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70.
Tori Company uses the FIFO method in its process costing system. The first processing
department, the Soldering Department, started the month with 17,000 units in its
beginning work-in-process inventory that were 70% complete with respect to conversion
costs. The conversion cost in this beginning work-in-process inventory was $101,150. An
additional 68,000 units were started into production during the month. There were 23,000
units in the ending work-in-process inventory of the Soldering Department that were 80%
complete with respect to conversion costs. A total of $565,125 in conversion costs were
incurred in the department during the month.
What would be the cost per equivalent unit for conversion costs? (Round off to three
decimal places.)
8-63
71.
Sarfina Corporation uses the FIFO method in its process costing system. Operating data
for the Casting Department for the month of September appear below:
Units
Percent Complete with
Respect to Conversion
Beginning work-in-process inventory
15,000
20%
Transferred in from the prior department
during September
89,000
Ending work-in-process inventory
24,000
90%
8-65
72.
Garrison Corporation uses the FIFO method in its process costing system. Data
concerning the first processing department for the most recent month are listed below:
Beginning work-in-process inventory:
Units in beginning work-in-process
inventory
600
Materials costs
$6,600
Conversion costs
$2,700
Percent complete with respect to
materials
60%
Percent complete with respect to
conversion
10%
Units started into production during the
month
7,000
Materials costs added during the
month
$102,200
Conversion costs added during the
month
$259,200
Ending work-in-process inventory:
Units in ending work-in-process
inventory
1,500
Percent complete with respect to
materials
55%
Percent complete with respect to
conversion
10%
Note: Your answers may differ from those offered below due to rounding error. In all
cases, select the answer that is the closest to the answer you computed. To reduce
rounding error, carry out all computations to at least three decimal places.
How many units were started AND completed during the month in the first processing
department?
8-67
73.
Garrison Corporation uses the FIFO method in its process costing system. Data
concerning the first processing department for the most recent month are listed below:
Beginning work-in-process inventory:
Units in beginning work-in-process
inventory
600
Materials costs
$6,600
Conversion costs
$2,700
Percent complete with respect to
materials
60%
Percent complete with respect to
conversion
10%
Units started into production during the
month
7,000
Materials costs added during the
month
$102,200
Conversion costs added during the
month
$259,200
Ending work-in-process inventory:
Units in ending work-in-process
inventory
1,500
Percent complete with respect to
materials
55%
Percent complete with respect to
conversion
10%
Note: Your answers may differ from those offered below due to rounding error. In all
cases, select the answer that is the closest to the answer you computed. To reduce
rounding error, carry out all computations to at least three decimal places.
The cost per equivalent unit for conversion costs for the first department for the month is
closest to:
8-68
74.
Bentwood Corporation uses the FIFO method in its process costing system. Data
concerning the first processing department for the most recent month are listed below:
Beginning work-in-process inventory:
Units in beginning work-in-process
inventory
900
Materials costs
$17,100
Conversion costs
$10,200
Percent complete with respect to
materials
70%
Percent complete with respect to
conversion
25%
Units started into production during the
month
7,300
Units transferred to the next
department during the month
6,100
Materials costs added during the
month
$148,200
Conversion costs added during the
month
$247,500
Ending work-in-process inventory:
Units in ending work-in-process
inventory
2,100
Percent complete with respect to
materials
80%
Percent complete with respect to
conversion
35%
Note: Your answers may differ from those offered below due to rounding error. In all
cases, select the answer that is the closest to the answer you computed. To reduce
rounding error, carry out all computations to at least three decimal places.
What are the equivalent units for materials for the month in the first processing
department?
8-71
75.
Bentwood Corporation uses the FIFO method in its process costing system. Data
concerning the first processing department for the most recent month are listed below:
Beginning work-in-process inventory:
Units in beginning work-in-process
inventory
900
Materials costs
$17,100
Conversion costs
$10,200
Percent complete with respect to
materials
70%
Percent complete with respect to
conversion
25%
Units started into production during the
month
7,300
Units transferred to the next
department during the month
6,100
Materials costs added during the
month
$148,200
Conversion costs added during the
month
$247,500
Ending work-in-process inventory:
Units in ending work-in-process
inventory
2,100
Percent complete with respect to
materials
80%
Percent complete with respect to
conversion
35%
Note: Your answers may differ from those offered below due to rounding error. In all
cases, select the answer that is the closest to the answer you computed. To reduce
rounding error, carry out all computations to at least three decimal places.
The cost per equivalent unit for conversion costs for the first department for the month is
76.
77.
In order to compute equivalent units of production using the FIFO method of process
costing, work for the period must be broken down to units:
78.
The Finishing Department had 5,000 incomplete units in its beginning Work-in-Process
Inventory which were 100% complete as to materials and 30% complete as to conversion
costs. 15,000 units were received from the previous department. The ending Work-in-
Process Inventory consisted of 2,000 units which were 50% complete as to materials and
30% complete as to conversion costs. The Finishing Department uses first-in, first-out
(FIFO) process costing.
How many units were transferred-out during the period?
79.
The Finishing Department had 5,000 incomplete units in its beginning Work-in-Process
Inventory which were 100% complete as to materials and 30% complete as to conversion
costs. 15,000 units were received from the previous department. The ending Work-in-
Process Inventory consisted of 2,000 units which were 50% complete as to materials and
30% complete as to conversion costs. The Finishing Department uses first-in, first-out
(FIFO) process costing.
How many units were started and completed during the period?
80.
The Finishing Department had 5,000 incomplete units in its beginning Work-in-Process
Inventory which were 100% complete as to materials and 30% complete as to conversion
costs. 15,000 units were received from the previous department. The ending Work-in-
Process Inventory consisted of 2,000 units which were 50% complete as to materials and
30% complete as to conversion costs. The Finishing Department uses first-in, first-out
(FIFO) process costing.
What are the equivalent units of production for materials during the period?
81.
The Finishing Department had 5,000 incomplete units in its beginning Work-in-Process
Inventory which were 100% complete as to materials and 30% complete as to conversion
costs. 15,000 units were received from the previous department. The ending Work-in-
Process Inventory consisted of 2,000 units which were 50% complete as to materials and
30% complete as to conversion costs. The Finishing Department uses first-in, first-out
(FIFO) process costing.
What are the equivalent units of production for the conversion costs during the period?
82.
In computing the current period's manufacturing cost per equivalent unit, the FIFO method
of process costing considers: (CPA adapted)
83.
The debits to Work-in-Process for Department #2 for the month of April of the current
year, together with information concerning production, are presented below. All direct
materials come from Department #1. The units completed include the 1,200 in process at
the beginning of the period. Department #2 uses FIFO costing.
WORK-IN-PROCESS - DEPARTMENT #2
1,200 units, ¼
completed
$1,200
Product X, 6,200
units
????
From Dept. 1,
6,000 units
3,600
Direct Labor
8,000
Factory OH
4,800
1,000 units, ½
complete
????
