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Exam 6: Process Costing

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Question 81

Multiple Choice

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Which of the following is the cost of partially completed goods from a prior period?

A) a work-in-process transfer cost
B) beginning work-in-process cost
C) a transferred-in cost
D) an added-in cost

E) A) and D)
F) All of the above

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Question 82

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The unit information section of the production report has two major subdivisions: (1)units to account for; and (2)units accounted for.

A) True
B) False

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Question 83

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Transferred-in costs are a type of raw material cost.

Which of the following is included in the cost of a department's transferred-in goods?

The Stewart Company had computed the flow of units for Department 123 for the month of July as follows: $\begin{array}{ll}\text { Work in process, July 1: } & 10,000 \\\text { Started into production during July } & 39,000 \\\text { Units to be accounted for } & 49,000\end{array}$ Materials are added at the beginning of the process.There were 8,000 units of work in process at July 31.The work in process at July 1 was 70% complete as to direct labour and factory overhead costs,and the work in process at July 31 was 60% complete as to direct labour and factory overhead costs.What was the cost of the goods transferred out and in ending work in process using the FIFO method?

There are two approaches for dealing with the prior-period output and prior-period costs found in beginning work in process: the weighted average method and the first-in,first-out (FIFO)method.

Beginning inventory for the month contained 3,000 units that were 60% complete with respect to materials.During the month,50,000 units were completed and transferred out.Ending inventory contained 5,000 units that were 30% complete with respect to materials.What would be the weighted average equivalent units of production for materials for the month?

Which step is cost reconciliation in the general pattern of a process-costing production report?

The solution for different percentage completion figures for manufacturing inputs is to calculate equivalent units for one category of manufacturing input.

Which two methods are used to determine equivalent units of production in process costing?

Which of the following best describes parallel processing?

Door Specialists make a product that passes through two processes. During March, the first department transferred 50,000 units to the second department. The cost of the units transferred was $75,000. Materials are added uniformly in the second process. The following information was provided about the second department's operations during March: $\begin{array}{ll}\text { Units, beginning work in process } & 10,000 \\\text { Units, ending work in process } & 13,000\end{array}$ -Refer to the Figure.How many units were completed in Door Specialists second department during March?

Choose the most likely used costing system for the industries listed below. -Costing system used by a manufacturer of custom kayaks

Suppose a one-to-one relationship exists between the output measures.What would the units started in a subsequent department be equal to?

Which of the following are included in conversion costs?

Select the appropriate definition for each of the items listed below. -Complete units that could have been produced given the total amount of manufacturing effort expended for the period under consideration

Match the five steps involved in creating the department production report with the steps below in the proper order. -Calculation of equivalent units