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Exam 22: Fifo Method

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Question 41

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Roger Company uses the FIFO method in its process costing system. The following data are taken from the accounting records of a particular department for June: The cost of the 75,000 units transferred out of the department during June is:

A) $151,250
B) $145,250
C) $131,500
D) $168,750

E) A) and B)
F) All of the above

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Question 42

Multiple Choice

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Moulgadi Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: 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:

A) $37.87
B) $39.76
C) $43.81
D) $41.20

E) None of the above
F) C) and D)

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Question 43

Multiple Choice

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Kets Corporation uses the FIFO method in its process costing system. Operating data for the Enameling Department for the month of May appear below: What were the equivalent units for conversion costs in the Enameling Department for May?

In August, one of the processing departments at Marchese Corporation had beginning work in process inventory of $34,000 and ending work in process inventory of $35,000. During the month, $401,000 of costs were added to production. The company uses the FIFO method in its process costing system. Required: Construct a cost reconciliation report for the department for the month of August.

Cherrington Company uses a process costing system. For May, the month just completed, the beginning work in process inventory consisted of 50,000 units which were 60% complete with respect to conversion costs. The ending inventory for the month was 20% complete with respect to conversion costs. A summary of cost data for the month follows: -Using the weighted-average method, the cost per equivalent unit of conversion cost for May is closest to:

Osman Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: 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 conversion costs for the month in the first processing department?

In the cost reconciliation report, the costs accounted for equals the cost of ending work in process inventory plus the costs added during the period.

Capul Company uses the FIFO method in its process costing system. The Assembly Department started the month with 5,000 units in its beginning work in process inventory that were 50% complete with respect to conversion costs. An additional 74,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 15,000 units in the ending work in process inventory of the Assembly Department that were 60% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Assembly Department for the month?

Ismail Corporation uses the FIFO method in its process costing system. The first processing department, the Forming Department, started the month with 21,000 units in its beginning work in process inventory that were 10% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $6,090. An additional 98,000 units were started into production during the month and 95,000 units were completed and transferred to the next processing department. There were 24,000 units in the ending work in process inventory of the Forming Department that were 30% complete with respect to conversion costs. A total of $269,269 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 off to three decimal places.)

In July, one of the processing departments at Keen Corporation had beginning work in process inventory of $19,000 and ending work in process inventory of $18,000. During the month, the cost of units transferred out from the department was $216,000. The company uses the FIFO method in its process costing system. -In the department's cost reconciliation report for July, the costs added to production in the department would be:

Details of the manufacturing activity in Amy Company's Assembly Department for the month of December are given below: All materials are added at the beginning of processing in the Assembly Department. -The equivalent units for material for the month, using the FIFO method, is:

Edward Company uses the FIFO method in its process costing system. The first processing department, the Welding Department, started the month with 10,000 units in its beginning work in process inventory that were 40% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $12,800. An additional 94,000 units were started into production during the month. There were 14,000 units in the ending work in process inventory of the Welding Department that were 80% complete with respect to conversion costs. A total of $286,740 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.)