Deck 20: Fifo Method

Question 1

From the standpoint of cost control,the FIFO method of process costing is superior to the weighted-average method.

Answer 1

True

Question 2

The cost per equivalent unit for conversion costs will always be the same under both the FIFO and the weighted-average methods if there is no beginning work in process inventory.

Answer 2

True

Question 3

Under the FIFO method,in addition to the cost of units started and completed during the period,the cost of the units transferred out of the department includes:

Answer 3

A

Question 4

Gaba Corporation uses the FIFO method in its process costing system.The Grinding Department started the month with 17,000 units in its beginning work in process inventory that were 60% complete with respect to conversion costs.An additional 60,000 units were transferred in from the prior department during the month to begin processing in the Grinding Department.During the month 70,000 units were completed in the Grinding Department and transferred to the next processing department.There were 7,000 units in the ending work in process inventory of the Grinding Department that were 10% complete with respect to conversion costs. What were the equivalent units of production for conversion costs in the Grinding Department for the month?

A) 70,700
B) 60,500
C) 50,000
D) 70,000

Question 5

In the cost reconciliation report under the FIFO method,the costs accounted for equals the cost of units transferred out plus the costs added during the period.

Question 6

All production costs have been steadily rising in the Donner Company for several periods.The company maintains large work in process inventories.Donner Company's cost per equivalent unit computed using the FIFO method would be:

A) the same as that computed under the weighted-average method.
B) higher than that computed under the weighted-average method.
C) lower than that computed under the weighted-average method.
D) could be lower than, the same as, or higher than that computed under the weighted-average method.

Question 7

The equivalent units in the ending work in process inventory will be different under the FIFO and the weighted-average methods of process costing.

Question 8

Onyemah Corporation uses the FIFO method in its process costing system.Operating data for the Brazing Department for the month of November appear below:
What were the equivalent units of production for conversion costs in the Brazing Department for November?

A) 42,040
B) 39,120
C) 35,600
D) 39,400

Question 9

In the cost reconciliation report under the FIFO method,the costs to be accounted for equals the cost of ending work in process inventory plus the costs added during the period.

Question 10

Salmont Corporation uses the FIFO method in its process costing system.The company reported 30,800 equivalent units of production for materials last month.The company's beginning work in process inventory consisted of 8,000 units,75% complete with respect to materials.The ending work in process inventory consisted of 6,000 units,80% complete with respect to materials.The number of units started during the month was:

A) 32,000 units
B) 24,000 units
C) 6,800 units
D) 30,000 units

Question 11

Any difference in the equivalent units calculated under the weighted-average and the FIFO methods is due to the units in the ending work in process inventory.

Question 12

Intask Corporation uses the FIFO method in its process costing system.Beginning inventory in the mixing department consisted of 6,000 units that were 75% complete with respect to conversion costs.Ending work in process inventory consisted of 5,000 units that were 60% complete with respect to conversion costs.If 12,000 units were transferred to the next processing department during the period,the equivalent units of production for conversion cost would be:

A) 12,500 units
B) 10,500 units
C) 13,500 units
D) 13,000 units

Question 13

When comparing the two process costing methods for the same company,equivalent units computed under the FIFO method will always be less than or equal to equivalent units computed under the weighted-average method.

Question 14

The equivalent units of production for a department using the FIFO process costing method is equal to the number of units completed plus the equivalent units in the ending inventory.

Question 15

Equivalent units of production for a process costing system using the FIFO method are equal to:

A) Units completed during the period + Equivalent units in the ending work in process inventory.
B) Units transferred out + Equivalent units in ending work in process inventory + Equivalent units in beginning work in process inventory.
C) Units started and completed during the period + Equivalent units in the ending work in process inventory.
D) Units completed during the period and transferred out.

Question 16

Under the FIFO method of product costing,equivalent units of production consider units in the beginning inventory as if they were started and completed during the current period.

Question 17

Under the FIFO method,the cost per equivalent unit equals:

A) Cost of beginning work in process inventory ÷ Equivalent units of production.
B) (Cost of beginning work in process inventory + Cost added during the period) ÷ Equivalent units of production.
C) Cost added during the period ÷ Equivalent units of production.
D) (Cost added during the period − Cost of beginning work in process inventory) ÷ Equivalent units of production.

Question 18

The cost per equivalent unit under the FIFO method of process costing is equal to the cost added during the period divided by the equivalent units of production for the period.

Question 19

In the cost reconciliation report under the FIFO method,the costs accounted for equals the cost of beginning work in process inventory plus the costs added during the period.

Question 20

The weighted-average method of process costing differs from the FIFO method of process costing in that the weighted-average method:

A) does not consider the degree of completion of beginning work in process inventory when computing equivalent units of production.
B) considers ending work in process inventory to be fully complete.
C) will always yield a higher cost per equivalent unit.
D) All of the above.

Question 21

Roger Corporation uses the FIFO method in its process costing system.The following data are taken from the accounting records of a particular department for June:
The cost of the 75,000 units transferred out of the department during June is closest to:

A) $302,500
B) $263,000
C) $335,500
D) $337,500

Question 22

Krumbly Corporation uses the FIFO method in its process costing system.At the beginning of the month,Department D's work in process inventory contained 2,000 units.These units were 100% complete with respect to materials and 40% complete with respect to conversion costs,with a total cost at that point of $13,600.During the month,conversion costs amounted to $8 per equivalent unit.If all 2,000 units are fully complete by the end of the month and transferred out of the department,the total cost of the 2,000 units transferred out will be closest to:

A) $9,600
B) $19,600
C) $23,200
D) $16,000

Question 23

Maccari Corporation uses the FIFO method in its process costing system.Operating data for the Casting Department for the month of September appear below:
According to the company's records,the conversion cost in beginning work in process inventory was $61,824 at the beginning of September.Additional conversion costs of $206,412 were incurred in the department during the month.
The cost per equivalent unit for conversion costs for September is closest to:
(Round off to three decimal places.)

A) $3.340
B) $3.220
C) $3.156
D) $3.384

Question 24

Carver Corporation uses the FIFO method in its process costing system.The Assembly Department started the month with 2,000 units in its beginning work in process inventory that were 60% complete with respect to conversion costs.An additional 66,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department.There were 9,000 units in the ending work in process inventory of the Assembly Department that were 50% complete with respect to conversion costs. What were the equivalent units of production for conversion costs in the Assembly Department for the month?

A) 59,000
B) 62,300
C) 63,500
D) 73,000

Question 25

In May,one of the processing departments at Messerli Corporation had beginning work in process inventory of $14,000 and ending work in process inventory of $35,000.During the month,$148,000 of costs were added to production and the cost of units transferred out from the department was $127,000.The company uses the FIFO method in its process costing system.In the department's cost reconciliation report for May,the total cost to be accounted for would be:

A) $162,000
B) $324,000
C) $49,000
D) $310,000

Question 26

Marlow Corporation uses the FIFO method in its process costing system.Department A's beginning work in process inventory consisted of 12,000 units,100% complete with respect to materials and 60% complete with respect to conversion costs.The total cost of this inventory was $76,400.A total of 25,000 units were transferred out during the month.The costs per equivalent unit were computed to be $3.40 for materials and $4.70 for conversion costs.The cost of the units completed and transferred out was closest to:

A) $195,540
B) $146,100
C) $202,500
D) $204,260

Question 27

Laurant Corporation uses the FIFO method in its process costing system.Department A is the first stage of the company's production process.The following information is available for conversion costs for the month of May for Department A:
The equivalent units of production for conversion costs for the month is closest to:

A) 34,000 units
B) 34,400 units
C) 35,000 units
D) 37,400 units

Question 28

Tabet Corporation uses the FIFO method in its process costing system.Operating data for the Curing Department for the month of March appear below:
According to the company's records,the conversion cost in beginning work in process inventory was $20,349 at the beginning of March.The cost per equivalent unit for conversion costs for March was $5.00.
How much conversion cost would be assigned to the units completed and transferred out of the department during March?

A) $273,550
B) $293,899
C) $285,000
D) $293,500

Question 29

Billings Corporation uses the FIFO method in its process costing system.On July 1,Department A had 10,000 units in process that were 80% complete with respect to conversion.On July 31 the department had 8,000 units in process that were 60% complete with respect to conversion.The department transferred 40,000 units out during the month,of which 10,000 units came from the beginning work in process inventory,and 30,000 units were started and completed during the month.All materials are added at the beginning of the process in Department A.What are the equivalent units of production for the month for materials and conversion,respectively?

A) 38,000 units and 36,800 units
B) 38,000 units and 38,000 units
C) 48,000 units and 44,800 units
D) 48,000 units and 48,000 units

Question 30

Ricardo Corporation uses the FIFO method in its process costing system.During June,36,000 units were completed in Department M.Of this total,6,000 were in the beginning work in process and the remainder were started and completed during the month.The work in process at June 1 was 40% complete with respect to conversion costs.Materials are added at the beginning of the process.A total of 8,000 units were in work in process at June 30; these units were 80% complete with respect to conversion costs.The equivalent units of production for conversion costs for June is closest to:

A) 33,600 units
B) 40,000 units
C) 36,400 units
D) 32,800 units

Question 31

Que Corporation uses the FIFO method in its process costing system.Operating data for the Cutting Department for the month of March appear below:
According to the company's records,the conversion cost in beginning work in process inventory was $3,705 at the beginning of March.Additional conversion costs of $210,213 were incurred in the department during the month.
The cost per equivalent unit for conversion costs for March is closest to:

A) $3.686
B) $1.677
C) $1.756
D) $1.840

Question 32

Ibarra Corporation uses the FIFO method in its process costing system.The first processing department,the Forming Department,started the month with 16,000 units in its beginning work in process inventory that were 20% complete with respect to conversion costs.The conversion cost in this beginning work in process inventory was $19,250.An additional 97,000 units were started into production during the month and 100,000 units were completed and transferred to the next processing department.There were 13,000 units in the ending work in process inventory of the Forming Department that were 30% complete with respect to conversion costs.A total of $593,123 in conversion costs were incurred in the department during the month. The cost per equivalent unit for conversion costs for the month is closest to:

A) $6.100
B) $5.890
C) $5.422
D) $6.115

Question 33

Eban Corporation uses the FIFO method in its process costing system.The first processing department,the Welding Department,started the month with 18,000 units in its beginning work in process inventory that were 50% complete with respect to conversion costs.The conversion cost in this beginning work in process inventory was $52,200.An additional 55,000 units were started into production during the month.There were 16,000 units in the ending work in process inventory of the Welding Department that were 20% complete with respect to conversion costs.A total of $284,160 in conversion costs were incurred in the department during the month. The cost per equivalent unit for conversion costs is closest to:

A) $5.550
B) $4.608
C) $5.800
D) $5.167

Question 34

Merced Corporation has a process costing system and uses the FIFO method.For May,the company's beginning work in process inventory was 75% complete with respect to conversion,and the ending work in process inventory was 80% complete with respect to conversion.Information on units processed and conversion costs incurred during May follow:
The amount of conversion cost in the ending work in process inventory was:

A) $84,000
B) $80,000
C) $222,700
D) $68,000

Question 35

Crimp Corporation uses the FIFO method in its process costing system.Department A had 10,000 units in process at the beginning of January that were 40% complete with respect to conversion costs.All materials are added at the beginning of the process in Department A.The January 1 work in process inventory in Department A contained $20,000 in materials cost and $11,000 in conversion cost.During January,materials costs were $2.00 per equivalent unit and conversion costs were $2.50 per equivalent unit.All of the units in the beginning work in process inventory were completed and transferred out during the month.What was the total cost attached to these units when they were transferred to the next department?

A) $35,000
B) $31,000
C) $46,000
D) $26,000

Question 36

Overboard Corporation uses the FIFO method in its process costing system.In the Cutting Department in June,units were 80% complete with respect to conversion in the beginning work in process inventory and 25% complete with respect to conversion in the ending work in process inventory.Other data for the department for June follow:
The cost per equivalent unit for conversion cost is closest to:

A) $1.75
B) $1.51
C) $1.45
D) $1.98

Question 37

Steven Corporation uses the FIFO method in its process costing system.The following data were taken from the accounting records of a particular department for last month:
The cost of units transferred out of the department during the month is:

A) $270,000
B) $242,500
C) $254,500
D) $250,500

Question 38

Kalyan Corporation uses the FIFO method in its process costing system.Operating data for the Enameling Department for the month of May appear below:
What were the equivalent units of production for conversion costs in the Enameling Department for May?

A) 63,400
B) 52,600
C) 56,980
D) 57,220

Question 39

Marston Corporation uses the FIFO method in its process costing system.The equivalent units of production for March for conversion costs totaled 37,500 units.The beginning work in process inventory in March consisted of 15,000 units,60% complete with respect to conversion costs.The ending work in process inventory in March consisted of 10,000 units,75% complete with respect to conversion costs.The number of units started during the month was:

A) 41,500 units
B) 34,000 units
C) 25,000 units
D) 72,500 units

Question 40

Dorman Music Corporation manufactures guitars and uses a FIFO process costing system.The following information relates to September production:
The amount of conversion cost that should be assigned to the guitars in work in process on September 30 is closest to:

A) $48,600
B) $874,400
C) $842,400
D) $48,000

Question 41

(Appendix 4A) Qu Corporation uses the FIFO 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.
How many units were started AND completed during the month in the first processing department?

A) 8,400
B) 7,100
C) 6,200
D) 9,300

Question 42

(Appendix 4A) Details of the manufacturing activity in Amy Corporation's Assembly Department for the month of December is given below:
All materials are added at the beginning of processing in the Assembly Department.
The equivalent units for labor and overhead for the month,using the weighted-average method,is:

A) 162,000
B) 80,000
C) 81,000
D) 74,000

Question 43

(Appendix 4A) Activities in the Sargent Corporation's Assembly Department for the month of March follow:

Using the FIFO method,the equivalent units for conversion for March would be:

A) 62,950
B) 65,050
C) 66,000
D) 67,050

Question 44

(Appendix 4A) Activity in Saggers Corporation's Assembly Department for the month of March follows:

The equivalent units for conversion for March,using the FIFO method,are:

A) 63,100 units
B) 65,000 units
C) 62,500 units
D) 65,100 units

Question 45

(Appendix 4A) Details of the manufacturing activity in Amy Corporation's Assembly Department for the month of December is given below:
All materials are added at the beginning of processing in the Assembly Department.
The equivalent units for labor and overhead for the month,using the FIFO method,is:

A) 90,000
B) 70,000
C) 80,000
D) 74,000

Question 46

(Appendix 4A) Activity in Saggers Corporation's Assembly Department for the month of March follows:

The equivalent units for materials for March,using the FIFO method,are:

A) 64,800 units
B) 59,800 units
C) 66,000 units
D) 67,200 units

Question 47

In February,one of the processing departments at Wyke Corporation had ending work in process inventory of $15,000.During the month,$264,000 of costs were added to production and the cost of units transferred out from the department was $273,000.The company uses the FIFO method in its process costing system.In the department's cost reconciliation report for February,the total cost to be accounted for would be:

A) $288,000
B) $576,000
C) $39,000
D) $552,000

Question 48

(Appendix 4A) Malmedy Corporation uses the FIFO 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 in the beginning work in process inventory?

A) 600 units
B) 1,000 units
C) 800 units
D) 1,400 units

Question 49

(Appendix 4A) Details of the manufacturing activity in Amy Corporation's Assembly Department for the month of December is given below:
All materials are added at the beginning of processing in the Assembly Department.
The equivalent units for material for the month,using the FIFO method,is:

A) 80,000
B) 70,000
C) 74,000
D) 90,000

Question 50

(Appendix 4A) Malmedy Corporation uses the FIFO method in its process costing system. The following data pertain to operations in the first processing department for a recent month:

What was the cost per equivalent unit for materials during the month?

A) $3.95
B) $4.50
C) $2.00
D) $5.00

Question 51

(Appendix 4A) Activities in the Challenger Corporation's Assembly Department for the month of March follow:

Using the FIFO method,the equivalent units for conversion for March would be:

A) 66,250
B) 67,000
C) 64,250
D) 67,750

Question 52

(Appendix 4A) Activities in the Sargent Corporation's Assembly Department for the month of March follow:

Using the weighted-average method,the equivalent units for conversion for March would be:

A) 69,500
B) 68,000
C) 67,500
D) 71,000

Question 53

(Appendix 4A) Qu Corporation uses the FIFO 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 conversion costs for the first department for the month is closest to:

A) $29.89
B) $34.07
C) $31.07
D) $31.38

Question 54

(Appendix 4A) Activities in the Sargent Corporation's Assembly Department for the month of March follow:

Using the FIFO method,the equivalent units for materials for March would be:

A) 68,000
B) 65,350
C) 71,000
D) 67,000

Question 55

(Appendix 4A) Activity in Saggers Corporation's Assembly Department for the month of March follows:

The equivalent units for conversion for March,using the weighted-average method,are:

A) 69,600 units
B) 67,800 units
C) 71,000 units
D) 69,000 units

Question 56

(Appendix 4A) Owens Corporation uses a process costing system. For March, the beginning work in process inventory consisted of 60,000 units that were 60% complete with respect to processing. The ending work in process inventory for the month consisted of units that were 20% complete with respect to processing. A summary of unit and cost data for the month follows:

Assuming that Owens Corporation uses the weighted-average method,which of the following is closest to the cost per equivalent unit for processing cost for March?

A) $4.08
B) $3.87
C) $3.68
D) $3.50

Question 57

(Appendix 4A) Activity in Saggers Corporation's Assembly Department for the month of March follows:

The equivalent units for materials for March,using the weighted-average method,are:

A) 69,000 units
B) 65,000 units
C) 68,400 units
D) 67,000 units

Question 58

(Appendix 4A) Activities in the Challenger Corporation's Assembly Department for the month of March follow:

Using the weighted-average method,the equivalent units for materials for March would be:

A) 65,000
B) 67,000
C) 68,050
D) 70,000

Question 59

(Appendix 4A) Activities in the Sargent Corporation's Assembly Department for the month of March follow:

Using the weighted-average method,the equivalent units for materials for March would be:

A) 66,000
B) 68,000
C) 70,250
D) 71,000

Question 60

(Appendix 4A) Details of the manufacturing activity in Amy Corporation's Assembly Department for the month of December is given below:
All materials are added at the beginning of processing in the Assembly Department.
The equivalent units for materials for the month,using the weighted-average method,is:

A) 81,000
B) 90,000
C) 70,000
D) 80,000

Question 61

(Appendix 4A) Ozdemir Corporation uses the FIFO 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.
What are the equivalent units for conversion costs for the month in the first processing department?

A) 8,095
B) 7,100
C) 9,300
D) 750

Question 62

(Appendix 4A) Sumptuous Beer Corporation manufactures beer in two departments, Fermenting and Bottling. In the Fermenting Department, ingredients are placed in a large vat and fermented for three days. The beer is then transferred over to Bottling where it is further purified and bottled. Sumptuous uses a FIFO process cost system to collect costs in both departments.
On May 1, the Fermenting Department had 32,000 gallons (units) in process. These gallons were 100% complete with respect to materials (ingredients) and 80% complete with respect to conversion cost. During May, Fermenting started an additional 460,000 gallons into production. On May 31, Fermenting had 18,000 gallons in work in process. These gallons were 100% complete with respect to materials and 60% complete with respect to conversion cost.
What are the Fermenting Department's equivalent units (gallons)of production related to conversion costs for May?

A) 459,200
B) 474,800
C) 477,200
D) 478,400

Question 63

(Appendix 4A) The following information relates to the Cutting Department of Kittina Corporation for the month of February. Kittina uses a FIFO process costing system. All materials at Kittina are added at the beginning of the production process.
On February 1, the work in process inventory account contained $55,620 of material cost and $123,120 of conversion cost. Cost per equivalent unit for February was $3.10 for materials and $7.50 for conversion costs.
What total amount of cost should be assigned to the units completed and transferred out during February?

A) $1,743,300
B) $1,812,600
C) $1,814,040
D) $1,922,040

Question 64

(Appendix 4A) The information below was obtained from the records of one of the departments of Cushing Corporation for the month of August. The company uses the FIFO method in its process costing system.
All materials are added at the beginning of the process.
The equivalent units for labor and overhead for the month of August are:

A) 85,000 units
B) 95,000 units
C) 87,500 units
D) 82,500 units

Question 65

(Appendix 4A) Ozdemir Corporation uses the FIFO 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.
What are the equivalent units for materials for the month in the first processing department?

A) 975
B) 8,250
C) 9,300
D) 7,100

Question 66

(Appendix 4A) Ozdemir Corporation uses the FIFO 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 conversion costs for the first department for the month is closest to:

A) $48.79
B) $45.20
C) $44.68
D) $43.05

Question 67

(Appendix 4A) Ozdemir Corporation uses the FIFO 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) $51,115
B) $46,770
C) $93,540
D) $60,801

Question 68

(Appendix 4A) Sumptuous Beer Corporation manufactures beer in two departments, Fermenting and Bottling. In the Fermenting Department, ingredients are placed in a large vat and fermented for three days. The beer is then transferred over to Bottling where it is further purified and bottled. Sumptuous uses a FIFO process cost system to collect costs in both departments.
On May 1, the Fermenting Department had 32,000 gallons (units) in process. These gallons were 100% complete with respect to materials (ingredients) and 80% complete with respect to conversion cost. During May, Fermenting started an additional 460,000 gallons into production. On May 31, Fermenting had 18,000 gallons in work in process. These gallons were 100% complete with respect to materials and 60% complete with respect to conversion cost.
What are the Fermenting Department's equivalent units (gallons)of production related to materials for May?

A) 442,000
B) 460,000
C) 474,000
D) 492,000

Question 69

(Appendix 4A) Puri Corporation uses the FIFO 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 total cost transferred from the first processing department to the next processing department during the month is closest to:

A) $159,900
B) $151,800
C) $174,549
D) $144,539

Question 70

(Appendix 4A) Puri Corporation uses the FIFO 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 conversion costs for the first department for the month is closest to:

A) $15.20
B) $18.33
C) $15.96
D) $16.14

Question 71

(Appendix 4A) Ozdemir Corporation uses the FIFO 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:

A) $16.36
B) $14.38
C) $16.62
D) $15.01

Question 72

(Appendix 4A) Normand Corporation uses the FIFO 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 conversion costs for the first department for the month is closest to:

A) $45.66
B) $52.86
C) $47.94
D) $48.14

Question 73

(Appendix 4A) Normand Corporation uses the FIFO 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.
What are the equivalent units for materials for the month in the first processing department?

A) 4,900
B) 1,200
C) 6,310
D) 7,100

Question 74

(Appendix 4A) Ozdemir Corporation uses the FIFO 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 a completed unit transferred out of the department is closest to:

A) $62.36
B) $76.27
C) $66.10
D) $58.23

Question 75

(Appendix 4A) Owens Corporation uses a process costing system. For March, the beginning work in process inventory consisted of 60,000 units that were 60% complete with respect to processing. The ending work in process inventory for the month consisted of units that were 20% complete with respect to processing. A summary of unit and cost data for the month follows:

Assuming that Owens Corporation uses the FIFO method,which of the following is closest to the cost per equivalent unit for processing cost for March?

A) $3.23
B) $3.98
C) $4.02
D) $4.22

Question 76

(Appendix 4A) Puri Corporation uses the FIFO 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.
What are the equivalent units for materials for the month in the first processing department?

A) 605
B) 6,200
C) 4,700
D) 5,365

Question 77

(Appendix 4A) Ozdemir Corporation uses the FIFO 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:

A) $20.42
B) $21.90
C) $19.31
D) $17.13

Question 78

(Appendix 4A) Ozdemir Corporation uses the FIFO 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.
What are the equivalent units for conversion costs for the month in the first processing department?

A) 490
B) 4,300
C) 4,970
D) 5,200

Question 79

(Appendix 4A) Ozdemir Corporation uses the FIFO 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 total cost transferred from the first processing department to the next processing department during the month is closest to:

A) $490,385
B) $579,948
C) $507,800
D) $541,500

Question 80

(Appendix 4A) The information below was obtained from the records of one of the departments of Cushing Corporation for the month of August. The company uses the FIFO method in its process costing system.
All materials are added at the beginning of the process.
The equivalent units for materials for the month of August are:

A) 75,000 units
B) 85,000 units
C) 87,500 units
D) 95,000 units