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Exam 3: Process Costing

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Question 71

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Brody Corp.uses a process costing system in which direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process.Beginning inventory for January consisted of 1,300 units that were 40% completed.13,000 units were started into the process during January.On January 31,the inventory consisted of 650 units that were 70% completed.What would be the equivalent units for direct materials cost using the weighted average method?

A) 13,000
B) 13,585
C) 14,105
D) 14,300

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

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Question 72

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Nettle Co.uses process costing to account for the production of rubber balls.Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process.Equivalent units have been calculated to be 12,000 units for materials and 10,000 units for conversion costs.Beginning inventory consisted of $14,000 in materials and $8,000 in conversion costs.April costs were $72,000 for materials and $80,000 for conversion costs.Ending inventory still in process was 4,000 units (100% complete for materials,50% for conversion) .The cost per unit for materials using the FIFO method would be closest to:

A) $1.8334
B) $6.0000
C) $7.1666
D) $14.5000

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

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Question 73

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For a firm using the weighted average method of process costing,it would not be necessary to translate physical units into equivalent units if:

Togo Co.uses process costing to account for the production of picture frames.Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process.Equivalent units have been calculated to be 12,000 units for materials and 10,000 units for conversion costs.Beginning inventory consisted of $14,000 in materials and $8,000 in conversion costs.April costs were $72,000 for materials and $80,000 for conversion costs.Ending inventory still in process was 4,000 units (100% complete for materials,50% for conversion) .The value of ending inventory using the weighted average method would be closest to:

Harlow Corp.uses a FIFO process costing system.Beginning inventory for January consisted of 1,000 units that were 60% completed.During January,9,500 units were started and completed.On January 31,the inventory consisted of 500 units that were 70% completed.How many units were started during January?

Nettle Co.uses process costing to account for the production of rubber balls.Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process.Equivalent units have been calculated to be 12,000 units for materials and 10,000 units for conversion costs.Beginning inventory consisted of $14,000 in materials and $8,000 in conversion costs.April costs were $72,000 for materials and $80,000 for conversion costs.Ending inventory still in process was 4,000 units (100% complete for materials,50% for conversion) .The total cost per unit using the FIFO method would be closest to:

TryFit Co.uses process costing to account for the production of energy food bars.Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process.Beginning inventory consisted of $7,000 in materials and $4,000 in conversion costs.April costs were $36,000 for materials and $40,000 for conversion costs.During April 8,000 units were completed.Ending work in process inventory was 4,000 units (100% complete for materials,50% for conversion) .The value of ending inventory using the weighted average method would be closest to:

Trout,Inc.prepared the following production report: Additional information: Trout adds direct materials at the beginning of the process,while conversion costs are incurred uniformly throughout the process.At the beginning of the period,Work in Process Inventory was 40% complete.At the end of the period,Work in Process Inventory was 70% complete. Required: Fill in the missing amounts.

Heathcoat Co.uses process costing to account for the production of canned vegetables.Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process.Beginning inventory consisted of $7,000 in materials and $4,000 in conversion costs.April costs were $36,000 for materials and $40,000 for conversion costs.On April 1,there were 2,000 units in beginning inventory (80% complete) .During April 10,000 units were completed.Ending in process inventory was 4,000 units (100% complete for materials,40% for conversion) .The total cost per unit using the FIFO method would be closest to:

Process costing often combines direct materials and direct labor into a single category called conversion costs.

Stangol Co.uses process costing to account for the production of highlighter pens.Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process.Cost per equivalent unit has been calculated to be $8.80 for conversion costs and $7.1667 for materials.12,000 units were worked on during the period.Ending inventory still in process was 4,000 units (100% complete for materials,50% for conversion) .The value of units completed and transferred out using the weighted average method would be closest to:

Heathcoat Co.uses process costing to account for the production of canned vegetables.Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process.Beginning inventory consisted of $7,000 in materials and $4,000 in conversion costs.April costs were $36,000 for materials and $40,000 for conversion costs.On April 1,there were 2,000 units in beginning inventory (80% complete) .During April 10,000 units were completed.Ending in process inventory was 4,000 units (100% complete for materials,40% for conversion) .The cost per equivalent unit for conversion costs using the FIFO method would be: