133. Froment Inc. uses the FIFO method in its process costing system. The following data
concern the operations of the company’s first processing department for a recent month.
Required:
Using the FIFO method, determine the equivalent units of production for materials and conversion
costs.
134. Glazener Corporation uses the FIFO method in its process costing. The following data
pertain to its Assembly Department for June.
Required:
Determine the equivalent units of production for the Assembly Department for June using the
FIFO method.
135. The following data have been provided by Bicknese 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 August using the
FIFO method.
136. Is cost accumulation easier under a process costing system or a job-order costing
system? Why or why not?
137. Describe the five steps in preparing a production cost report.
138. Explain the major differences between weighted-average costing and FIFO costing.
139. What characteristics of the production process would lead a company to use process
costing rather than job costing?
140. What would happen to the equivalent units, production cost per unit and costs transferred
out for a company using weighted-average if the degree of completion of the ending inventory
were underestimated?
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141. Production and cost data for the month of February for Process A of the Packer
manufacturing Company follow:
The company uses the weighted-average cost method in its process costing system.
Required:
a. Calculate the equivalent units and cost per equivalent unit for February for materials and for
conversion costs. (Carry calculations out to the nearest tenth of a cent.)
b. Determine the cost transferred to finished goods.
c. Determine the amount of cost that should be assigned to the ending work–in-process.
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142. Assurer Inc. uses the weighted-average method in its process costing system. The
following data concern the operations of the company’s first processing department for a recent
month.
Required:
a. Determine the equivalent units of production.
b. Determine the costs per equivalent unit.
c. Determine the cost of ending work–in-process inventory.
d. Determine the cost of the units transferred to the next department.
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143. Barsoux Inc. uses the weighted-average method in its process costing system. The
following data concern the operations of the company’s first processing department for a recent
month.
Required:
Using the weighted-average method:
a. Determine the equivalent units of production for materials and conversion costs.
b. Determine the cost per equivalent unit for materials and conversion costs.
c. Determine the cost of units transferred out of the department during the month.
d. Determine the cost of ending work–in-process inventory in the department.