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Exam 4: Process Costing

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Question 41

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Paxton Corporation uses the weighted-average method in its process costing system.The Molding Department is the second department in its production process.The data below summarize the department's operations in January. The accounting records indicate that the conversion cost that had been assigned to beginning work in process inventory was $10,973 and a total of $268,107 in conversion costs were incurred in the department during January. The cost per equivalent unit for conversion costs for January in the Molding Department is closest to:

A) $5.348
B) $4.038
C) $5.080
D) $4.704

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Question 42

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Hache 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: 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 of ending work in process inventory in the first processing department according to the company's cost system is closest to:

A) $26,693
B) $69,888
C) $34,944
D) $20,966

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Question 43

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Yoder 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: How much cost,in total,was assigned to the ending work in process inventory?

The following information relates to the Assembly Department of Jataca Corporation for the month of November.Jataca uses a weighted-average process costing system.All materials at Jataca are added at the beginning of the production process. On November 1,the work in process inventory account contained $6,400 of material cost and $4,400 of conversion cost.Cost per equivalent unit for November was $1.50 for materials and $2.80 for conversion costs. What total amount of cost should be assigned to the units in work in process on November 30?

The following data have been provided by Allton Corporation,which uses the weighted-average method in its process costing.The data are for the company's Shaping Department for October. Required: Compute the equivalent units of production for both materials and conversion costs for the Shaping Department for October using the weighted-average method.

Arizaga Corporation manufactures canoes in two departments,Fabrication and Waterproofing.In the Fabrication Department,fiberglass panels are attached to a canoe-shaped aluminum frame.The canoes are then transferred to the Waterproofing department to be coated with sealant.Arizaga uses a weighted-average process cost system to collect costs in both departments. All materials in the Fabrication Department are added at the beginning of the production process.On July 1,the Fabrication Department had 320 canoes in process that were 20% complete with respect to conversion cost.On July 31,Fabrication had 540 canoes in process that were 30% complete with respect to conversion cost.During July,the Fabrication Department completed 6,700 canoes and transferred them to the Waterproofing Department. What journal entry should Arizaga make to record the completion of the production process by the Waterproofing Department?

In September,one of the processing departments at Farquer Corporation had beginning work in process inventory of $34,000.During the month,$342,000 of costs were added to production and the cost of units transferred out from the department was $357,000. Required: Construct a cost reconciliation report for the department for the month of September.

Jimmy Corporation uses the weighted-average method in its process costing system.The ending work in process inventory consists of 9,000 units.The ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead.If the cost per equivalent unit for the period is $3.75 for material and $1.25 for labor and overhead,what is the balance of the ending work in process inventory account?

Jawson Corporation uses the weighted-average method in its process costing system.Operating data for the Painting Department for the month of April appear below: What were the equivalent units for conversion costs in the Painting Department for April?

Which of the following companies would be most likely to use a process costing system?

Health 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 at Health 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 Health's two departments for the month of January: How many cases of cola were completed and transferred to Finished Goods Inventory during January?

Hache 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: 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 materials for the month in the first processing department is closest to:

Walborn Corporation uses the weighted-average method in its process costing system.The beginning work in process inventory in a particular department consisted of 11,000 units,100% complete with respect to materials cost and 30% complete with respect to conversion costs.The total cost in the beginning work in process inventory was $22,400.A total of 45,000 units were transferred out of the department during the month.The costs per equivalent unit were computed to be $1.20 for materials and $3.40 for conversion costs.The total cost of the units completed and transferred out of the department was:

In September,one of the processing departments at Wielgus Corporation had beginning work in process inventory of $27,000 and ending work in process inventory of $10,000.During the month,$296,000 of costs were added to production. In the department's cost reconciliation report for September,the cost of units transferred out of the department would be:

In December,one of the processing departments at Rumsey Corporation had ending work in process inventory of $21,000.During the month,$110,000 of costs were added to production and the cost of units transferred out from the department was $99,000. In the department's cost reconciliation report for January,the cost of beginning work in process inventory for the department would be:

Yoder 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: How many units were completed and transferred to the next department during the month?

The following information relates to the Blending Department of Kedakai Products Corporation for the month of May.Kedakai uses a weighted-average process costing system. What are the Blending Department's equivalent units related to materials for May?

Narver Corporation uses the weighted-average method in its process costing system.Operating data for the Lubricating Department for the month of October appear below: What were the equivalent units for conversion costs in the Lubricating Department for October?

Process costing is used in those situations where many different products or services are produced each period to customer specifications.

Which of the following companies would be most likely to use a process costing system?