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Exam 16: Process Costing

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Question 81

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Describe the flow of overhead costs in a process cost accounting system,including accounts used.

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As actual overhead costs are incurred fo...

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Question 82

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The following journal entry would be made to record the use of direct materials in the reporting period covered by the information: $\begin{array}{llr} \text {Goods in Process Inventory, Pickling Dept } &16,000\\ \text { Goods in Process Inventory, Canning Dept } &3,000\\ \text {Raw Materials Inventory } &19,000\end{array}$

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Question 83

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A department had 600 units which were 40% complete in beginning Goods in Process Inventory.During the current period,7,000 units were transferred out.Ending Goods in Process Inventory was 800 units which were 40% complete.Using the FIFO method,what are the equivalent units produced if all direct material and direct labor are added uniformly throughout the process?

One section of the process cost summary describes the equivalent units of production for the department during the reporting period and presents the calculations of the costs per equivalent unit.

Reference: 16_06 Refer to the following information about the Dipping Department of the Indiana Factory for the month of August: The cost per equivalent unit of materials is $10, and the cost per equivalent unit of labor and overhead is $22. -What total cost should be assigned to the units that were started and completed during August?

The following data are available for a company's manufacturing activities: $\begin{array}{ll}\text { Beginning goods in process inventory } & 5,000 \text { units, } 1 / 4 \text { of the labor added this } \\& \text { period } \\\text { Units started and completed } & 15,000\\\text { Ending goods in process inventory}& 6,000 \quad 6,000 \text { units, 1 / 2 of the labor added this }\\&\text { period}\end{array}$ Assume the company uses FIFO inventory.If materials are added when the production process begins and direct labor is applied uniformly throughout the process,what are the equivalent units for direct materials and for direct labor,respectively?

Equivalent units of production are equal to:

What are the four steps in accounting for production activity in a period?

Companies that use a series of manufacturing processes to produce standardized products should use a process cost accounting system.

In a process cost accounting system,direct materials used are debited to the _________________ account,and indirect materials used are debited to the ______________________ account.

A department had 600 units which were 40% complete in beginning Goods in Process Inventory.During the current period,7,000 units were transferred out.Ending Goods in Process Inventory was 800 units which were 40% complete.Using the weighted-average method,what are the equivalent units produced if all direct material and direct labor are added uniformly throughout the process?

Direct labor and indirect labor are recorded,respectively,to:

The following data are available for Osman Corp.for the current year: $\begin{array}{llr} \text { Beginning inventory of goods in } & \text {12,000 units, 60 \% completed}\\ \text { process} &\\ \text { Ending inventory of goods in process } & \text {18,000 units, \( 30 \% \) completed}\\ \text { Units completed and transferred to} &\\ \text { finished goods during the year } & \text {144,000 units}\\\end{array}$ Using FIFO,calculate the equivalent units of production for the year.

Which of the following characteristics does not usually apply to process manufacturing systems?

In a process manufacturing system,products pass through a series of sequential processes.

A hybrid costing system would be most appropriate when:

Reference: 16_05 Refer to the following incomplete table of cost information: -What was the cost of the beginning inventory of finished goods?

Describe the flow of materials in a process cost accounting system,including accounts used.

In a manufacturing operation with two process departments (1 and 2),the flow of costs would proceed from Goods in Process,Dept #1 to ________________ to _______________ to ______________.

A company's January 1 goods in process inventory contained 30,000 units that were one-fourth complete with respect to direct labor.The beginning inventory was completed this year and another 120,000 units were started.Of those started,80,000 were finished and the remaining 40,000 were left one-fifth complete.Using weighted average,calculate the equivalent units of production for the year.