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Exam 5: Process Costing

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Question 121

Multiple Choice

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Fun Stuff Manufacturing produces frisbees using a three-step process that includes molding, coloring and finishing. Which of the following accounts is debited for conversion costs?

A) WIP inventory-finishing
B) Finished goods inventory
C) Raw materials inventory
D) Cost of goods sold

E) None of the above
F) A) and B)

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Question 122

Multiple Choice

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At Sunrise Corporation, 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?

A) $69,000
B) $100,050
C) $91,908
D) $120,750

E) None of the above
F) A) and B)

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Question 123

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Which of the following is the first step of the 5-step process costing procedure?

Process costing is most likely used in which of the following industries?

At Hodgson Corporation, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details include: What is the cost per equivalent unit for direct materials?

Fun Stuff Manufacturing produces frisbees using a three-step process that includes molding, coloring and finishing. The purchase of materials includes a

In a process costing system, costs flow into finished goods inventory only from the work in process inventory of the last process.

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?

Which of the following is a measure of the amount of work done, expressed in complete units of output?

The "total costs to account for" is the sum of the costs in beginning WIP inventory plus the manufacturing costs added during the period.

The costs moved from one processing department to the next processing department are called "transported-out" costs in the first department and "transported-in" costs in the next department.

Ready Company adds direct materials at the beginning of the process and adds conversion costs throughout the process. Data for the finishing department follows: The cost per equivalent unit for conversion costs would be closest to

Which of the following product costing systems is normally used to assign costs to goods that are mass produced?

The weighted-average method of process costing is simpler than the FIFO method.

The last step of the 5-step process costing procedure is to summarize the flow of physical units.

In process costing, manufacturing costs are usually combined into two categories: direct materials and conversion costs.

The FIFO method requires that any units in beginning inventory be costed separately from any units started in the current period.

The journal entry to record the use of direct labor in Processing Department #1 would include a debit to Wages Payable.

The existence of ending work in process inventory necessitates the use of the 5-step process costing procedure.

The cost per equivalent unit for direct materials will always be equal to the cost per equivalent unit for conversion costs.