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Exam 20: Fifo Method

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Question 21

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Crimp Corporation uses the FIFO method in its process costing system.Department A had 10,000 units in process at the beginning of January that were 40% complete with respect to conversion costs.All materials are added at the beginning of the process in Department A.The January 1 work in process inventory in Department A contained $20,000 in materials cost and $11,000 in conversion cost.During January,materials costs were $2.00 per equivalent unit and conversion costs were $2.50 per equivalent unit.All of the units in the beginning work in process inventory were completed and transferred out during the month.What was the total cost attached to these units when they were transferred to the next department?

A) $35,000
B) $31,000
C) $46,000
D) $26,000

E) A) and B)
F) A) and C)

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Question 22

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The equivalent units in the ending work in process inventory will be different under the FIFO and the weighted-average methods of process costing.

A) True
B) False

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Question 23

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(Appendix 4A) Ozdemir Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -The cost of a completed unit transferred out of the department is closest to:

The cost per equivalent unit for conversion costs will always be the same under both the FIFO and the weighted-average methods if there is no beginning work in process inventory.

Maccari Corporation uses the FIFO method in its process costing system.Operating data for the Casting Department for the month of September appear below: According to the company's records,the conversion cost in beginning work in process inventory was $61,824 at the beginning of September.Additional conversion costs of $206,412 were incurred in the department during the month. The cost per equivalent unit for conversion costs for September is closest to: (Round off to three decimal places.)

(Appendix 4A) Activity in Saggers Corporation's Assembly Department for the month of March follows: -The equivalent units for materials for March,using the FIFO method,are:

(Appendix 4A) Puri Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -The cost per equivalent unit for conversion costs for the first department for the month is closest to:

(Appendix 4A) Malmedy Corporation uses the FIFO method in its process costing system. The following data pertain to operations in the first processing department for a recent month: -What was the cost per equivalent unit for materials during the month?

(Appendix 4A) Puri Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -The total cost transferred from the first processing department to the next processing department during the month is closest to:

Under the FIFO method,the cost per equivalent unit equals:

(Appendix 4A) The following information relates to the Cutting Department of Kittina Corporation for the month of February. Kittina uses a FIFO process costing system. All materials at Kittina are added at the beginning of the production process. On February 1, the work in process inventory account contained $55,620 of material cost and $123,120 of conversion cost. Cost per equivalent unit for February was $3.10 for materials and $7.50 for conversion costs. -What total amount of cost should be assigned to the units completed and transferred out during February?

(Appendix 4A) Sumptuous Beer Corporation manufactures beer in two departments, Fermenting and Bottling. In the Fermenting Department, ingredients are placed in a large vat and fermented for three days. The beer is then transferred over to Bottling where it is further purified and bottled. Sumptuous uses a FIFO process cost system to collect costs in both departments. On May 1, the Fermenting Department had 32,000 gallons (units) in process. These gallons were 100% complete with respect to materials (ingredients) and 80% complete with respect to conversion cost. During May, Fermenting started an additional 460,000 gallons into production. On May 31, Fermenting had 18,000 gallons in work in process. These gallons were 100% complete with respect to materials and 60% complete with respect to conversion cost. -What are the Fermenting Department's equivalent units (gallons) of production related to conversion costs for May?

Que Corporation uses the FIFO method in its process costing system.Operating data for the Cutting Department for the month of March appear below: According to the company's records,the conversion cost in beginning work in process inventory was $3,705 at the beginning of March.Additional conversion costs of $210,213 were incurred in the department during the month. The cost per equivalent unit for conversion costs for March is closest to:

(Appendix 4A) The information below was obtained from the records of one of the departments of Cushing Corporation for the month of August. The company uses the FIFO method in its process costing system. All materials are added at the beginning of the process. -The equivalent units for labor and overhead for the month of August are:

In the cost reconciliation report under the FIFO method,the costs to be accounted for equals the cost of ending work in process inventory plus the costs added during the period.

The following data have been provided by Corby Corporation for the Circuit Prep Department.The company uses the FIFO method in its process costing. Required: Determine the equivalent units of production for the Circuit Prep Department for August using the FIFO method.

(Appendix 4A) Activities in the Sargent Corporation's Assembly Department for the month of March follow: -Using the FIFO method,the equivalent units for materials for March would be:

(Appendix 4A) Normand Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -The cost per equivalent unit for conversion costs for the first department for the month is closest to:

(Appendix 4A) The following information relates to the Cutting Department of Kittina Corporation for the month of February. Kittina uses a FIFO process costing system. All materials at Kittina are added at the beginning of the production process. On February 1, the work in process inventory account contained $55,620 of material cost and $123,120 of conversion cost. Cost per equivalent unit for February was $3.10 for materials and $7.50 for conversion costs. -What total amount of cost should be assigned to the units in work in process on February 28?

Under the FIFO method,in addition to the cost of units started and completed during the period,the cost of the units transferred out of the department includes: