 1) In a process costing system, costs are traced directly to jobs. answer: FALSE Difficulty: 2 Medium Topic: Materials, Labor, and Overhead Cost Entries Learning Objective: 05-01 Record the flow of materials, labor, and overhead through a process costing system. Bloom's: Remember AACSB: Reflective Thinking AICPA: BB Critical Thinking; 2) When materials are purchased in a process costing system, a work in process account is debited with the cost of the materials. answer: FALSE Difficulty: 1 Easy Topic: Materials, Labor, and Overhead Cost Entries Learning Objective: 05-01 Record the flow of materials, labor, and overhead through a process costing system. Bloom's: Remember AACSB: Reflective Thinking AICPA: BB Critical Thinking; 3) In a process costing system, overhead is allocated to departments after being applied to units of product. answer: FALSE Difficulty: 2 Medium Topic: Materials, Labor, and Overhead Cost Entries Learning Objective: 05-01 Record the flow of materials, labor, and overhead through a process costing system. Bloom's: Remember AACSB: Reflective Thinking AICPA: BB Critical Thinking; 32) Jared Beverage Corporation uses a process costing system to collect costs related to the production of its celery flavored cola. The cola is first processed in a Mixing Department and is then transferred out and finished up in the Bottling Department. The finished cases of cola are then transferred to Finished Goods Inventory. The following information relates to the company's two departments for the month of January: Mixing
Bottling How many cases of cola were completed and transferred to Finished Goods Inventory during January? answer: C Equivalent units of production = Units transferred to the next department or to finished goods + Equivalent units in ending work in process inventory 47,500 = Units transferred to the next department or to finished goods + 10,000 × 75% Units transferred to the next department or to finished goods = 47,500 − 10,000 × 75% = 40,000 Units in beginning work in process inventory + Units started into production or transferred in = Units in ending work in process inventory + Units completed and transferred out 15,000 + Units started into production or transferred in = 10,000 + 40,000 Units started into production or transferred in = 10,000 + 40,000 - 15,000 = 35,000 answer: B Units in beginning work in process inventory + Units started into production or transferred in = Units in ending work in process inventory + Units completed and transferred out Finished Goods Inventory: 75,000 + Units completed and transferred to finished goods = 60,000 + 250,000 Units completed and transferred to finished goods = 60,000 + 300,000 - 75,000 = 285,000 Conversion Difficulty: 2 Medium answer: C Units transferred to the next department = Units in beginning work in process + Units started into production - Units in ending work in process Units transferred to the next department = 18,000 + 84,000 - 17,000 = 85,000 Conversion Conversion Difficulty: 2 Medium 42) Lucas Corporation uses the weighted-average method in its process costing system. The company adds materials at the beginning of the process in the Forming Department, which is the first of two stages in its production process. Information concerning operations in the Forming Department in October follows: Units Materials What was the materials cost of work in process at October 31? (Round your intermediate calculations to 2 decimal places.) answer: D Units in beginning work in process inventory + Units started into production or transferred in = Units in ending work in process inventory + Units completed and transferred out Units in ending work in process inventory = Units in beginning work in process inventory + Units started into production or transferred in - Units completed and transferred out = 6,000 + 50,000 - 44,000 = 12,000 Equivalent units of production = Units transferred to the next department or to finished goods + Equivalent units in ending work in process inventory = 44,000 + 12,000 = 56,000 Cost per equivalent unit = (Cost of beginning work in process inventory + Cost added during the period) ÷ Equivalent units of production = ($3,000 + $25,560) ÷ 56,000 equivalent units = $0.51 per equivalent unit Material cost in ending inventory = 12,000 equivalent units × $0.51 per equivalent unit = $6,120 answer: D Units transferred to the next department = Units in beginning work in process + Units started into production - Units in ending work in process = 14,000 + 76,000 - 20,000 = 70,000 Conversion Conversion Difficulty: 2 Medium answer: D Materials Labor and Materials Labor and Difficulty: 1 Easy 50) Vallin Manufacturing Corporation's beginning work in process inventory consisted of 8,000 units, 100% complete with respect to
materials cost and 60% complete with respect to conversion costs. The total cost in the beginning inventory was $36,000. During the month, 40,000 units were transferred out. The equivalent unit cost was computed to be $2.50 for materials and $3.00 for conversion costs under the weighted-average method. Given this information, the total cost of the units completed and transferred out was: 53) In July,
one of the processing departments at Okamura Corporation had beginning work in process inventory of $13,000 and ending work in process inventory of $18,000. During the month, the cost of units transferred out from the department was $148,000. In the department's cost reconciliation report for July, the total cost to be accounted for under the weighted-average method would be: 54) In April, one of the
processing departments at Terada Corporation had beginning work in process inventory of $21,000 and ending work in process inventory of $27,000. During the month, $244,000 of costs were added to production and the cost of units transferred out from the department was $238,000. In the department's cost reconciliation report for April, the total cost to be accounted for under the weighted-average method would be:
55) Kota Toy Corporation manufactures lizard dolls in two departments, Molding and Assembly. In the Molding Department, plastic is injected into a lizard-shaped mold. The dolls that come out of the molds are then transferred to the Assembly Department where hair is applied. Kota uses a weighted-average process cost system to collect costs in both departments. On January 1, the Molding Department had 4,000 dolls in process. These dolls were 100% complete with respect to direct materials and 70% complete with respect to conversion cost. During January, Molding completed 79,000 dolls. On January 31, Molding had 7,000 dolls in work in process. These dolls were 100% complete with respect to direct materials and 25% complete with respect to conversion cost. How many dolls were started in the Molding Department during January? 57) Kota Toy Corporation manufactures lizard dolls in two departments, Molding and Assembly. In the Molding Department, plastic is injected into a lizard-shaped mold. The dolls that come out of the molds are then transferred to the Assembly Department where hair is applied. Kota uses a weighted-average process cost system to collect costs in both departments. On January 1, the Molding Department had 4,000 dolls in process. These dolls were 100% complete with respect to direct materials and 70% complete with respect to conversion cost. During January, Molding completed 79,000 dolls. On January 31, Molding had 7,000 dolls in work in process. These dolls were 100% complete with respect to direct materials and 25% complete with respect to conversion cost. What are the Molding Department's equivalent units related to materials for January? 58) Kota Toy Corporation manufactures lizard dolls in two departments, Molding and Assembly. In the Molding Department, plastic is injected into a lizard-shaped mold. The dolls that come out of the molds are then transferred to the Assembly Department where hair is applied. Kota uses a weighted-average process cost system to collect costs in both departments. On January 1, the Molding Department had 4,000 dolls in process. These dolls were 100% complete with respect to direct materials and 70% complete with respect to conversion cost. During January, Molding completed 79,000 dolls. On January 31, Molding had 7,000 dolls in work in process. These dolls were 100% complete with respect to direct materials and 25% complete with respect to conversion cost. What are the Molding Department's equivalent units related to conversion costs for January? 64) Inacio Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: What are the equivalent units for conversion costs for the month in the first processing department? 67) Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 400 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent A total of 6,800 units were started and 6,100 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:
Cost The ending inventory was 85% complete with respect to materials and 75% complete with respect to conversion costs. What are the equivalent units for conversion costs for the month in the first processing department? 71) Lucas Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: What are the equivalent units for materials for the month in the first processing department? 73) Lucas Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: (Do not round intermediate calculations.) answer: C Explanation: Weighted-average method Materials Conversion Materials Conversion Materials Conversion Total Difficulty: 2 Medium 74) Sumter Corporation uses the weighted-average method in its process costing system. The following data pertain to operations in the first processing department for a recent month: Work in process, beginning: How many units were started into production during the month? 76) Sumter Corporation uses the weighted-average method in its process costing system. The following data pertain to operations in the first processing department for a recent month: Work in process, beginning: How much cost, in total, was assigned to the units transferred out to the next department during the month? (Round your intermediate calculations to 2 decimal places.) answer: A Explanation: Materials Conversion Weighted-average method cost per equivalent unit Materials Conversion Weighted-average method: Materials Conversion Total Difficulty: 2 Medium 78) 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: Cost Percent 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 The ending inventory was 85% complete with respect to materials and 70% complete with respect to conversion costs. What are the equivalent units for conversion costs for the month in the first processing department? 80) 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: Cost Percent 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 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: (Round your intermediate calculations to 3 decimal places.) answer: B Materials Conversion Materials Conversion Materials Conversion Total Difficulty: 2 Medium 81) Fuller Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 700 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent A total of 9,800 units were started and 8,800 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 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: (Round your intermediate calculations to 3 decimal places.) answer: C Units in beginning work in process inventory + Units started into production or transferred in = Units in ending work in process inventory + Units completed and transferred out 700 + 9,800 = Units in ending work in process inventory + 8,800 Units in ending work in process inventory = 700 + 9,800 - 8,800 = 1,700 Materials Conversion Materials Conversion Materials Conversion Total Difficulty: 2 Medium 82) Fuller Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 700 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent A total of 9,800 units were started and 8,800 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 The ending inventory was 85% complete with respect to materials and 70% complete with respect to conversion costs. The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: (Round your
intermediate calculations to 3 decimal places.) answer: A Materials Conversion Materials Conversion Materials Conversion Total Difficulty:
2 Medium 83) 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 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 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. How many units are in ending work in process inventory in the first processing department at the end of the month? 84) 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 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 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. What are the equivalent units for materials for the month in the first processing department? 85) 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 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 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. What are the equivalent units for conversion costs for the month in the first processing department? 88) 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 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 The ending inventory was 50% complete with respect to materials and 35% 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: (Do not round intermediate calculations.) answer: A Materials Conversion Materials Conversion Materials Conversion Total Difficulty: 2 Medium 89) 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 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 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. The cost of ending work in process inventory in the first processing department
according to the company's cost system is closest to: (Do not round intermediate calculations.) answer: B Materials Conversion Materials
Conversion Materials Conversion Total Difficulty: 2 Medium 90) Bistrol 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 A total of 8,400 units were started and 7,500 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 The ending inventory was 70% complete with respect to materials and 60% complete with respect to conversion costs. How many units are in ending work in process inventory in the first processing department at the end of the month? 91) Bistrol 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 A total of 8,400 units were started and 7,500 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 The ending inventory was 70% complete with respect to materials and 60% complete with respect to conversion costs. What are the equivalent units for conversion costs for the month in the first processing department? 94) Bistrol 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 A total of 8,400 units were started and 7,500 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 The ending inventory was 70% complete with respect to materials and 60% 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: (Round your intermediate calculations to 3 decimal places.) answer: B Materials Conversion Materials Conversion Materials Conversion Total Difficulty: 2 Medium 95) Bistrol 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 A total of 8,400 units were started and 7,500 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 The ending inventory was 70% complete with respect to materials and 60% complete with respect to conversion costs. The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: (Round your intermediate calculations to 3 decimal
places.) answer: A Materials Conversion Materials Conversion Materials Conversion Total Difficulty: 2 Medium 96) Annenbaum Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 400 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent A total of 6,500 units were started and 5,900 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 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. What are the equivalent units for conversion costs for the month in the first processing department? answer: C Explanation: Weighted-average method Units in beginning work in process inventory + Units started into production or transferred in = Units in ending work in process inventory + Units completed and transferred out 400 + 6,500 = Units in ending work in process inventory + 5,900 Units in ending work in process inventory = 400 + 6,500 - 5,900 = 1,000 Materials Materials Difficulty: 2 Medium answer: D Explanation: Weighted-average method Units in beginning work in process inventory + Units started into production or transferred in = Units in ending work in process inventory + Units completed and transferred out 400 + 6,500 = Units in ending work in process inventory + 5,900 Units in ending work in process inventory = 400 + 6,500 - 5,900 = 1,000 Conversion Conversion Difficulty: 2 Medium 99) Annenbaum Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 400 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent A total of 6,500 units were started and 5,900 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 The ending inventory was 50% complete with respect to materials and 35% 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: (Round your intermediate calculations to 3 decimal places.) answer: C Materials Conversion Materials Conversion Materials Conversion Total Difficulty: 2 Medium 100) Annenbaum Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 400 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent A total of 6,500 units were started and 5,900 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 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: (Round your intermediate calculations to 3 decimal places.) answer: B Materials Conversion Materials Conversion
Materials Conversion Total Difficulty: 2 Medium 101) Haffner Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: What are the equivalent units for materials for the month in the first
processing department? 102) Haffner Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: What are the
equivalent units for conversion costs for the month in the first processing department? 105) Haffner Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: The total cost transferred from the first processing department to the next processing department during the month is closest to: (Do not round intermediate calculations.) answer: C Materials Conversion Materials Conversion Materials Conversion Total Difficulty: 2 Medium 106) Haffner Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:
(Do not round intermediate calculations.) answer: B Materials Conversion Materials Conversion Materials Conversion Total Difficulty: 2
Medium 107) Esty 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 A total of 7,700 units were started and 6,600 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 $ 85,300 The ending inventory was 70% complete with respect to materials and 10% complete with respect to conversion costs. What are the equivalent units for conversion costs for the month in the first processing department? 109) Esty 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 A total of 7,700 units were started and 6,600 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 $ 85,300 The ending inventory was 70% complete with respect to materials and 10% 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: (Round your intermediate calculations to 3 decimal places.) answer: B Materials Conversion Materials Conversion Materials Conversion Total Difficulty: 2 Medium 110) Kurtulus Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: The total cost transferred from the first processing department to the next processing department during the month is closest to: (Round your intermediate calculations to
3 decimal places.) answer: C Materials Conversion Materials Conversion Materials Conversion Total Difficulty: 2
Medium 111) Kurtulus Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: The cost of ending work in process inventory in the first
processing department according to the company's cost system is closest to: (Do not round intermediate calculations.) answer: D Materials Conversion Materials Conversion Materials Conversion Total Difficulty: 2 Medium 112) Bettie Corporation uses a weighted-average process costing system to collect costs related to production. The following selected information relates to production for October: Materials Conversion Materials Conversion All materials at Bettie are added at the beginning of the production process. What total amount of cost should be assigned to the units completed and transferred out during October? (Round your intermediate calculations to 2 decimal places.) answer: C Explanation: Weighted-average method cost per equivalent unit Materials Conversion Weighted-average method: Difficulty: 2 Medium 113) Bettie Corporation uses a weighted-average process costing system to collect costs related to production. The following selected information relates to production for October: Materials Conversion Materials Conversion All materials at Bettie are added at the beginning of the production process. What total amount of cost should be assigned to the units in work in process on October 31? (Round your intermediate calculations to 2 decimal places.) answer: B Materials Conversion Weighted-average method: 114) In June, one of the processing departments at Furbush Corporation had ending work in process inventory of $12,000. During the month, $404,000 of costs were added to production and the cost of units transferred out from the department was $426,000. In the department's cost reconciliation report for January, the cost of beginning work in process inventory
for the department would be: 115) In June, one of the processing departments at Furbush Corporation had ending work in process inventory of $12,000. During the month, $404,000 of costs were added to production and the cost of units transferred out from the department was $426,000. In the department's cost reconciliation report for June, the total cost accounted for would be: 116) In August, one of the processing departments at Tsuzuki Corporation had beginning work in process inventory of $24,000 and ending work in process inventory of $13,000. During the month, $283,000 of costs were added to production. In the department's cost reconciliation report for August, the cost of units transferred out of the department would be: 117) In August, one of the processing departments at Tsuzuki Corporation had beginning work in process inventory of $24,000 and ending work in process inventory of $13,000. During the month, $283,000 of costs were added to production. In the department's cost reconciliation report for August, the total cost to be accounted for would be: 118) During August, the following transactions were recorded at Goyer Corporation. The company uses process costing. (1) Raw materials that cost $24,500 are withdrawn from the storeroom for use in the Assembly Department. All of these raw materials are classified as direct materials. (2) Direct labor costs of $29,000 are incurred, but not yet paid, in the Assembly Department. (3) Manufacturing overhead of $58,900 is applied in the Assembly Department using the department's predetermined overhead rate. (4) Units with a carrying cost of $101,200 finish processing in the Assembly Department and are transferred to the Painting Department for further processing. (5) Units with a carrying cost of $106,100 finish processing in the Painting Department, the final step in the production process, and are transferred to the finished goods warehouse. (6) Finished goods with a carrying cost of $95,100 are sold. Required: Prepare journal entries for each of the transactions listed above. answer: (1) Work in Process-Assembly Department $ 24,500 Difficulty: 1 Easy 119) Bayas Corporation uses process costing. A number of transactions that occurred in June are listed below. (1) Raw materials that cost $39,800 are withdrawn from the storeroom for use in the Mixing Department. All of these raw materials are classified as direct materials. (2) Direct labor costs of $16,100 are incurred, but not yet paid, in the Mixing Department. (3) Manufacturing overhead of $45,700 is applied in the Mixing Department using the department's predetermined overhead rate. (4) Units with a carrying cost of $87,600 finish processing in the Mixing Department and are transferred to the Drying Department for further processing. (5) Units with a carrying cost of $111,300 finish processing in the Drying Department, the final step in the production process, and are transferred to the finished goods warehouse. (6) Finished goods with a carrying cost of $98,200 are sold. Required: Prepare journal entries for each of the transactions listed above. answer: (1) Work in Process-Mixing Department
$ 39,800 Difficulty: 1 Easy answer: Weighted-average method a. b. c. d. Difficulty: 2 Medium answer: Weighted-average method equivalent units of production b. Weighted-average method cost per equivalent unit Weighted-average method: c. Weighted-average method: Difficulty: 3 Hard answer: b. Weighted-average method equivalent units of production c. Weighted-average method cost per equivalent unit d. Weighted-average method: e. Weighted-average method: Difficulty: 2 Medium answer: a. b. c. d. Difficulty: 2 Medium answer: Materials Conversion Total Materials Conversion
Total Difficulty: 2 Medium answer: $30,000 + $345,000 = Cost of ending working in process inventory + $346,000 Cost of ending working in process inventory = $30,000 + $345,000 − $346,000 Costs to be accounted for: Difficulty: 2 Medium answer: Cost of beginning work in process inventory + Costs added to production = Cost of ending working in process inventory + Cost of units transferred out $34,000 + Costs added to production = $30,000 + $374,000 Costs added to production = $30,000 + $374,000 − $34,000 = $370,000 Costs to be accounted for: Difficulty: 2 Medium |
Jersey Corporation has a process costing system in which it uses the weighted-average method
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