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February 24, 2021
Short Dicussion
February 24, 2021

1. Which of the following would least likely use a process costing system? a. Manufacturer of custom furniture b. Manufacturer of soft drinks c. Manufacturer of gasoline d. Manufacturer of paper 2. Which of the following is not a basic objective of process costing? a. Compute an average cost per unit since units are homogeneous b. Allocate production costs between whole units and partial units c. Separate production costs into fixed and variable components d. Determine the amount of production costs that should be transferred to the next department 3. Select the incorrect statement regarding equivalent units of production (EUP). a. Two units 50% complete are equivalent to one unit 100% complete. b. Except in very rare instances, only one EUP calculation is needed per department. c. EUP equals the number of whole units of output that could have been produced during a period from the actual effort expended. d. The objective of EUP calculations is to eliminate the costing problem caused by partially completed units. 4. The steps in process costing are listed below: 1 – Calculate physical units to be accounted for 2 – Calculate physical units accounted for 3 – Calculate equivalent units of production (EUP) 4 – Calculate total costs to be accounted for 5 – Calculate the cost per EUP 6 – ? What is the missing step? a. Assign costs to whole and partial units in ending inventory b. Assign costs to whole units produced during the period c. Assign costs to units started and completed during the period d. Assign costs to units transferred out and units in ending inventory 5. Which of the following is true about the weighted average method of process costing? a. The calculation of EUP must take into consideration the units in both beginning and ending inventory. b. The cost per EUP will include prior period costs if the department had beginning inventory. c. The most common alternative to the weighted average method is the last-in, first-out method. d. The weighted average method refers to a method of determining which units were sold and which units remain in inventory ====================================================== Use the following information for the next three questions. Z Company employs a process costing system for its manufacturing operations. All direct materials are added at the beginning of the process and conversion costs are added proportionately. The production quantity schedule for April is reproduced below: Units Work in process on April 1 (60% complete as to conversion costs) 1,000 Units started during April 5,000 Total units to account for 6,000 Units completed and transferred out 4,000 Work in process on April 30 (20% complete as to conversion costs) 2,000 Total units accounted for 6,000 Costs pertaining to the month of April are as follows: Beginning inventory costs: (DM, $54,600; Conversion, $35,560) $ 90,160 Costs incurred during April (DM, $468,000; Conversion $574,060) $1,042,060 6. Using the weighted average method, the equivalent units for direct materials for April are: a. 6,000 units. b. 5,000 units. c. 4,400 units. d. 3,800 units. 7. Using the weighted average method, the equivalent units for conversion costs for April are: a. 6,000 units. b. 5,000 units. c. 4,400 units. d. 3,800 units. 8. Using the weighted average method, the equivalent unit materials cost for April is: a. $78.00. b. $87.10. c. $130.65. d. $138.55. 9. Using the weighted average method, the 4,000 units completed during April will be transferred out at an EUP unit cost of: a. $188.69. b. $225.65. c. $257.31. d. $283.04. ============================================== Use the following information for the next two questions. L Company uses a process cost system to account for its manufacturing operations. All direct materials are added at the beginning of the process and conversion costs are added proportionately. The production quantity schedule for June is reproduced below: Units Work in process on June 1 (20% complete as to conversion costs) 16,000 Units started during June 100,000 Total units to account for 116,000 Units completed and transferred out from beginning inventory 16,000 Units started and completed during June 76,000 Work in process on June 30 (40% complete as to conversion costs) 24,000 Total units accounted for 116,000 Costs pertaining to the month of June are as follows: Beginning inventory costs: (DM, $54,600; Conversion, $35,560) $ 90,160 Costs incurred during June (DM, $468,000; Conversion $574,060) $1,042,060 10. Using the FIFO method, the equivalent units for direct materials for June are: a. 116,000 units. b. 100,000 units. c. 85,600 units. d. 76,000 units. 11. Using the FIFO method, the equivalent units for conversion costs for June are: a. 116,000 units. b. 100,000 units. c. 98,400 units. d. 76,000 units. 12. Using the FIFO method, the direct materials cost per equivalent unit for units started and completed during June is: a. $6.16. b. $6.00. c. $5.23. d. $4.68. 13. Select the incorrect statement concerning process costing in a multidepartment setting. a. In this environment, goods are transferred from a predecessor (upstream) department to a successor (downstream) department. b. Transferred out costs of the predecessor department become transferred in costs of the successor department. c. Occasionally, successor departments will change the unit of measure used in predecessor departments. d. By definition, successor departments may not add any additional raw materials to the units received from predecessor departments. 14. Which of the following statements is true concerning process costing? a. Companies my substitute standard costs for actual costs. b. EUP calculations for standard process costing are identical to those of FIFO process costing. c. An advantage of standard process costing is that material, labor, and overhead variances can be computed to assist in performance evaluation. d. All of the above are true. 15. An appropriate costing system for a company whose various product lines have different direct materials but similar processing techniques is likely a a. weighted average method of process costing. b. first-in, first out method of process costing. c. hybrid method of process costing. d. last-in, first out method of process costing

 

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