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Exam 28: Process Cost Accounting

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Question 21

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A process cost accounting system may be viewed as a monthly----------- system.

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Question 22

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In the manufacturing overhead subsidiary ledger, a departmental cost sheet is set up for each production department and each service department.

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B) False

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Question 23

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Costs of----------- departments are allocated as manufacturing overhead of the production departments that benefit.

Use the following information for the questions. The Vinh Corporation has two producing departments. Cost data from the firm's records for the month of Janua 2016 is given below. There were no beginning inventories. -Prepare a cost of production report for the Fabricating Department.

The part of the Cost Schedule showing the total and unit cost of each element and the cumulative cost total is the

Under the average cost method, the beginning inventory amount for each cost element is added to the amount of that cost element incurred during the current period.

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

The data about costs, quantities, and equivalent units of production is assembled in a----------- .

Match the following definitions to the term that they relate to.

Equivalent units of production are determined for materials and labor but not for manufacturing overhead.

Materials issued to production are recorded by----------- the departmental work in process accounts.

When finished goods are sold, the entry to record the cost of goods sold includes

If 1,100 units were completed and transferred to the next department and ending work in process inventory consisted of 720 units that were 35 percent complete, the total equivalent units of production for the period is----------- .

The----------- summarizes all costs charged to each department as well as the costs transferred out and to the cost assigned to goods still in process.

At the beginning of the current period, there were 200 units of product in a department, 40% completed; during the period 3,600 units were started and 3,200 units were completed and transferred out and 400 units were still in process at the end of the period, 80% completed. The equivalent production units for the current period are

During one month, 2,800 units of a product were completed and 900 units were 25 percent complete and still in process. The equivalent production for the month is

A firm had no work in process at the beginning of a month. It transferred 4,000 units to finished goods during the month, and 500 units were still in process at the end of the month. Equivalent production for the month was 4,400 units. At what stage of completion were the unfinished units at the end of the month?

A firm had 800 units in its work in process inventory at the beginning of a month. Of these units, 45 percent were complete with respect to labor, materials, and overhead. The firm transferred 5,700 units to the finished goods inventory during the month. It had 480 units which were 40 percent complete at the end of the month. Equivalent production for the month was

The Finishing department began the period with 3,350 units of a product. During the month, Assembly completed and transferred-out 6,400 units to Finishing. Ending in process quantities and percentage completion for Assembly and Finishing are as follows: 400 units 35 percent complete and 560 units 20 percent complete, respectively. The equivalent production for Assembly and Finishing for the month is:

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.