1.

A process costing system was used for a department that began operations in
January. Approximately the same number of physical units, at the same degree of
completion were in work-in-progress at the end of both January and February.
Monthly conversion costs are allocated between ending work in process and units
completed. Compared to the FIFO method, would the weighted-average method use
the same or a greater number of equivalent units to calculate the monthly
allocations?

Equivalent units for weighted average compared to FIFO => same/greater

January

blank same

February

blank greater

Greater number Same

2. Activities in the Challenger Corporation's Assembly Department for the month of March follow:

Percent Complete

Units Materials Conversion

Work-in-process inventory, March 1 5,000 65 % 30 %

Started into production during March 65,000

Work-in-process inventory, March 31 3,000 35 % 25 %

Using the FIFO method, the equivalent units for conversion for March would be:
67750
3. Mullins Corporation uses the FIFO method in its process costing system. Data concerning the
first processing department for the most recent month are listed below:

Beginning work in process inventory:

Units in beginning work in process inventory 700

Materials costs $ 11,500

Conversion costs $ 22,200

Percent complete with respect to materials 75 %

Percent complete with respect to conversion 65 %

Units started into production during the month 8,600

Units transferred to the next department during the month 7,800

Materials costs added during the month $ 159,300

Conversion costs added during the month $ 348,500

Ending work in process inventory:

Units in ending work in process inventory 1,500

Percent complete with respect to materials 65 %

Percent complete with respect to conversion 50 %

The total cost transferred from the first processing department to the next processing
department during the month is closest to:
490,385

4. 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:

Beginning work in process inventory:

Units in beginning work in process inventory 400

Materials costs $ 4,800

 Conversion costs $ 3,300

Percent complete with respect to materials 85 %

Percent complete with respect to conversion 45 %

Units started into production during the month 5,800

Units transferred to the next department during the month 5,100

Materials costs added during the month $ 69,500

Conversion costs added during the month $ 82,300

Ending work in process inventory:

Units in ending work in process inventory 1,100

Percent complete with respect to materials 55 %

Percent complete with respect to conversion 45 %

What are the equivalent units for materials for the month in the first processing
department?

5. The C 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? 62300

6. 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.

Units Percent Complete

Labor and Overhead

Work in process, August 1 10,000 25 %

Units completed and transferred out 75,000

 Work in process, August 31 20,000 50 %

7. 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:

Units Processing Cost

Work-in-process inventory, March 1 60,000 $ 35,000
Units started into production and costs incurred during the month 190,000 $
700,000
Units completed and transferred out 200,000

3.5

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?

Gabel Corporation uses the FIFO method in its process costing system. The Grinding
Department started the month with 10,000 units in its beginning work in progress
inventory that were 70% complete with respect to conversion costs. An additional 85,000
units were transferred in from the prior department during the month to begin processing
in the Grinding Department. During the month 81,000 units were completed in the
Grinding Department and transferred to the next processing department. There were
14,000 units in the ending work in progress inventory of the Grinding Department that
were 90% complete with respect to conversion costs. What were the equivalent units for
conversion costs in the Grinding Department for the month?

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:

Beginning work in process inventory:

Units in beginning work in process inventory 400

Materials costs $ 4,800

Conversion costs $ 3,300

 Percent complete with respect to materials 85 %

Percent complete with respect to conversion 45 %

Units started into production during the month 5,800

Units transferred to the next department during the month 5,100

Materials costs added during the month $ 69,500

Conversion costs added during the month $ 82,300

Ending work in process inventory:

Units in ending work in process inventory 1,100

Percent complete with respect to materials 55 %

Percent complete with respect to conversion 45 %

The total cost transferred from the first processing department to the next processing
department during the month is closest to:
1 Hall Company uses the weighted-average method in its process costing system. The
production department started the month with VND20,000,000 of direct material costs in
this beginning work in process inventory. A total of VND160,000,000 in direct material
costs were incurred in the production department during the month. Direct material costs
were fulfilled at the start of production process. As at month-end, there were 60 units
completed in the production department, 20 units in the ending work in process inventory
that were 50% completion, 10 units treated as normal losses as they are substandard.

The direct material cost of ending work in process inventory in the production department
according to the company's cost system is closest to:

a.
VND60,000,000

b.
All answers are incorrect

c.
VND25,714,000

d.
VND40,000,000
2. Baar Company is a manufacturing firm that uses process costing system and
calculates unit cost based on actual costs. The following transactions were recorded
during the current accounting period as follows:
 ● Surplus raw materials were available in the factory at the end of the prior
accounting period, $7,000
● Raw materials were purchased, $85,000.
● Raw materials were requisitioned for use in production, $80,000.
● Raw materials that requisitioned for use in production were returned to
warehouse as of poor quality, $2,000.
● Surplus raw materials were not used in production at the current period-end,
$3,000.

The cost of direct materials were incurred in the current accounting period to compute
unit costs totaled: $
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