11) When calculating equivalent units in a second or later processing department, all physical units should be considered 50% complete with respect to transferred-in work and costs. 12) In a process...

11) When calculating equivalent units in a second or later processing department, all physical units should be considered 50% complete with respect to transferred-in work and costs.

12) In a process costing system, the number of WIP inventories:

A) equals the number of products produced.

B) equals the number of production departments.

C) equals the number used in a job cost system.

D) cannot equal the number of parts used in the product

13) In a process system with multiple processes, the cost of units completed in department one is transferred to:

A) WIP in department two.

B) finished goods.

C) cost of goods sold.

D) overhead.

14) Which of the following is unique to a process costing system?

A) Each process has its own WIP account.

B) Direct materials, direct labor and manufacturing overhead are assigned to the first department only.

C) Costs for each process stay with that process until the goods are moved to finished goods.

D) Work is not started on a product until an order is received.

15) At Polson Company, materials are added at the beginning of the process and conversion costs are added uniformly.

The total cost of units remaining in ending WIP inventory is closest to:

A) $225,301.

B) $63,458.

C) $212,477.

D) $245,391.

16) At Polson Company, materials are added at the beginning of the process and conversion costs are added uniformly.

The total cost of units transferred to finished goods is closest to:

A) $1,003,873.

B) $936,948.

C) $367,967.

D) $1,149,425.

17) Note the following data:

Units:

Beginning WIP52,000

80% for materials

30% for conversion

Transferred-in200,000

Completed228,000

Ending WIP

50% for materials

10% for conversion24,000

Costs:

Beginning WIP

Direct materials$68,000

Conversion146,200

Transferred-in94,000

Transferred-in from department 1$1,600,000

Direct materials added907,250

Conversion added542,000

Costs of units transferred to finished goods would be closest to:

A) $3,357,409.

B) $1,607,519.

C) $3,049,250.

D) $3,140,185

18) Note the following data:

Units:

Beginning WIP52,000

80% for materials

30% for conversion

Transferred-in200,000

Completed228,000

Ending WIP

50% for materials

10% for conversion 24,000

Costs:

Beginning WIP

Direct materials$68,000

Conversion146,200

Transferred-in94,000

Transferred-in from department 1$1,600,000

Direct materials added907,250

Conversion added542,000

The cost of ending WIP is closest to:

A) $330,546.

B) $55,931.

C) $217,265.

D) $308,200.

19) Materials are added at the beginning of the process and conversion costs are added uniformly.

On March 31, what would be the total equivalent units for direct materials?

A) 39,000

B) 42,000

C) 50,000

D) 53,000

20) Materials are added at the beginning of the process and conversion costs are added uniformly.

On March 31, what is the total number of physical units to account for?

A) 42,000

B) 45,000

C) 53,000

D) 39,000