Final Exam Practice Set (Process Costing) - Q1 - 9 solution.docx - Chapter 4 Process Costing For Final Exam Practice Question 1 Colonial Products

Final Exam Practice Set (Process Costing) - Q1 - 9 solution.docx

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Chapter 4 Process Costing For Final Exam Practice Question 1 Colonial Products employs a process-costing system for its manufacturing operations. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout production. The information that follows relates to September.Required:A. Calculate equivalent units of direct material for September.B. Calculate equivalent units of conversion activity for September. Page 1 of 20
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Question 2Starling Chemical uses a weighted-average process-costing system. The following data relate to May:Required:A. Calculate the number of pounds completed during May.B. Calculate equivalent units of materials and conversion for May.C. Does Starling introduce all of its direct materials at the very beginning of production? Explain your answer. Page 3 of 20
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Question 3Portofina Manufacturing uses a weighted-average process-costing system. The following figures pertain to July:All materials are introduced at the start of the process, and conversion cost is incurred evenly throughout production. The company used direct materials that cost $640,000; conversion amounted to $8 per equivalent unit.Required:A. Calculate the direct materials cost per equivalent unit.B. Calculate the cost of units completed and transferred.C. What percentage of conversion work will be performed on the 40,000-unit ending work-in-process inventory during August?D. In all likelihood, were all of the 120,000 completed units begun in July? Explain.
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