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Exam 5: Process Costing6 Cost-Volume-Profit Relationships

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Question 1

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In June, one of the processing departments at Sorto Corporation had beginning work in process inventory of $30,000.During the month, $345,000 of costs were added to production and the cost of units transferred out from the department was $346,000. Required: Construct a cost reconciliation report for the department for the month of June.

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Cost of beginning work in process invent...

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Question 2

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The total cost transferred from the first processing department to the next processing department during the month is closest to:

A) $304,000
B) $332,835
C) $270,706
D) $287,100

E) A) and D)
F) B) and D)

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C

Question 3

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The cost per equivalent unit for materials for the month in the first processing department is closest to:

Which of the following types of companies would typically use process costing rather than job-order costing?

Malcolm Company uses a weighted-average process costing system.All materials at Malcolm are added at the beginning of the production process.The equivalent units for materials at Malcolm would be the sum of:

The cost per equivalent unit for conversion costs for the first department for the month is closest to:

In a process costing system, costs are traced directly to jobs.

Miller Corporation manufactures a product for which materials are added at the beginning of the manufacturing process.A review of the company's inventory and cost records for the most recently completed year revealed the following information: The company uses the weighted-average cost method in its process costing system.The ending inventory is 50% complete with respect to conversion costs. Required: a.Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs. b.Determine the cost transferred to finished goods. c.Determine the amount of cost that should be assigned to the ending work in process inventory.

Hutchcroft Corporation uses the weighted-average method in its process costing.The following data concern the company's Assembly Department for the month of June. During the month, 6,200 units were completed and transferred from the Assembly Department to the next department. Required: Determine the cost of ending work in process inventory and the cost of units transferred out of the department during June using the weighted-average method.

The total cost transferred from the first processing department to the next processing department during the month is closest to:

How many units are in ending work in process inventory in the first processing department at the end of the month?

In the department's cost reconciliation report for January, the cost of beginning work in process inventory for the department would be:

Mccabe Corporation uses the weighted-average method in its process costing.The following data pertain to its Assembly Department for September. Required: Compute the equivalent units of production for both materials and conversion costs for the Assembly Department for September using the weighted-average method.

Lorona Inc.has provided the following data concerning the Assembly Department for the month of April.The company uses the weighted-average method in its process costing. During the month, 7,400 units were completed and transferred from the Assembly Department to the next department. Required: Determine the cost of ending work in process inventory and the cost of units transferred out of the department during April using the weighted-average method.

The total cost transferred from the first processing department to the next processing department during the month is closest to:

The cost per equivalent unit for conversion costs for the first department for the month is closest to:

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

What are the Molding Department's equivalent units related to conversion costs for January?

Job-order costing would be more likely to be used than process costing in situations where many different products or services are produced each period to customer specifications.

The cost per equivalent unit for materials for the month in the first processing department is closest to: