Process Costing Quiz

Process Costing Quiz

University

5 Qs

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Process Costing Quiz

Process Costing Quiz

Assessment

Quiz

Business

University

Practice Problem

Hard

Created by

Dr. Abed ALNasser Mahmoud Abdallah

Used 2+ times

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5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 20 pts

A company has the following data for its production process in April:

  • Beginning Inventory: 2,000 units (60% complete)

  • Units Started: 10,000 units

  • Ending Inventory: 1,500 units (30% complete)

  • Units Completed: 10,500 units.

  • Using the weighted average method, what are the equivalent units of production (EUP) for conversion costs?

10,950

11,450

11,250

10,650

2.

MULTIPLE CHOICE QUESTION

1 min • 20 pts

Cost per Equivalent Unit – Weighted Average Method

Using the data from Question 1, assume the following cost details:

  • Beginning Inventory Costs: $4,000 (Materials) + $6,000 (Conversion)

  • Current Period Costs: $50,000 (Materials) + $80,000 (Conversion)

Using the weighted average method, what is the cost per equivalent unit for conversion costs?

$6.96

$7.27

$7.50

$7.85

3.

MULTIPLE CHOICE QUESTION

1 min • 20 pts

Total Costs Assigned – FIFO Method

A company uses the FIFO method for process costing and has the following data:

  • Beginning Inventory: 2,000 units (40% complete)

  • Units Started: 8,000 units

  • Ending Inventory: 1,500 units (20% complete)

  • Costs in Beginning Inventory: $12,000

  • Current Period Costs: $88,000

What are the total costs assigned to units completed and transferred out?

$84,600

$97,200

$83,500

$99,000

4.

MULTIPLE CHOICE QUESTION

1 min • 20 pts

Physical Units – Weighted Average Method

A manufacturing company records the following data for a month:

  • Beginning Inventory: 3,000 units

  • Units Started: 12,000 units

  • Ending Inventory: 4,000 units

How many units were completed and transferred out?

9,000

11,000

13,000

15,000

5.

MULTIPLE CHOICE QUESTION

1 min • 20 pts

Equivalent Units of Production – FIFO Method

A company has the following production data:

  • Beginning Inventory: 1,800 units (50% complete)

  • Units Started: 9,500 units

  • Ending Inventory: 2,300 units (40% complete)

Using the FIFO method, what are the equivalent units of production for conversion costs?

9,020

10,100

10,500

11,000