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Exam 21: Process Costing

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Question 21

Multiple Choice

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If beginning work in process is 4000 units ending work in process is 2000 units and the units accounted for equals 15000 units what must units started into production be?

A) 19000.
B) 17000.
C) 11000.
D) 13000.

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

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Question 22

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When finished goods are sold the entry to record the cost of goods sold is a debit to Finished Goods Inventory and a credit to Cost of Goods Sold.

A) True
B) False

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Question 23

Multiple Choice

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A department had the following information for the month: $\begin{array}{lr}\text { Total materials costs } & \$ 300,000 \\\text { Conversion cost per unit } & \$ 3.00 \\\text { Total manufacturing cost per unit } & \$ 5.00\end{array}$ What are the equivalent units of production for materials?

If 180000 units are transferred out of a department there was no beginning work in process and there are 30000 units still in process at the end of a period the number of units that were started into production during the period is

In process cost accounting manufacturing costs are summarized on a

In a JIT cost accounting system

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

A cost reconciliation schedule is prepared to assign total costs to units ______________ and to the units in the _________________ work in process.

Under the ABC philosophy

Madison Industries has equivalent units of 8000 for materials and for conversion costs. Total manufacturing costs are $200000. Total materials costs are $150000. How much is the conversion cost per unit?

Apoly Company has the following production data for January. Instructions Compute the physical units for January.

Equivalent units are calculated by

In the month of June a department had 20000 units in beginning work in process that were 70% complete. During June 90000 units were transferred into production from another department. At the end of June there were 10000 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 conversion costs for June were

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

In a process cost system total costs are determined at the end of a month or year.

A production cost report is an internal document for management that shows production quantity and cost data for a particular job.

For the Assembly Department unit materials cost is $6 and unit conversion cost is $9. If there are 10000 units in ending work in process 75% complete as to conversion costs the costs to be assigned to the inventory are

A primary driver of overhead costs in continuous manufacturing operations is _______________.

Materials costs of $600000 and conversion costs of $642600 were charged to a processing department in the month of September. Materials are added at the beginning of the process while conversion costs are incurred uniformly throughout the process. There were no units in beginning work in process 100000 units were started into production in September and there were 8000 units in ending work in process that were 40% complete at the end of September. What was the total amount of manufacturing costs assigned to those units that were completed and transferred out of the process in September?

Lowman Painting Company has the following production data for March: $\bullet$ Beginning work in process 2000 units $\bullet$ Units transferred out 42000 $\bullet$ Units in ending work in process 15000 which are 80% complete for conversion costs Materials are added only at the beginning of the process. Instructions Compute equivalent units of production for both materials and conversion costs.