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Exam 6: Process Costing

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Question 51

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Process-costing systems are specifically designed to support costing of mass-produced homogeneous products.

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Question 52

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The following information is available for Department X for the month of August: ? ? - Department X's cost per equivalent unit for materials using the weighted average method would be:

A) $2.00.
B) $7.00.
C) $8.00.
D) $9.00.

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Question 53

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Which step is cost reconciliation in the general pattern of a process-costing production report?

Information concerning Department A of Synergy Company for the month of June is as follows: - All materials are added at the beginning of the process.Using the first-in, first-out method, the equivalent units of production for materials would be calculated as:

Process costing is most useful in situations when relatively homogeneous products are produced.

Excellent Manufacturing uses a process cost system to manufacture sensors for the security industry.The following information pertains to operations for the month of March: The beginning inventory was 65% complete for materials and 25% complete for conversion costs.The ending inventory was 80% complete for materials and 45% complete for conversion costs. Costs pertaining to the month of March are as follows: Beginning inventory costs: materials = $46,200; conversion cost = $32,025 Costs incurred during March: materials used = $617,400; conversion cost = $655,200 - Which of the following is the total cost of the units in ending work-in-process inventory by using the weighted average method? (Note: Round the unit direct material cost, the unit conversion cost, and the answer to two decimal places.)

The weighted average costing method combines beginning inventory costs and work done with current period costs and work to calculate this period's unit cost.

___________ costs are a type of raw material cost.

When should process costing techniques be used in assigning costs to products?

Process costing is appropriate for companies providing services.

The unit information section of the production report has two major subdivisions: (1) units to account for and (2) units accounted for.

What is the major advantage of the weighted average cost method?

In process costing, it is unreasonable to assume uniform application of material costs.

Select the appropriate definition for each of the items listed below -The costs transferred from a prior process to a subsequent process.

Since FIFO excludes prior-period work and costs, it is necessary to create three categories of completed units.

When inputs are added _______________, equivalent units and unit cost are calculated for each separate input category.

The cost of a department's transferred-in goods is the cost of

The _____________________ provides an analysis of the physical flow of units.

In process costing, each producing department has its own ________________ account.

The Planet Corporation produces a product that passes through two processes.During June, the first department transferred 63,000 units to the second department.The cost of the units transferred was $94,500.Materials are added uniformly in the second process.The following information was provided about the second department's operations during June: - Units started and completed in Planet Corporation's second department during June would be: