Question 1

Assume 12,500 units were in beginning WIP;45,200 units were started;47,000 units were completed;and 10,700 units were in ending WIP.Materials are added at the beginning of the process.What is the total number of equivalent units for materials?

Accepted Answer

D)
Completed 47,000
End WIP 10,700 × 100% 10,700
Total 57,700

Question 2

The Jones Corporation uses a process system.During the current period,2,500 units were started and 1,100 units were completed and transferred out.Ending units were 60% complete for materials and 50% complete for conversion costs.Direct materials costs added were $35,405 and conversion costs added were $32,870.There was no beginning WIP Inventory and conversion costs are added evenly throughout the process.At the end of the period,the cost per equivalent unit for direct materials would be closest to

Accepted Answer

B)
Completed 1,100
End WIP 1,400 × 60% 840
Total 1,940
Conversion costs $35,405 / 1,940 units = 18.25

Question 3

During a period,38,200 units were completed and 4,200 units were in ending WIP Inventory.Ending WIP was 75% complete for direct materials and 50% complete for conversion costs.What are the equivalent units for conversion costs?

Accepted Answer

A)
Completed 38,200
End WIP 4,200 × 50% 2,100
Total 40,300

Question 4

The following information is provided by Galloway Company:

The units were 80% complete for materials and 30% complete for conversion costs.
How much are the total costs for which Galloway has to account (i.e. ,its total costs to account for)?

Accepted Answer

D)
 11ea7fd5_66de_f28c_99dd_ef26ba12fa62_TB1766_00 Total costs $51,000

Question 5

There are 34,400 units started.25,600 were completed and transferred out and the 8,800 remaining units were 60% complete for conversion costs.The total number of equivalent units for conversion costs is

Accepted Answer

A)
Completed 25,600
End WIP 8,800 × 60% 5,280
Total 30,880

Question 6

There are 35,000 units started.25,600 were completed and transferred out and the 9,400 remaining units were 65% complete for conversion costs.The total number of equivalent units for conversion costs is

Accepted Answer

B)
Completed 25,600
End WIP 9,400 × 65% 6,110
Total 31,710

Question 7

In a particular department,8,200 units were started and all but 800 were completed at the end of the period.These 800 were 80% complete for materials and 30% for conversion costs.Costs added were $55,400 for materials and $52,100 for conversion costs.What is the total number of equivalent units for conversion costs?

Accepted Answer

D)
Completed 8,200 - 800 7,400
End WIP 800 × 30% 240
Total 7,640

Question 8

During a period,38,200 units were completed and 4,200 units were in ending WIP Inventory.Ending WIP was 75% complete for direct materials and 50% complete for conversion costs.What are the equivalent units for direct materials?

Accepted Answer

B)
Completed 38,200
End WIP 4200 × 75% 3,150
Total 41,350

Question 9

In a particular department,8,200 units were started and all but 800 were completed at the end of the period.These 800 were 80% complete for materials and 30% for conversion costs.Costs added were $55,400 for materials and $52,100 for conversion costs.What is the total number of equivalent units for direct materials?

Accepted Answer

A)
Completed 8,200 - 800 7,400
End WIP 800 × 80% 620
Total 8,040

Question 10

During a period,38,200 units were completed and 5,300 units were in ending WIP Inventory.Ending WIP was 70% complete for direct materials and 50% complete for conversion costs.What are the equivalent units for direct materials?

Accepted Answer

C)
Completed 38,200
End WIP 5300 × 70% 3,710
Total 41,910

Question 11

The Jones Corporation uses a process system.During the current period,2,500 units were started and 1,100 units were completed and transferred out.Ending units were 60% complete for materials and 45% complete for conversion costs.Direct materials costs added were $35,405 and conversion costs added were $32,870.There was no beginning WIP Inventory and conversion costs are added evenly throughout the process.At the end of the period,the cost per equivalent unit for conversion costs would be closest to

Accepted Answer

C)
Completed 1,100
End WIP 1,400 × 45% 630
Total 1,730
Conversion costs $32,870 / 1730 units = 19.00

Question 12

Ending WIP Inventory has 100 units that are 70% complete for direct materials and 20% complete for conversion costs.For calculating costs per equivalent unit,which of the following statements is true?

Accepted Answer

The denominator for equivalent units calculations should reflect the level of completion for direct materials and conversion costs separately. Therefore, the denominator would include 70 units for direct materials (the percentage of completion for direct materials) and 20 units for conversion costs (the percentage of completion for conversion costs).

Question 13

At Onyx Incorporated,direct materials are added at the beginning of the process and conversions costs are uniformly applied.Other details include:

What is the total cost of units completed and transferred out?

Accepted Answer

B) 11ea7fd5_66dc_a894_99dd_dfa383b9ce93_TB1766_00 11ea7fd5_66dc_a895_99dd_5d0287b36193_TB1766_00

Question 14

The following information is provided by Greenbay Company:

The units were 80% complete for materials and 30% complete for conversion costs.
How much are the total costs for which Greenbay has to account (i.e. ,its total costs to account for)?

Accepted Answer

B)
 11ea7fd5_66de_a46a_99dd_9d6b089d37cb_TB1766_00 Total costs $48,900

Question 15

The Jones Corporation uses a process system.During the current period,2,500 units were started and 1,100 units were completed and transferred out.Ending units were 60% complete for materials and 45% complete for conversion costs.Direct materials costs added were $35,405 and conversion costs added were $32,870.There was no beginning WIP Inventory and conversion costs are added evenly throughout the process.At the end of the period,what are the total equivalent units for conversion costs?

Accepted Answer

D)
Completed 1,100
End WIP 1,400 × 45% 630
Total 1,730

Question 16

During a period,38,200 units were completed and 5,300 units were in ending WIP Inventory.Ending WIP was 70% complete for direct materials and 50% complete for conversion costs.What are the equivalent units for conversion costs?

Accepted Answer

D)
Completed 38,200
End WIP 5,300 × 50% 2,650
Total 40,850

Question 17

The Jones Corporation uses a process system.During the current period,2,500 units were started and 1,100 units were completed and transferred out.Ending units were 60% complete for materials and 45% complete for conversion costs.Direct materials costs added were $35,405 and conversion costs added were $32,870.There was no beginning WIP Inventory and conversion costs are added evenly throughout the process.At the end of the period,the total equivalent units for direct materials are

Accepted Answer

B)
Completed 1,100
End WIP 1,400 × 60% 840
Total 1,940

Question 18

Beginning WIP Inventory is 15,500 units,75% complete for materials.During the month 90,000 units were started;87,000 were finished;and ending WIP was 18,500 units that were 50% complete for materials.How many equivalent units should be used to allocate costs for materials (assume as usual,that the weighted average method is used,not FIFO)?

Accepted Answer

B)
Completed 87,000
End WIP 18,500 × 50% 9,250
Total 96,250

Question 19

At Onyx Incorporated,direct materials are added at the beginning of the process and conversions costs are uniformly applied.Other details include:

What is the total cost of units remaining in ending WIP?

Accepted Answer

D) 11ea7fd5_66dc_f6b7_99dd_197ba2b55dec_TB1766_00 11ea7fd5_66dc_f6b8_99dd_bf0fa39184bb_TB1766_00

Question 20

Assume no beginning WIP Inventory.The ending WIP Inventory is 30% complete for materials.The total number of equivalents for materials would be

Accepted Answer

The answer of Assume no beginning WIP Inventory.The ending WIP...

Quiz 5: Process Costing

Assume 12,500 units were in beginning WIP;45,200 units were started;47,000 units were completed;and 10,700 units were in ending WIP.Materials are added at the beginning of the process.What is the total number of equivalent units for materials?

During a period,38,200 units were completed and 4,200 units were in ending WIP Inventory.Ending WIP was 75% complete for direct materials and 50% complete for conversion costs.What are the equivalent units for conversion costs?

The following information is provided by Galloway Company: The units were 80% complete for materials and 30% complete for conversion costs. How much are the total costs for which Galloway has to account (i.e. ,its total costs to account for) ?