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Exam 17: Process Cost Systems

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Question 81

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In the manufacture of 8,000 units of a product,direct materials cost incurred was $154,600,direct labor cost incurred was $84,000,and applied factory overhead was $45,500.What is the total conversion cost?

A) $129,500
B) $154,600
C) $284,100
D) $238,600

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

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Question 82

Multiple Choice

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Assuming that all direct materials are placed in process at the beginning of production,what is the total cost of the departmental work in process inventory at the end of the period?

A) $90,000
B) $283,140
C) $199,500
D) $16,438

E) A) and B)
F) B) and C)

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Question 83

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The three categories of manufacturing costs comprising the total cost of work in process are direct labor,direct materials,and

A process cost system be appropriate for a

The FIFO method separates work done on beginning inventory in the previous period from work done on it in the current period.

The number of equivalent units of production for conversion costs for the period was

If a company uses a process costing system to account for the costs in its five production departments,how many work in process accounts will it use?

In a process costing system,indirect materials are charged to Work in Process.

The cost per equivalent units of direct materials and conversion in the Bottling Department of Mountain Springs Water Company is $0.45 and $0.12,respectively.The equivalent units to be assigned costs are as follows. ​ The beginning work in process inventory had a cost of $2,200.Determine the cost of completed and transferred out production,and the ending work in process inventory.

Describe the flow of materials in a process cost accounting system.

Conversion costs are generally added evenly throughout the process.

Equivalent units should be computed separately for direct materials and conversion costs.

Department R had 5,000 units in work in process that were 75% completed as to labor and overhead at the beginning of the period; 30,000 units of direct materials were added during the period; 32,000 units were completed during the period; and 3,000 units were 40% completed as to labor and overhead at the end of the period.All materials are added at the beginning of the process.The first-in,first-out method is used to cost inventories.The number of equivalent units of production for conversion costs for the period was

The direct materials costs and direct labor costs incurred by a production department are referred to as conversion costs.

Kramer Company started its production operations on August 1.During August,the Printing Department completed 17,600 units.There were 4,400 units in ending inventory which were 80% complete with respect to materials and 10% complete with respect to conversion costs.During August,the department accumulated materials costs of $45,408 and conversion costs of $76,670. ​ Required: (a)Calculate the cost of the goods transferred out. (b)What is the value of the ending inventory? ​

The inventory at June 1 and costs charged to Work in Process-Department 60 during June are as follows: ​​ During June,32,000 units were placed into production and 31,200 units were completed,including those in inventory on June 1.On June 30,the inventory of work in process consisted of 4,600 units which were 85% completed.Inventories are costed by the first-in,first-out method and all materials are added at the beginning of the process. Determine the following: (Round unit cost data to four decimal places,i.e.,$4.4444,to minimize rounding differences).

Fast-Flow Paints produces mixer base paint through a two-stage process,Mixing and Packaging.The following events depict the movement of value into and out of production.Journalize each event if appropriate; if not,provide a short narrative reason as to why you choose not to journalize the action.Nelson,the production manager,accepts an order to continue processing the current run of mixer base paint. ​

The total conversion costs for the period were

If 30,000 units of materials enter production during the first year of operations,25,000 of the units are finished,and 5,000 are 50% completed,the number of equivalent units of production would be 28,500.

The Blue Lake Water Company has two departments,Purifying and Bottling.The Bottling Department received 76,000 liters from the Purifying Department.During the period,the Bottling Department completed 74,000 liters,including 3,000 liters of work in process at the beginning of the period.The ending work in process was 5,000 liters.How many liters were started and completed during the period?