Exam 28: Process Cost Accounting

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Question 51

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The method that combines the cost of beginning inventory and the current costs of the period is the

A) market value process costing method.
B) method of net realizable value.
C) replacement cost method.
D) average method of process costing.

E) A) and D)
F) A) and C)

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Question 52

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Data about production in Dept. B for June is given below. $\begin{array}{lr}\text { Beginning inventory, work in process } & -0- \\\text { Transferred in from prior department } & 9,500 \text { units } \\\text { Transferred out to next department } & 7,500 \text { units } \\\text { Ending inventory, work in process } & 3,500 \text { units } \\\text { Stage of completion of ending work in process: } & \\\text { Prior department costs } & 100 \% \\\text { Materials } & 75 \% \\\text { Labor and overhead } & 25 \%\end{array}$ 1. Compute the equivalent units of production for the prior department costs. 2. Compute the equivalent units of production for materials. 3. Compute the equivalent units of production for labor and overhead.