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Exam 28: Process Cost Accounting

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Question 1

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

A) the number of units placed in production during the period.
B) In a process cost accounting system, the average unit .
C) the number of units transferred to another department.
D) the number of units transferred to the finished goods inventory.

E) A) and B)
F) B) and C)

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Question 2

Multiple Choice

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A department transferred 7,000 units to the finished goods storeroom during a month. There was no beginning work in process inventory, but 500 units were still in process at the end of the month. Equivalent production for the month was 7,400 units, and production costs incurred totaled $23,960. Inventory costs would be determined using a unit cost (rounded to two decimal places) of

A) $3.03.
B) $3.24.
C) $3.19.
D) $3.37.

E) A) and B)
F) B) and C)

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Question 3

Multiple Choice

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At the beginning of the current period, there were 900 units of product in a department, 30% completed; during the period 5,000 units were completed and transferred out and 800 units were still in process at the end of the period, 25% completed. The equivalent production units for the current period are

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

When beginning inventory is part of the production report, costs from the prior department are included. They are

Equivalent production units may be computed

Labor and manufacturing overhead costs are usually considered to be at the same stage of production.

In a process cost accounting system,

Total costs accounted for consists of the

Fraser Manufacturing had no work in process at the beginning of a month. It transferred 6,300 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 6,620 units. At what stage of completion were the unfinished units at the end of the month?

During the month, 2,100 units of a product were completed and 1,200 units were two-thirds complete with respect material and one-third complete with respect to labor and overhead. After completing equivalent unit cost calculations, the company determined material cost was $3.52 per unit and the combined labor and overhead cost was $6.80 per unit. - What is the cost of ending work in process?

During the month, 2,100 units of a product were completed and 1,200 units were two-thirds complete with respect material and one-third complete with respect to labor and overhead. After completing equivalent unit cost calculations, the company determined material cost was $3.52 and the combined labor and overhead cost was $6.80 per unit. - What is the cost of the completed units?

Process cost accounting is most appropriate

McGill Manufacturing had 900 units in its work in process inventory at the beginning of a month, which were 40 percent were complete with respect to labor, and 100% complete with respect to materials, and overhead. The firm transferred 5,130 units to the finished goods inventory during the month and there were 680 units which were 35 percent complete and still in process at the end of the month. Equivalent production for the month was

An ending work in process inventory of 600 units that are 45 percent complete is calculated as-----------equivalent units of production.

In the -----------accounting system, costs for materials, labor, and manufacturing overhead are charged to the Work in Process Inventory accounts of the production departments.

Unit Manufacturing Company had no work in process at the beginning of a month. At the end of the month, 500 units were still in process which were 60% complete. Equivalent production for the month was 7,160 units. How many units were transferred out of production to finished goods during the month?

In a process cost accounting system, the average unit cost of a product is determined by dividing the total manufacturing cost incurred by the number of units placed in production during the period.

The source of the cost data that appears in a cost of production report is

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 B.