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Exam 28: Process Cost Accounting

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Question 41

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Materials issued to production are recorded by debiting Raw Materials Inventory and crediting the departmental work in process accounts.

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B) False

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Question 42

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To obtain meaningful unit costs in a process cost accounting system,the work accomplished must be measured in ____________________ production units.

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Question 43

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The units transferred in from a prior department are included in the quantity to be accounted for on the cost of production report for the receiving department.

The method that combines the cost of beginning inventory and the current costs of the period is the

In Gerth Manufacturing,production is started in the fabricating department.The work is then transferred to the finishing department where goods are completed and then transferred to the finished goods storeroom.Data about the company's costs during February 2016 are given below. During the month,products costing $45,000 were transferred from the fabricating department to the finishing department;goods costing $56,000 were transferred from the finishing department to finished goods inventory;and goods that cost $63,000 were sold on account for $79,000.Record the following events on page 3 of a general journal.Use February 28 as the date.Omit descriptions. (a. )Place materials into production (b. )Charge labor costs into production (c. )Charge overhead costs into production (d. )Transfer product from fabricating department to finishing department (e. )Transfer finished goods from finishing department to finished goods inventory (f. )Sale of goods (g. )Record cost of goods sold

During the month,2,700 units of a product were completed and 800 units were 60% complete with respect to labor and still in process.The total equivalent units of production for labor for the month is

In the ____________________ cost accounting system,costs for materials,labor,and manufacturing overhead are charged to the Work in Process Inventory accounts of the producing departments.

On a cost of production report,the total of the costs of products transferred out of a department and the cost of the ending work in process in the department must equal the cumulative total cost for the department.

At the end of the month,the transfer of manufacturing overhead to work in process includes a ____________________ to Manufacturing Overhead account.

Jocose Company recorded the following journal entries.Write a description for each numbered journal entry.Number your descriptions to match the journal entry numbers.

A firm had 600 units in its work in process inventory at the beginning of a month.Of these units,30 percent were complete with respect to labor,materials,and overhead.The firm transferred 5,000 units to the finished goods inventory during the month.It had 500 units of which 40 percent were complete and still in process at the end of the month.Equivalent production for the month was

In a process cost accounting system,product costs are collected by department and transferred out as units are completed.Assigning costs between transferred out units and units that remain in process is based on equivalent unit computations.

At the end of the month,the balance in the Manufacturing Overhead control account is closed into the departmental work in process accounts.

The source of the cost data that appears in a cost of production report is

To compute the unit cost of production for a year,the beginning inventory cost is added to the current period manufacturing costs,and the total is divided by the equivalent units of production.

Unit Manufacturing Company had no work in process at the beginning of a month.At the end of the month,600 units were still in process and were 40% complete.Equivalent production for the month was 5,240 units.How many units were transferred out of production to finished goods during the month?

Goods transferred to another department for further processing are nonetheless considered 100 percent complete on the cost of production report of the department making the transfer.

In a process cost accounting system,the average unit cost of a product is determined by dividing the appropriate costs by

A department transferred 7,000 units to the finished goods storeroom during a month.There was no beginning work in process inventory,but 500 units were still in process at the end of the month.Equivalent production for the month was 7,400 units,and production costs incurred totaled $16,800.Inventory costs would be determined using a unit cost of

Using the information given,what are the quantity to account for,the quantity accounted for,and the equivalent production units for the month of November for Department R?