ACCT 212 Read & Interact Wild & Shaw Chapter 3 Process Costing solutions complete answers

ACCT 212 Read & Interact Wild & Shaw Chapter 3 Process Costing solutions complete answers 

 

Beginning work in process are 40,000 units and units started this period are 20,000 units. The total units to account for using the FIFO method are  .

 

A focus on customer orientation leads to improved  _.

 

Beginning work in process are 25,000 units and units started this period are 75,000 units. The total units to account for using the FIFO method are  .

 

The parts of the process cost report include: (Check all that apply.)

 

A system which uses both a process costing system and a job order system will most likely use which type system?

 

Match the trend to its definition.

 

A process cost report summarizes the following process costing steps: (Check all that apply).

 

Department C had direct materials EUP cost of $4.00 and conversion EUP cost of $2.50. If the department had 38,000 units completed and transferred to the next department, their cost of units completed for direct materials is $     .

 

In process operations, where there is a series of repetitive processes, each       is a separate production department.

 

All of the following are recent trends in process operations except:

 

A process cost summary summarizes the following process costing steps:

 

A manufacturing department completed and transferred to finished goods a total of 50,000 units. They also had 2,500 units in ending work in process inventory. Of this ending inventory, direct materials were 60% complete and conversion costs were 20% complete. Their cost per EUP for direct materials is $5.75 and $1.25 for conversion cost. The cost of units completed this period is $      .

 

A company completes 21,000 units this month and has ending goods in process inventory of 3,000 units which are estimated to be 40% complete. Direct materials cost per EUP is $5.00 and Conversion cost per EUP is $1.50. The cost transferred to Finished Goods Inventory is $      .

 

After determining the physical flow of units, the next step in process costing is:

 

True or false: Using the weighted-average method, the computation of EUP separates units into direct materials and conversion.

 

Department 1 completed and transferred out 450 units and had ending work in process inventory of 60 units. The ending inventory is 20% complete for materials and 60% complete for labor and overhead. The equivalent units of production for materials is        units.

 

Match each product with the type of manufacturing most likely to be used—job order or process operations.

 

Understanding the cost of partially completed goods allows the manufacturer to:

 

In process operations, costs are accumulated in each process. In the final process, cost are transferred to:

 

A department completed and transferred to finished goods 75,000 units. The cost per EUP for direct materials is $8.00 and the cost per EUP for conversion cost is $6.00. The costs transferred to Finished Goods Inventory is $      .

 

The journal entry to record the insurance on the factory equipment is to:

 

The journal entry to record the transfer of units from Process 1 to the Process 2 in process costing is:

 

Match the following trends in process operations to their definition or characteristics.

 

Department Y started 675 units during the accounting period. They had a beginning balance in goods in process inventory of 225 units and an ending balance of 150 units.       units were completed and transferred out.

 

A system that contains features of both process and job order operations is called a(n)        costing system.

 

When comparing the weighted-average and FIFO methods of process costing, which items are the same in both methods? (Check all that apply.)

 

The journal entry to record the use of direct labor in process costing is to:

 

Characteristics of process operations include: (Check all that apply.)

 

Department A completed and transferred out 2,100 units and had ending work in process inventory of 120 units. The ending inventory is 10% complete for materials and 70% complete for labor and overhead. The equivalent units of production for labor and overhead is        units.

 

The journal entry to record the accrual of factory utilities is to:

 

List the four steps involving analysis when accounting for a department's activity, with the first step listed on top.

 

Process operations is defined as a manufacturing process that includes: (Check all that apply.)

 

The journal entry to record the purchase of materials on account in process cost accounting is a(n):

 

Department D had materials costs of $10,000 in beginning work in process inventory and added an additional $50,000 in materials costs this period. If the department had 20,000 EUP for materials, the cost per equivalent unit of production is $      .

 

The parts of the process cost summary include: (Check all that apply.)

 

The journal entry to record the transfer of partially completed work in process to the next process in process costing is a(n):

 

Department A had a beginning inventory balance of 25 units. During the accounting period, the department started an additional 275 units and had an ending balance of 50 units.        units were transferred out.

 

In a process operation, each process has a separate department which will accumulate costs for each of the following:

 

The cost object in a job order system is the ______ and the cost object in a process costing system is the ______.

 

Process and job order operations are similar in that both: (Check all that apply.)

 

Companies trying to standardize processes while attempting to meet individual customer needs will most likely use which type system?

 

Equivalent units of production refers to the number of units that could have been:

 

The journal entry to record direct labor used in process costing is a(n):

 

The mass production of products in a continuous flow of steps is the definition of:

 

When computing EUP, the FIFO method considers which distinct groups of units?

 

Department B had a beginning inventory balance of 150 units. During the accounting period, the department started an additional 950 units and 975 units were completed and transfered out. Department B had an ending balance of       units.

 

The journal entry to record the purchase of materials on account in process cost accounting is:

 

Department 1 completed and transferred out 450 units and had ending work in process inventory of 60 units. The ending inventory is 20% complete for materials and 60% complete for labor and overhead. The equivalent units of production for labor and overhead is units.
 
 
Department A completed and transferred to finished goods a total of 60,000 units. Their ending inventory consisted of 40,000 units which were 80% complete with respect to direct materials and 30% complete with respect to conversion cost. The cost per EUP for direct materials is $4.00 and for conversion is $3.50. The cost of ending work in process inventory is $.
 
 
 
 
 
 
 
 

 

 
Department A completed and transferred out 2,100 units and had ending work in process inventory of 120 units. The ending inventory is 10% complete for materials and 70% complete for labor and overhead. The equivalent units of production for materials is _______units.
 
 
Department X started 550 units during the accounting period, completed and transferred out 500 units and had an ending balance of 200 units.       units were in beginning goods in process inventory for the department.