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Exam 28: Process Cost Accounting

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Question 21

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The Vinh Corporation has two producing departments. Cost data from the firm's records for the month of January 2013 is given below. There were no beginning inventories. -Prepare equivalent production computations for each department.

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Question 22

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During the month, 2,700 units of a product were completed and 800 units were 60% complete with respect to labor and still in process. The total equivalent units of production for labor for the month is

A) 2,700 units.
B) 2,400 units.
C) 3,180 units.
D) 4,320 units. 2,700 + (800 x 60%) .

E) All of the above
F) A) and D)

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Question 23

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Jocose Company recorded the following journal entries. Write a description for each numbered journal entry. Number your descriptions to match the journal entry numbers.

In the manufacturing overhead subsidiary ledger, a departmental cost sheet is set up for each producing and each service department.

Under the average cost method, the beginning inventory amount for each cost element is added to the amount of that cost element incurred during the current period.

The Vinh Corporation has two producing departments. Cost data from the firm's records for the month of January 2013 is given below. There were no beginning inventories. -Prepare a cost of production report for the Fabricating Department.

In the process cost accounting system, the ____________________ of the ending work in process is estimated.

The part of the Cost Schedule showing the total and unit cost of each element and the cumulative cost total is the

In a process cost accounting system, the average unit cost of a product is determined by dividing the appropriate costs by

The two sections of the cost of production report are

Department R Cost Data for November 2013 $\begin{array}{lr}\text { Current department costs--November: } & \\\text { Materials } & \$ 51,121 \\\text { Labor } & 11,304 \\\text { Manufacturing Overhead } & 9,106\\\text { Quantities: }\\\text { Beginning inventory, work in process } & -0-\text { units } \\\text { Started in production } & 6,700 \text { units } \\\text { Transferred out to next department } & 6,000 \text { units } \\\text { Ending inventory, work in process } & 700 \text { units }\\\text { Stage of completion--work in process: }\\\text { Ending inventory: }\\\text { Materials } & 100 \% \\\text { Labor and overhead } & 40 \%\end{array}$ -Using the information given, what are the quantity to account for, the quantity accounted for, and the equivalent production units for the month of November for Department R?

To compute the unit cost of production for a year, the beginning inventory cost is added to the current period manufacturing costs, and the total is divided by the equivalent units of production.

The entry to record the transfer of goods from Department A to Department B would include a debit to the Work in Process account for Department A.

Simon Productions Company had a beginning work in process inventory totaling $6,000. During the current period, the company added materials costs of $12,300, labor cost of $14,500 and overhead of $18,200. Equivalent production was 12,000 units, and 9,000 units were completed and transferred to the finished goods inventory. Inventory costs would be determined using a unit cost of

On a cost of production report, the ____________________ total cost must equal the total costs accounted for.

A firm had 600 units in its work in process inventory at the beginning of a month. Of these units, 30 percent were complete with respect to labor, materials, and overhead. The firm transferred 5,000 units to the finished goods inventory during the month. It had 500 units of which 40 percent were complete and still in process at the end of the month. Equivalent production for the month was

A cost of production report usually contains a(n) ____________________ schedule and a cost schedule.

A firm had no work in process at the beginning of a month. It transferred 4,000 units to finished goods during the month, and 500 units were still in process at the end of the month. Equivalent production for the month was 4,400 units. At what stage of completion were the unfinished units at the end of the month?

On July 1, 2013, there was no beginning inventory in Dept. A, the first department. During the month, production was started on 3,000 units. The total cost of materials was $18,000. All materials were placed in production at the start of the manufacturing process in the department. During the month, 2,400 units were transferred to the next department. There were 600 units still in process at the end of the month. 1. What is the cost per equivalent unit for materials? 2. What is the cost of materials in the goods transferred to the next department? 3. What is the cost of materials in the ending work in process inventory?

During one month, 3,000 units of a product were completed and 800 units were 20 percent complete and still in process. The equivalent production for the month is