ACCT CH. 5 comprehension questions

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Simply Natural has 3,500 gallons of chocolate milk in WIP​ Inventory, with 76​% of materials already added. The chocolate milk is 52​% through the process. Assuming all conversion costs are added evenly throughout the​ process, what are the equivalent units for conversion​ costs?

ANSWER= 1820 SOLUTION= 3500*0.52

Lemony Lemonade has 3,100 gallons of lemonade in WIP​ Inventory, with 79​% of materials already added. What are equivalent units in ending WIP Inventory for materials if the lemonade is 50​% through the​ process?

ANSWER= 2449 Solution: 3100*0.79

Lemony Lemonade has 3,100 gallons of lemonade in WIP​ Inventory, with 78​% of materials already added. The lemonade is 50​% through the process. Assuming all conversion costs are added evenly throughout the​ process, what are the equivalent units for conversion​ costs?

ANSWER=1550 SOLUTION= 3100*0.50

For which of the following do we prepare calculations for equivalent​ units?

Both direct materials and conversion costs

Process costing is most likely used in which of the following​ industries?

Chemicals

What does direct labor costs plus Manufacturing Overhead​ equal?

Conversion costs

Process costing would likely be used by which of the​ following?

PepsiCo

A system for assigning costs for products made in a continuous process is

Process costing

Which of the following product costing systems is normally used to assign costs to goods that are mass−produced ​goods?

Process costing

Which of the following is the first step of the 5−step process costing​ procedure?

Summarize the flow of physical units

Which of the following is the third step of the 5−step process costing​ procedure?

Summarize total costs to account for

The only difference between the weighted average method of process costing and the FIFO method is

The method for calculating beginning inventory

The costing system used by a company making computer chips would be

process costing.

In Step 1 of the process costing​ procedure, the​ "total units to account​ for" is the sum of

the units in beginning WIP plus the units started in production during the month.


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