: 1.The equivalent units of production for conversion for the month. 2.The cost per equivalent unit for conversion for the month. 3.The total cost transferred out during the month. 4.The cost assigned to the ending work in process inventory.