54.
The Lakeside Company uses a weighted-average process costing system. The following
data are available:
Beginning inventory
-0-
Units started in production
20,000
Units finished during the period
16,000
Units in process at the end of the period
(complete as to materials, ¼ complete
as to labor and overhead)
4,000
Cost of materials used
$35,200
Labor and overhead costs
$37,400
Unit cost of labor and overhead is:
55.
The Lakeside Company uses a weighted-average process costing system. The following
data are available:
Beginning inventory
-0-
Units started in production
20,000
Units finished during the period
16,000
Units in process at the end of the period
(complete as to materials, ¼ complete
as to labor and overhead)
4,000
Cost of materials used
$35,200
Labor and overhead costs
$37,400
Total cost of the 16,000 units finished is:
56.
The Lakeside Company uses a weighted-average process costing system. The following
data are available:
Beginning inventory
-0-
Units started in production
20,000
Units finished during the period
16,000
Units in process at the end of the period
(complete as to materials, ¼ complete
as to labor and overhead)
4,000
Cost of materials used
$35,200
Labor and overhead costs
$37,400
57.
The following information pertains to Oklahoma Co.’s Tulsa Division for the month of April:
Units
Materials
Beginning Work-in-Process
15,000
$5,500
Started in April
40,000
$18,000
Units completed
42,500
Ending Work-in-Process
12,500
All materials are added at the beginning of the process. Using the weighted–average
method, the cost per equivalent unit of materials is: (CPA adapted)
8-45
58.
Nebraska Company uses the weighted-average method in its process costing system. The
first processing department, the Welding Department, started the month with 18,000 units
in its beginning work–in-process inventory that were 30% complete with respect to
conversion costs. The conversion cost in this beginning work–in-process inventory was
$44,820. An additional 90,000 units were started into production during the month. There
were 21,000 units in the ending work–in–process inventory of the Welding Department that
were 10% complete with respect to conversion costs. A total of $677,970 in conversion
costs were incurred in the department during the month.
What would be the cost per equivalent unit for conversion costs for the month? (Round to
three decimal places.)
8-47
59.
Kansas Company uses the weighted-average method in its process costing system.
Operating data for the first processing department for the month of June appear below:
Units
Percent Complete
with Respect to
Conversion
Beginning work-
in-process
inventory
11,000
50%
Started into
production during
June
98,000
Ending work-in–
process inventory
21,000
80%
8-49
60.
8-51
61.
Holcomb Company uses the weighted-average method in its process costing system. The
Shaping Department is the second department in its production process. The data below
summarize the department’s operations in January.
Units
Percent Complete
with Respect to
Conversion
Beginning work-in–
process inventory
3,800
90%
Transferred in from
the prior department
during January
53,000
Completed and
transferred to the
next department
during January
51,300
Ending work-in–
process inventory
5,500
30%
62.
In the computation of the manufacturing cost per equivalent unit, the weighted-average
method of process costing considers:
63.
64.
Materials are added at the beginning of a process in a process costing system. The
beginning Work-in-Process Inventory was 30% complete as to conversion costs. Using
first-in, first-out (FIFO) process costing, the total equivalent units for material are:
65.
66.
Cranford Company completed and transferred out 2,300 units in May 2016. There were
200 units in the Work-in-Process Inventory on May 31, 2016, 30% complete as to
conversion costs and 100% complete as to materials. The month’s charges for conversion
costs and material costs were $9,440 and $6,250, respectively. There was no beginning
inventory on May 1, 2016. What is the cost of the work transferred-out during May?
67.
A form prepared periodically for each processing department summarizing (1) the units for
which the department is accountable and the disposition of these units and (2) the costs
charged to the department and the allocation of these costs is called a:
68.
The FIFO method provides a major advantage over the weighted-average method in that:
69.
The computation of equivalent units under the FIFO method: