# 10 questions | Accounting homework help

1

Which of the following statements is (are) true?

[removed]A)

A manufacturer of paper would ordinarily use process costing rather than job-order costing.

[removed]B)

If a company uses a process costing system it accumulates costs by processing department rather than by job.

[removed]C)

The output of a processing department must be homogeneous in order to use process costing.

[removed]D)

All of the above are true statements.

2

In a process costing system, the journal entry used to record the transfer of units from Department A, a processing department, to Department B, the next processing department, includes a debit to:

[removed]A)

Work in Process – Department A and a credit to Work in Process – Department B.

[removed]B)

Work in Process – Department B and a credit to Work in Process – Department A.

[removed]C)

Work in Process – Department B and a credit to Materials.

[removed]D)

Finished Goods and a credit to Work in Process – Department B.

3

Goethe Company uses the weighted-average method in its process costing system. The following information was available about one of the company’s processing departments:

• There were 108,000 equivalent units of production with respect to conversion costs during the current month.
• There were 15,000 units in the department’s beginning work in process inventory, which were two-thirds complete with respect to conversion costs.
• During the current month, 105,000 units were started and 100,000 were completed and transferred out of the department.

The ending work in process inventory in the department:

[removed]A)

was 40% complete with respect to conversion costs.

[removed]B)

was 65% complete with respect to conversion costs.

[removed]C)

consisted of 5,000 units.

[removed]D)

consisted of 10,000 units.

4

Golden Company uses the weighted-average method in its process costing system. The following information was available for one of its processing departments:

• The beginning work in process inventory consisted of 16,000 units, which were 75% complete with respect to conversion costs.
• The department converted the equivalent of 59,000 units of production during the current month.
• A total of 50,000 units were completed and transferred out of that department during the current month.
• The ending work in process inventory consisted of 12,000 units, which were 50% complete with respect to conversion costs.

The number of units started during the month in that department was:

[removed]A)

29,000 units.

[removed]B)

42,000 units.

[removed]C)

46,000 units.

[removed]D)

54,000 units.

5

Barnes Company uses the weighted-average method in its process costing system. The company sold 250,000 units during the current month. The following data were taken from the company’s accounting records:

What were the equivalent units of production for conversion costs in the Packing Department for the current month?

[removed]A)

153,000

[removed]B)

235,000

[removed]C)

247,000

[removed]D)

251,000

6

Zook Company uses the weighted-average method in its process costing system. The following data for the Mixing Department were taken from the company’s accounting records.

The equivalent units of production for conversion costs were:

[removed]A)

200,000 units.

[removed]B)

204,000 units.

[removed]C)

222,000 units.

[removed]D)

224,000 units.

7

Addingly Company uses the weighted-average method in its process costing system. The following information pertains to one of its processing departments for the current month:

All materials are added at the beginning of the process. The cost per equivalent unit for materials is closest to:

[removed]A)

\$0.25.

[removed]B)

\$0.34.

[removed]C)

\$0.44.

[removed]D)

\$1.48.

8

Erie Company uses the weighted-average method in its process costing system. The company has only a single processing department. The company’s ending work in process inventory consisted of 36,000 units. The units in the ending work in process inventory were 50% complete with respect to materials and 30% complete with respect to labor and overhead. If the costs per equivalent unit for the current period were \$5.50 for materials and \$8.50 for labor and overhead, the total cost assigned to the ending work in process inventory was:

[removed]A)

\$151,200.

[removed]B)

\$160,200.

[removed]C)

\$252,000.

[removed]D)

\$190,800.

9

Ontario Company uses the weighted-average method in its process costing system. The Baking Department is the third department in its production process. The data below summarize the department’s operations during the current month:

The Baking Department’s production report indicates that the cost per equivalent unit for conversion cost for the current month was \$8.24. How much conversion cost was assigned to the units transferred out of the Baking Department during the current month?

[removed]A)

\$964,574.40

[removed]B)

\$1,005,280

[removed]C)

\$1,046,480

[removed]D)

\$1,122,288

10

The beginning work in process inventory in the Milling Department consisted of 10,000 units, 50% complete with respect to materials cost and 60% complete with respect to conversion costs. The total cost of the beginning inventory was \$60,000. During the month, 50,000 units were transferred out of this department. The equivalent unit cost was computed to be \$4.00 for materials and \$7.40 for conversion costs under the weighted-average method. Given this information, the total cost of the units completed and transferred out of this department during the month was:

[removed]A)

\$480,000.

[removed]B)

\$510,000.

[removed]C)

\$540,000.

[removed]D)

\$570,000.

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