ACCT2301-002-Chap5-Additional-sp2009

ACCT2301-002-Chap5-Additional-sp2009 - 1 ACCT 2301 Spring...

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1 ACCT 2301 Spring Semester 2009 February 9, 2009 Practice Problems – Process Costing 1. Amarillo Company uses the weighted-average method in its process costing system. A total of 254,000 units were transferred in to the Assembly Department from the prior department during October to begin processing in the Assembly Department. A total of 311,000 units were transferred from Assembly to the Final Inspection Department during October. At the end of October, there were 21,000 units in work in process inventory of the Assembly Department. How many units were in the Assembly Department’s work in process inventory at the beginning of October? A. 21,000. B. 78,000. C. 311,000. D. 332,000. 2. Which of the following statements is FALSE regarding weighted-average process costing? A. The equivalent units for the period equal the units transferred out plus the equivalent units in ending work in process inventory. B. In weighted-average process costing, the equivalent unit amount computed for materials is always the same as that computed for conversion costs. C. Under the weighted-average method of process costing, costs from beginning work in process are added to those of the current period in computing unit cost (or cost per equivalent unit). D. Costs are accumulated by department (or process) in a weighted-average process costing system. 3. Tahoka Company started the month with 78,000 units in its beginning Work in Process inventory. An additional 254,000 units were placed into production during the month. There were 21,000 units in Work in Process inventory at the end of the month. How many units were completed during the month? A.
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ACCT2301-002-Chap5-Additional-sp2009 - 1 ACCT 2301 Spring...

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