Chapter 6 — Process Process Costing TRUE/FALSE
1. Process costing is most appropriate appropriate when manufacturing large batches of of homogenous homogenous products. ANS: T 2. Conversion costs costs include all manufacturing costs other than direct materials ANS: T 3. Equivalent units units are computed computed to assign assign costs to partially completed units ANS: T 4. The weighted average average method combines beginning inventory inventory and current current production to compute cost cost per unit of production. production. ANS: T 5. The FIFO method combines beginning inventory and current current production to compute cost per per unit of production. ANS: F 6. The weighted average average method separates beginning inventory inventory and current current production to compute cost per unit of production. production. ANS: F 7. The FIFO method separates beginning inventory and current production to compute cost per per unit of production. ANS: T 8. The numerator in the formula for equivalent equivalent units includes all beginning beginning inventory inventory costs when when using the weighted average costing assumption. ANS: T
,6-3
9. The numerator in the formula for equivalent equivalent units includes all beginning beginning inventory inventory costs when when using the FIFO costing assumption. ANS: F
,6-4
10. The weighted average average costing method method assumes that that units in beginning inventory inventory are the first units transferred. ANS: F 11. The FIFO costing method assumes that units in beginning inventory inventory are the first units transferred. transferred.
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ANS: T 12. Standard costing is compatible with both FIFO and weighted average methods of costing ANS: F 13. A hybrid costing system system would be be appropriate for a company company that manufactures manufactures cake flour. ANS: F
OBJ:
6-6
14. A hybrid costing costing system would would be appropriate appropriate for a company that manufactures several several varieties of jam. ANS: F
OBJ:
6-6
15. Using FIFO costing, equivalent un its of production (EUP) can be determined by subtracting EUP’s in Beginning work in process from weighted average EUP. ANS: T
OBJ:
6-7
16. Weighted average equivalent units of production (EUP) can be determined by adding EUP’s in ending work in process to units transferred out. ANS: T
OBJ:
6-7
17. Continuous production production losses are assumed to occur uniformly throughout the process. ANS: T
OBJ:
6-8
18. Discrete production production losses are assumed to occur throughout throughout the process. ANS: F
OBJ:
6-8
19. Discrete production production losses are assumed to occur at the end of a process. ANS: T
OBJ:
6-8
20. Continuous production production losses are assumed to occur at the the end of a process ANS: F
OBJ:
6-8
21. Abnormal continuous continuous losses are absorbed by all all units in ending inventory and transferred out on a EUP basis. ANS: F
OBJ:
6-8
22. Normal continuous continuous losses are absorbed absorbed by all units units in ending ending inventory and transferred out on a EUP
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23. Costs of normal shrinkage and normal normal continuous losses losses in a process costing environment environment are handled by the method of neglect. ANS: T
OBJ:
6-8
24. Costs of normal shrinkage and normal normal continuous losses losses in a process process costing environment are handled handled by the method of accretion. ANS: F
OBJ:
6-8
25. A continuous loss is assumed assumed to occur at a specific point point in the production production process. process. ANS: F
OBJ:
6-8
26. A discrete loss is assumed to occur at a specific point in the production process. process. ANS: T
OBJ:
6-8
27. Abnormal spoilage spoilage is always always accounted for on an equivalent unit unit basis. ANS: T
OBJ:
6-8
COMPLETION
1. All manufacturing costs other other than direct direct materials are referred to as ____________________ _______________________ ___ ANS: conversion costs
2. The process costing costing system that that computes equivalent equivalent units on on beginning work in process inventory inventory as well as work done in the current period is known as a _______________________ ___________________________. ____. ANS: weighted average average process costing method
3. The process costing costing system that that computes equivalent equivalent units on on work done in the current period is is known as a ___________________________. ___________________________. ANS: FIFO process process costing costing method
4. The number of completed completed units that that could have been been produced from the the inputs applied applied is referred to as _______________________. _______________________. ANS: equivalent units
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5. Two methods of accounting for cost flows in process costing are _________________ and _________. ANS: weighted average; FIFO
6. A ______________ ______________ costing costing system is appropriate where products products manufactured have different direct materials but similar processing techniques. ANS: hybrid OBJ:
6-6
7. Costs of normal shrinkage and normal normal continuous losses losses in a process process costing environment are handled handled by the method of ______________. ______________. ANS: neglect OBJ:
6-8
8. The _______________________ __________________________ ___ report details all manufacturing quantities and and costs, shows computation of EUP, and indicates cost assignments to goods manufactured. ANS: cost of production ,6-4 MULTIPLE CHOICE
1. Which cost accumulation procedure is most applicable applicable in continuous continuous mass-production mass-production manufacturing manufacturing environments? a. standard b. actual c. process d. job order ANS: C 2. Process costing costing is used used in companies companies that a. engage in road and bridge construction. b. produce sailboats made to customer customer specifications. c. produce bricks for sale to the public. d. construct houses according to customer plans. ANS: C 3. A producer of ________ would not use a process costing system. a. gasoline b. potato chips blank videotapes
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a. b. c. d.
produces heterogeneous products. produces items by special request request of customers. produces homogeneous products. accumulates costs by job.
ANS: C 5. Which is the best cost accumulation accumulation procedure to use for continuous continuous mass production production of like units? a. actual b. standard c. job order d. process ANS: D 6. Equivalent units of production production are equal to the a. units completed completed by a production production department department in the period. b. number of units worked on during during the period by a production production department. c. number of whole whole units that could have been completed if all work of the period period had been used to produce whole units. d. identifiable units units existing at the end of the period in a production department. ANS: C 7. In a process costing costing system using using the weighted weighted average method, method, cost per equivalent equivalent unit for a given cost component is found by dividing which of the following by EUP? a. only current period cost b. current period cost plus the the cost of beginning inventory inventory c. current period cost less less the cost of beginning inventory d. current period cost plus plus the the cost of ending inventory ANS: B 8. The weighted average average method is thought thought by some some accountants to be be inferior to the FIFO method because it a. is more difficult to apply. b. only considers the last units units worked on. c. ignores work performed in subsequent periods. d. commingles costs of two periods. ANS: D 9. The first step in determining the cost per EUP per cost component component under the weighted weighted average method method is to a. add the beginning beginning Work in Process Inventory cost to the the current period's period's production production cost. b. divide the current period's period's production cost by the the equivalent units. c. subtract the beginning Work in in Process Inventory cost from the current period's production cost. d. divide the the current period's production cost into the the EUP. EUP. ANS: A
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10. The difference between between EUP calculated using FIFO and EUP calculated using weighted average is the equivalent units a. started and completed during the period. b. residing in beginning beginning Work in Process Inventory. Inventory. c. residing in ending Work in Process Inventory. d. uncompleted in Work in Process Inventory. ANS: B
,6-4
11. EUP calculations calculations for standard process process costing are the same as a. the EUP calculations for weighted weighted average process costing. b. the EUP calculations for FIFO process process costing. c. LIFO inventory costing for merchandise. d. the EUP EUP calculations for LIFO process costing. ANS: B 12. In a FIFO process costing system, system, which of the following are assumed assumed to be completed completed first in the the current period? a. units started this period b. units started last period c. units transferred out d. units still in process ANS: B 13. To compute equivalent equivalent units of production production using using the FIFO method method of process costing, costing, work for the current period must be stated in units a. completed during during the period period and units in ending ending inventory. inventory. b. completed from beginning inventory, inventory, units started started and completed during the period, and units partially completed in ending inventory. c. started during the period and units transferred out during the period. d. processed during during the period and units completed during the period. ANS: B 14. The FIFO method of process costing will produce the the same cost of goods transferred out amount as the weighted average method when a. the goods produced are homogeneous. b. there is no beginning Work Work in Process Inventory. Inventory. c. there is no ending Work in Process Inventory. Inventory. d. beginning and ending Work in Process Inventories are each 50 percent complete. ANS: B 15. The primary difference between the FIFO and weighted average methods of process costing costing is a. in the treatment of beginning beginning Work in Process Inventory. Inventory. b. in the treatment of current period production production costs. c. in the treatment of spoiled units.
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16. Material is added at the beginning of a process in a process costing system. system. The beginning Work in Process Inventory for the process was 30 percent complete as to conversion costs. Using the FIFO method of costing, the number of equivalent units of material for the process during this period is equal to the a. beginning inventory this period for the process. b. units started this period period in the process. c. units started this period in the process process plus the beginning beginning Work in Process Inventory. Inventory. d. units started and completed this period plus the units in ending Work in Process Inventory. ANS: D
,6-4
17. In a cost of production production report using process costing, transferred-in costs are similar to the a. cost of of material material added added at the beginning of production. production. b. conversion cost added during during the period. c. cost transferred out to the next department. d. cost included in beginning inventory. ANS: A 18. In a process costing costing system, the journal entry to record the transfer of of goods from Department #2 to Finished Goods Inventory is a a. debit Work Work in Process Inventory #2, credit Finished Goods Inventory. b. debit Finished Goods Inventory, Inventory, credit Work in Process Process Inventory #1. c. debit Finished Finished Goods Goods Inventory, Inventory, credit Work Work in Process Inventory #2. d. debit Cost of Goods Sold, credit Work in Process Inventory Inventory #2. ANS: C 19. Transferred-in cost represents the cost from a. the last department only. b. the last production cycle. c. all prior departments. d. the current period only. ANS: C 20. Which of the following following is(are) is(are) the same between the weighted average and FIFO methods methods of calculating EUPs? Units to
EUP
Total cost to
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22. Averaging the total cost of completed beginning beginning inventory and units started and completed over over all units transferred out is known as a. strict FIFO. b. modified FIFO. c. weighted average costing. d. normal costing. ANS: B 23. A process costing system a. cannot use standard costs. b. restates Work in Process Inventory Inventory in terms of completed units. units. c. accumulates costs by job rather rather than than by department. d. assigns direct labor and manufacturing overhead overhead costs separately to units of production. ANS: B 24. A process costing system does which of of the following? Calculates EUPs a. b. c. d.
Assigns costs to inventories
no no yes yes
no yes yes no
ANS: C 25. A process costing system Calculates average cost per whole unit a. b. c. d.
yes no yes no
ANS: D
Determines total units to account for yes no no yes
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27. When standard costs are used in process costing, a. variances can be measured during the production production period. b. total costs rather than current current production and current costs costs are used. c. process costing calculations are made simpler. d. the weighted average method method of calculating EUPs makes computing transferred-out costs easier. ANS: D 28. Which of the following following is subtracted subtracted from weighted average EUP to derive derive FIFO EUP? EUP? a. beginning WIP EUP completed in current period b. beginning WIP EUP produced in in prior period c. ending WIP EUP not completed d. ending WIP EUP completed ANS: B
,6-4
29. The cost cost of of abnormal abnormal continuous losses is a. considered a product cost. b. absorbed by all units in ending inventory and transferred out on an equivalent equivalent unit basis. c. written off off as a loss on an equivalent unit basis. d. absorbed by all units units past past the inspection point. ANS: C
OBJ:
6-8
OBJ:
6-8
30. Abnormal spoilage can be continuous
discrete
a. b. c. d.
no no yes yes
yes no yes no
ANS: C
31. When the cost of lost units units must be assigned, assigned, and those those same units must must be included in an equivalent equivalent unit schedule, these units are considered a. normal and discrete. b. normal and continuous.
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33. Which of the following would be considered a discrete discrete loss in a production production process? a. adding the the correct ingredients to make make a bottle of of ketchup b. putting the appropriate appropriate components together for for a stereo c. adding the wrong components when assembling a stereo stereo d. putting the appropriate appropriate pieces pieces for a bike bike in the box ANS: C
OBJ:
6-8
34. The method method of neglect handles handles spoilage spoilage that is a. discrete and abnormal. b. discrete and normal. c. continuous and abnormal. d. continuous and normal. ANS: D
OBJ:
6-8
35. The cost cost of of normal normal discrete discrete losses is a. absorbed by all units past the inspection point point on an equivalent equivalent unit basis. b. absorbed by all units in ending inventory. c. considered a period cost. d. written off off as a loss on an equivalent unit basis. ANS: A
OBJ:
6-8
36. The cost cost of of abnormal abnormal continuous continuous losses is a. considered a product cost. b. absorbed by all units in ending inventory and transferred out on an equivalent equivalent unit basis. c. written off off as a loss on an equivalent unit basis. d. absorbed by all units units past past the inspection point. ANS: C
OBJ:
6-8
37. Normal spoilage spoilage units resulting from a continuous process a. are extended to the EUP schedule. b. result in a higher unit cost cost for the good units produced. produced. c. result in a loss being incurred. d. cause estimated overhead to increase. ANS: B
OBJ:
6-8
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39. Which of the following accounts is credited when abnormal spoilage spoilage is written off in an actual cost system? a. Miscellaneous Revenue b. Loss from Spoilage c. Finished Goods d. Work in Process ANS: D
OBJ:
6-8
40. The cost of abnormal abnormal discrete units must must be assigned to good units lost units a. b. c. d.
yes no yes no
ANS: D
yes no no yes OBJ:
6-8
41. Which of the following statements is false? The cost of rework on defective units, if a. abnormal, should should be assigned assigned to a loss loss account. account. b. normal and if actual costs are used, should should be assigned to material, material, labor and overhead costs of the good production. c. normal and if standard costs are used, should should be considered considered when when developing the overhead application rate. d. abnormal, should be prorated among among Work In Process, Finished Finished Goods, and Cost of Goods Sold. ANS: D
OBJ:
6-8
42. If normal spoilage spoilage is detected at an inspection point within the process (rather than at the end), end), the cost of that spoilage should be a. included with with the cost of the units sold during during the period. b. included with the cost of of the units completed in that department during the the period. c. allocated to ending work in process units and units transferred transferred out based based on their their relative values. d. allocated to the good units that have passed the inspection point. ANS: D
OBJ:
6-8
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44. Which of the following is not a question that needs to be answered with regard to quality control? a. What happens to the spoiled units? b. What is the actual cost of spoilage? spoilage? c. How can spoilage be controlled? d. Why does spoilage happen? ANS: A
OBJ:
6-8
45. Normal spoilage spoilage units resulting from a continuous process a. are extended to the EUP schedule. b. result in a higher unit cost for the good units produced. produced. c. result in a loss being incurred. d. cause estimated overhead to increase. ANS: B
OBJ:
6-8
46. The addition of of material in a successor successor department that causes an increase increase in volume volume is called a. accretion. b. reworked units. c. complex procedure. d. undetected spoilage. ANS: A
OBJ:
6-8
47. Long Company transferred 5,500 units units to Finished Goods Inventory Inventory during September. September. On September 1, the company had 300 units on hand (40 percent complete as to both material and conversion costs). On June 30, the company had 800 units (10 percent complete as to material and 20 percent complete as to conversion costs). The number of units started and completed during September was: a. 5,200.
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48. Green Company Company started 9,000 units in February. The company transferred out 7,000 finished finished units units and ended the period with 3,500 units that were 40 percent complete as to both material and conversion costs. Beginning Work in Process Inventory units were a. 500. b. 600. c. 1,500. d. 2,000. ANS: C Beginning Work in Process
1,500
Add: Units Started
9,000
Deduct: Units Transferred Out
7,000
Ending Work in Process
3,500
49. Bush Company had had beginning Work in Process Inventory Inventory of 5,000 units that were 40 percent complete complete as to conversion costs. X started and completed 42,000 units this period and had ending Work in Process Inventory of 12,000 units. How many units were started this period? a. 42,000 b. 47,000 c. 54,000 d. 59,000 ANS: C Beginning Work in Process
5,000
Add: Units Started
54,000
Deduct: Units Transferred Out
47,000
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a. b. c. d.
37,800 40,200 40,800 42,000
ANS: B Beginning Work in Process
12,000
20%
2,400
+ Completion of Units in Process
12,000
80%
9,600
+ Units Started and Completed
27,000
100%
27,000
3,000
40%
1,200
+ Ending Work in Process Equivalent Units of Production
40,200
,6-3 52. Kerry Company makes small metal metal containers. The company began began December with with 250 containers in process that were 30 percent complete complete as to material and 40 percent complete complete as to conversion costs. costs. During the month, 5,000 containers were started. At month end, 1,700 containers were still in process (45 percent complete as to material and 80 percent complete as to conversion costs). Using the weighted average method, what are the equivalent units for conversion costs? a. 3,450 b. 4,560 c. 4,610 d. 4,910 ANS: D Beginning Work in Process
250
40%
100
+ Completion of Units in Process
250
60%
150
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54. Julia Company Company makes fabric-covered hatboxes. hatboxes. The company began September with with 500 boxes in process that were 100 percent percent complete as to cardboard, 80 percent percent complete as to cloth, and 60 percent complete as to conversion conversion costs. During the month, month, 3,300 boxes were started. started. On September 30, 350 boxes were in process (100 percent complete as to cardboard, 70 percent complete as to cloth, and 55 percent complete as to conversion costs). Using the FIFO method, what are equivalent e quivalent units for cloth? a. 3,295 b. 3,395 c. 3,450 d. 3,595 ANS: A Beginning Work in Process (Ignored for FIFO)
500
0%
-
+ Completion of Units in Process
500
20%
100
2,950
100%
2,950
350
70%
245
+ Units Started and Completed + Ending Work in Process Equivalent Units of Production
3,295
,6-4 Reed Company
Reed Company. has the following f ollowing information for November: Beginning Work in Process Inventory (70% complete as to conversion) Started
6,000 units 24,000 units
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55. Refer to Reed Company. How many units were transferred out in November? a. 15,500 b. 18,000 c. 21,500 d. 24,000 ANS: C Beginning Work in Process
6,000
Add: Units Started
24,000
Deduct: Units Transferred Out
21,500
Ending Work in Process
8,500
56. Refer to Reed Company. Assume that weighted average average process costing costing is used. What is the cost cost per equivalent unit for material? a. $0.55 b. $1.05 c. $1.31 d. $1.83 ANS: D Material Costs: Beginning Current Period
$
23,400 31,500 54,900 ÷ 30,000 =
$ 1.83
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57. Refer to Reed Company. Company. Assume that FIFO FIFO process costing is used. used. What is the cost per equivalent unit for conversion? a. $3.44 b. $4.24 c. $5.71 d. $7.03 ANS: B Conversion Costs: Beginning (Ignored for FIFO) Current Period
$ $
Equivalent Units Beginning Inventory (6,000 * 30%) Started and Completed (15,500)
76,956 76,956 1,800 15,500
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Beginning WIP Inventory: Transferred In Material Conversion Current Period: Transferred In Material Conversion
$1,170 4,320 6,210 ? $67,745 95,820
58. Refer to Holiday Company. How many units were transferred to Decorating during the month? a. 600 b. 4,900 c. 5,950 d. 7,000 ANS: B
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61. Refer to Holiday Company. Assume 8,000 units were transferred to Decorating. Compute the number number of equivalent units in Decorating for material. a. 7,970 b. 8,000 c. 8,330 d. 8,450 ANS: A Materials: Decorating: FIFO
Beginning Work in Process + Units Started and Completed + Ending Work in Process Equivalent Units of Production
Units
% Eqiv. Complete Units
600
20%
120
7,700
100%
7,700
300
50%
150 7,970
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63. Refer to Holiday Company. Assume that 8,000 units were transferred to Decorating at a total cost of $16,000. What is the material cost per equivalent unit in Decorating? a. $8.50 b. $8.65 c. $8.80 d. $9.04 ANS: A When FIFO is used, consider only current costs. Current Costs
$67,745
Equiv Units
7,970
Cost/ Equiv Unit $8.50
64. Refer to Holiday Company. Assume that 8,000 units units were transferred to Decorating at a total cost of $16,000. What is the conversion cost per equivalent unit in Decorating?
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Ryan Company adds material at the start to its production process and has the following information available for March: Beginning Work in Process Inventory (40% complete as to conversion) Started this period Ending Work in Process Inventory (25% complete as to conversion) Transferred out
7,000 32,000
units units
2,500 ?
units
66. Refer to Ryan Company. Compute the number of of units started and completed in March. a. 29,500 b. 34,500 c. 36,500 d. 39,000 ANS: A
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b. 34,325 c. 37,125 d. 39,000 ANS: D Equivalent Units Beginning Inventory (7,000 units)
7,000
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71. Refer to Maxwell Company. How many units must be accounted for? a. 118,200 b. 128,200 c. 130,000 d. 138,200 ANS: C Beginning Work in Process
10,000
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74. Refer to Maxwell Company. Company. What are the equivalent equivalent units for material using using the weighted weighted average average method? a. 120,000 b. 123,860 c. 128,360 d. 130,000 ANS: D
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77. Refer to Maxwell Company. Company. What are the equivalent equivalent units units for conversion using the FIFO FIFO method? a. 118,360 b. 122,860 c. 123,860 d. 128,360 ANS: C
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80. Refer to Maxwell Company. Company. What is the cost of units completed using the weighted weighted average? a. $237,510 b. $266,742 c. $278,400 d. $282,576 ANS: D
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Hocking Company
The following information is available for Hocking Company for March 20X8. All materials are added at the start of production. 8,000 35,000 6,000 2,500 15,000 19,500
Beginning Work in Process: (80% complete) Started Normal spoilage (continuous) (continuous) Abnormal spoilage Ending Work in Process: (55% complete) Transferred out Beginning Work in Process Costs: Material Conversion Current Costs: Material Conversion Total Costs
$
units units units units units units
14,000 45,000
50,000 175,000 $ 284,000
14. Refer to Hocking Hocking Company. Prepare a cost of production report for March March using FIFO. ANS: BI 8,000 + Started 35,000 = Accountable for 43,000 Hocking Company Cost Report March 31, 20X8 Material BWIP S&C EWIP Norm Abnorm. Acctd. For
8,000 11,500 15,000 6,000 2,500 43,000
0 11,500 15,000 0 2,500 29,000
CC 1,600 11,500 8,250 0 23,850
Material: $50,000/29,000 = $1.72 Conversion Costs: $175,000/23,850 = $7.34 Cost Assignment:
Ending Work in Process 15,000 x $1.72 = 8,250 x $7.34 = Abnormal Spoilage 2,500 x $9.06 = Cost Transferred Out $284,000 - 86,355 - 22,650 =
$ 25,800 60,555
$ 86,355 22,650 174,995
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15. Refer to Hocking Company. Prepare the cost of production report assuming assuming the weighted weighted average average method. ANS: BI 8,000 + Started 35,000 = Accountable for 43,000 Hocking Company Cost Report March 31, 20X8 Material Transferred Out Ending Work In Process Normal Spoilage Abnormal Spoilage 2,500 Accounted For
19,500 15,000 6,000 2,500 43,000
19,500 15,000 0 2,500 37,000
CC 19,500 8,250 0 30,250
Material: $64,000/37,000 = $1.73 Conversion Costs: $220,000/30,250 = $ 7.27 Cost Assignment:
Ending Work in Process 15,000 x $1.73 = 8,250 x $7.27 = Abnormal Spoilage 2,500 x $9.00 = Transferred Out $284,000 - 85,928 - 22,500 = Total costs accounted for ,6-8
$25,950 59,978
$ 85,928 22,500 175,572 $ 284,000