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Exam 22: Fifo Method

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Question 1

True/False

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The cost per equivalent unit for conversion costs will always be the same under both the FIFO and the weighted-average methods if there is no beginning work in process inventory.

A) True
B) False

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Question 2

Multiple Choice

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Mukluk Company uses the FIFO method in its process costing system. The conversion cost for the month of April is $5.00 per equivalent unit and the material cost is $2.90 per equivalent unit. At the beginning of the month, 1,000 units were in process that were 100% complete with respect to materials and 30% complete with respect to conversion, with a total cost at that point of $2,400. If these units are fully complete by the end of the month, their total cost will be:

A) $3,500
B) $3,900
C) $5,900
D) $8,000

E) None of the above
F) C) and D)

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Question 3

Multiple Choice

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In November, one of the processing departments at Rullo Corporation had beginning work in process inventory of $23,000 and ending work in process inventory of $32,000. During the month, $267,000 of costs were added to production and the cost of units transferred out from the department was $258,000. The company uses the FIFO method in its process costing system. In the department's cost reconciliation report for November, the total cost to be accounted for would be:

Lasswell Corporation uses the FIFO method in its process costing. The following data pertain to its Assembly Department for May. Required: Determine the equivalent units of production for the Assembly Department for May using the FIFO method.

Tenicheff Corporation uses the FIFO method in its process costing system. Operating data for the Curing Department for the month of March appear below: According to the company's records, the conversion cost in beginning work in process inventory was $10,250 at the beginning of March. The cost per equivalent unit for conversion costs for March was $2.40. How much conversion cost would be assigned to the units completed and transferred out of the department during March?

Bufford Corporation uses the FIFO method in its process costing system. The following data concern the company's Assembly Department for the month of September. Required: Determine the cost of ending work in process inventory and the cost of units transferred out of the department during September using the FIFO method.

Sharp Company has a process costing system. The following data relate to the company's Mixing Department for a recent month: All materials are added at the beginning of the Mixing process. Required: a. Compute the equivalent units of production for materials using the FIFO method. b. Compute the equivalent units of production for conversion using the FIFO method. c. Compute the equivalent units of production for materials using the weighted-average method. d. Compute the equivalent units of production for conversion using the weighted-average method.

Noda Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -The cost per equivalent unit for conversion costs for the first department for the month is closest to:

In July, one of the processing departments at Keen Corporation had beginning work in process inventory of $19,000 and ending work in process inventory of $18,000. During the month, the cost of units transferred out from the department was $216,000. The company uses the FIFO method in its process costing system. -In the department's cost reconciliation report for July, the total cost accounted for would be:

Pratt Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -The total cost transferred from the first processing department to the next processing department during the month is closest to:

Cherrington Company uses a process costing system. For May, the month just completed, the beginning work in process inventory consisted of 50,000 units which were 60% complete with respect to conversion costs. The ending inventory for the month was 20% complete with respect to conversion costs. A summary of cost data for the month follows: -Using the weighted-average method, the cost per equivalent unit of materials for May is closest to:

Qtech Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -How many units were started AND completed during the month in the first processing department?

Cherrington Company uses a process costing system. For May, the month just completed, the beginning work in process inventory consisted of 50,000 units which were 60% complete with respect to conversion costs. The ending inventory for the month was 20% complete with respect to conversion costs. A summary of cost data for the month follows: -Assuming that Cherrington Company uses the FIFO method, what is the cost per equivalent unit for conversion costs for May to the nearest cent?

Galli 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 process inventory that were 30% complete with respect to conversion costs. An additional 73,000 units were transferred in from the prior department during the month to begin processing in the Grinding Department. During the month 66,000 units were completed in the Grinding Department and transferred to the next processing department. There were 17,000 units in the ending work in process inventory of the Grinding Department that were 40% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Grinding Department for the month?

Moulgadi Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

Ahler Corporation uses the FIFO method in its process costing. The following data concern the company's Assembly Department for the month of October. Required: Compute the costs per equivalent unit for the Assembly Department for October using the FIFO method.

Cherrington Company uses a process costing system. For May, the month just completed, the beginning work in process inventory consisted of 50,000 units which were 60% complete with respect to conversion costs. The ending inventory for the month was 20% complete with respect to conversion costs. A summary of cost data for the month follows: -Using the weighted-average method, the total cost of the units in ending work in process inventory is closest to:

The following data have been provided by Leon Corporation for the Circuit Prep Department. The company uses the FIFO method in its process costing. Required: Determine the equivalent units of production for the Circuit Prep Department for December using the FIFO method.

Details of the manufacturing activity in Amy Company's Assembly Department for the month of December are given below: All materials are added at the beginning of processing in the Assembly Department. -The equivalent units for material for the month, using the weighted-average method, is:

Moulgadi Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -The cost per equivalent unit for materials for the month in the first processing department is closest to: