QUIZ 2-FINAL TERM -AFAR1

(PROCESS COSTING)
Points:
20/100
Incorrect
0/2 Points
1. Received from preceeding department, 12,000 units; Completed and
transferred, 8,000 units;  In process, end (80% complete), 16,000 units; The work
in process, beginning, was 2/5 completed.
Compute for Equivalent unit of production under FIFO Method

Correct answers:
17600
Incorrect
0/2 Points
2.Using the information above what is the EUP under WA method?

Correct answers:
20800
Correct
2/2 Points
3. Department Y received from Department X, 20,000 units in January out of
which 1/5  remained incomplete at the end of the month. In Department Y, there
were 5,000 units on January 1 which were 3/5 incomplete last December. Of the
total units completed in Department Y 4,000 units were not transferred to the
next department at the end of January, and the unfinished units having been 80%
unprocessed.
What is the EUP of Deprtment Y under FIFO Method?

Correct answers:
22200
Correct
2/2 Points
4.Using the info in #3 compute for EUP using WA Method
Correct answers:
24200
Correct
2/2 Points
5.Items 5-10 are based on the following info:
Department 2 applies 100% of its material costs at the point of completion (start
of the process). Conversion costs are applied evenly. During the months of
October and November 2022 the following production data were summitted:

October: 
Received from Department 1, 40,000 units; 
In process, October 31, (3/5 complete), 5,000 units;
Transferred to Dept. 3 during October,  ?
November: 
Received from Dept. 1 during the month, 35,000;
Finished and transferred to Dept. 3,  38,000; 
In process, November 30 (60% incomplete),  ?

Under WA method compute for the EUP of materials in October.

Correct
2/2 Points
6.What will be the EUP of materials in November under FIFO method?

Correct
2/2 Points
7.What is the EUP of conversion cost in November under WA method?

Correct
2/2 Points
8.What is the EUP of conversion cost in October  under WA method?

Correct
2/2 Points
9.What is the EUP of conversion cost in Novemberr  under FIFO method?

Correct
2/2 Points
10.What will be the EUP of materials in October under FIFO method?

Incorrect
0/2 Points
11.Items 11-20 are based on the following In Department A, all materials are
issued at the start of the process, while in Department B, 1/5 of the materials are
issued at the start 1/2 when the work is 1/2 completed, and the balance at the
end of the process. In Dept C all materials are issued at the end of the process
Conversion costs are applied uniformly in all departments.

Dept A info: IPB 4,000 units (2/5completed); Current production 12,000units; IPE
6,000 units (20%completed)

DEPT B. Info: IPB ? (1/4 completed); Finished and transferred 20,000 units;
Finished and on hand 5,000 units; IPE 15,000 units (50% completed)

DEpt C. Info: IPB 12,000 units (2/5 completed); Finished units 30,000 units; IPE ?
(35% completed)

What is the EUP of materials in Dept B under FIFO method?

Correct answers:
29500
Incorrect
0/2 Points
12.What is the EUP of Mat in Dept B under WA method?

Correct answers:
34500
Incorrect
0/2 Points
13.Under WA method compute for the EUP of conversion in Dept B
Correct answers:
31250
Incorrect
0/2 Points
14.What will be the EUP of conversion cost in DEpt B  under FIFO method?

Correct answers:
25000
Correct
2/2 Points
15.What is the EUP of Conversiion cost in DEPT C using WA method?

Correct
2/2 Points
16.What is the EUP of Conversiion cost in DEPT C using FIFO method?

Incorrect
0/2 Points
17.What is the EUP of Material cost in DEPT C using FIFO method?

Correct answers:
30000
Incorrect
0/2 Points
18.What is the EUP of Material cost in DEPT A using FIFO method?Question

Correct answers:
12000
Incorrect
0/2 Points
19.What is the EUP of Conversion cost in DEPT A using WA method?

Correct answers:
11200
Incorrect
0/2 Points
20.What is the EUP of Material cost in DEPT A using WA  method?

Correct answers:
16000
Incorrect
0/2 Points
21.Items 21-31 are based on the following RED Corporation shows the following
information regarding the operation cost and unit data in processing of its
product Batibut during the curent month of June
IPB, 12,000 units (40% completed); Completed and transferred to next Dept
40,000 units ; IPE 22,000 units (60% completed)
The material application was 10% on the first day of the processing; and the
additional 15% will be applied during the next four days. At mid point additional
35% will be applied and the balance during the last remaining  days of the
processing period. the processing lasted for 10days to complete the product.
conversion cost were applied uniformlynduring the whole process.

The company uses the FIFO method in costing the whole process, and the
accountant provides the following cost information:
In May , the unit cost from Dept 1 was P5.00 and The material and conversion
cost unit cost in Dept 2 was P2.00 and P3.00 respectively
During the current month, Dept 1 transferred units with P3.76 each, and the
material and conversion unit cost in Dept 2  were P2.00 and P2.75 respectively

Under FIFO method what is the EUP of Material in DEpt 2 in June?

Correct answers:
50200
Incorrect
0/2 Points
22.Under FIFO Method what is the EUP of conversion cost in Dept 2?

Correct answers:
48400
Incorrect
0/2 Points
23.HOw much is the cost of IPB/cost last month

Correct answers:
93000
Incorrect
0/2 Points
24.HOw much is the total cost to be accounted for in Dept 2?

Correct answers:
514500
Incorrect
0/2 Points
25.Using FIFO Method how much is the total cost of finished units in Dept 2?

Correct answers:
369080
Incorrect
0/2 Points
26.Under Fifo method how much is the cost of IPE in Dept 2 in June?

Correct answers:
145420
Incorrect
0/2 Points
27.Assuming RED corporation uses WA method in costing Batibut, what will be
the the EUP of conversion cost?

Correct answers:
53200
Incorrect
0/2 Points
28.Under WA method what will be the EUP for materials?

Correct answers:
53200
Incorrect
0/2 Points
29.Under WA method what is the total  average unit cost? (round off to nearest 4
decimal places)

Correct answers:
9.0094
Incorrect
0/2 Points
30.Under WA method how much is the total cost of the finished units in Dept 2?
(round off the unit cost to 4 decimal places)

Correct answers:
360376
Incorrect
0/2 Points
31.How much is the cost of IPE? (round off your answer to the nearest Peso)

Correct answers:
154124
Incorrect
0/3 Points
32.GRAY Corporation provided the following unit cost under FIFO process costing
for the month of June 2022:
Direct material A  P29.50: Direct labor P10.84; Direct Material B P3.00 and FOH
P7.68
Direct material A are added at the start of the process while Direct Material B
were added at the end of the process. 
the cost of IPB were: Direct Material A P789,040 (54,000 EUP); Labor P91,862
(16,200 EUP); and FOH P145,908 (18,900 EUP)
GRAY Corporation recorded 370,000 units finished and transferred  during the
month of JUne, and 12,000 units are still in process at the end of the month
which are 30% completed as to labor and 55% as to FOH. What was the total cost
of IPB which are finished and transferred?

Correct answers:
1868130
Incorrect
0/3 Points
33.What is the total cost charges to units started  which were finished and
transferred?

Correct answers:
16122320
Incorrect
0/2 Points
34.What is the cost of IPE?

Correct answers:
443712
Incorrect
0/4 Points
35.Assuming instead of FIFO method Gray company decided to use WA method
How much is the total cost charged to finished and transferred units?  (round off
unit cost to 4 decimal places) 

Correct answers:
17957654
Incorrect
0/2 Points
36.Assuming instead of FIFO method Gray company decided to use WA method
How much is the total cost charged to IPE? (round off unit cost to 4 decimal
places) your final answer should be a whole number.

Correct answers:
476516
Incorrect
0/2 Points
37.The following data were provided by Dept 2 of BLACK company for the month
of June 2022
The company applies materials at the start of the process which cause a 60%
increase in quantity. Lost unts are considered normal in the operation:

Production data were as follows:

IPB 8,000 units (2/5 incomplete); Received from Dept 1 12,000 units;  Finished
units 20,200 units Lost unit 2,000 (1/5 completed) IPE ? (4/5 completed)

The cost from prior dept during the month was P15,120; cost in this Dept this
month were materials P 12,624; Labor P7524 and Overhead PP5,346.
It is the company policy to have a uniform unit cost since it started its operation.

Under FIFO Method what is the EUP for Materials?

Correct answers:
19200
Incorrect
0/2 Points
38.Under FIFO method what is the EUP for conversion cost?

Correct answers:
19800
Incorrect
0/2 Points
39.Under WA Method what will be the EUP for materials?

Correct answers:
27200
Incorrect
0/2 Points
40.Under WA method what will be the EUP for Conversion cost?

Correct answers:
24600
Incorrect
0/2 Points
41.Using fifo method what is the cost of IPB? / cost last month?

Correct answers:
14680
Incorrect
0/2 Points
42.Under FIFO what will be the total cost assigned to IPB which are finished and
transferred?

Correct answers:
16760
Incorrect
0/2 Points
43.Under FIFO what will be the total cost assigned to units currently received
from Dept 1 which are finished and transferred ? (round off your final answer to
two decimal places)

Correct answers:
27793.30
Incorrect
0/2 Points
44.Under FIFO what will be the total cost assigned to IPE units ? (round off your
final answer to two decimal places)

Correct answers:
10740.70
Incorrect
0/4 Points
45.Using WA method what will be the total cost charges of all units which are
finished?

Correct answers:
44844
Incorrect
0/2 Points
46.Using WA method how much is the cost charges of IPE?

Correct answers:
10450
Incorrect
0/2 Points
47.How much is the total average unit cost?
Correct answers:
2.22
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