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Exam 8: Fifo Method

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Question 31

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The total cost transferred from the first processing department to the next processing department during the month is closest to:

A) $369,163
B) $317,192
C) $331,100
D) $340,000

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

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Question 32

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The equivalent units for materials for the month is:

A) 21,600 units
B) 22,500 units
C) 16,000 units
D) 20,000 units

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

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Question 33

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Rauls Corporation uses the FIFO method in its process costing. The following data concern the company's Assembly Department for the month of January. Required: Compute the costs per equivalent unit for the Assembly Department for January using the FIFO method.

There is no difference in the unit costs computed under the weighted-average and FIFO methods of process costing if there are no ending work in process inventories.

The cost per equivalent unit for conversion costs for the first department for the month is closest to:

Steven Corporation uses the FIFO method in its process costing system. Department A's beginning work in process inventory consisted of 15,000 units, 100% complete with respect to materials and 40% complete with respect to conversion costs. The total cost of this inventory was $31,000. A total of 40,000 units were transferred out during the month. The costs per equivalent unit were computed to be $1.30 for materials and $2.20 for conversion costs. The cost of the units completed and transferred out was:

In the cost reconciliation report under the FIFO method, the costs to be accounted for equals the cost of beginning work in process inventory plus the cost of units transferred out.

Mottai Corporation uses the FIFO method in its process costing system. The following data concern the company's Assembly Department for the month of August. Required: Determine the cost of ending work in process inventory and the cost of units transferred out of the department during August using the FIFO method.

Assuming the weighted-average method is used, the equivalent units for conversion for October would be:

Toefield Corporation uses the FIFO method in its process costing. The following data pertain to its Assembly Department for June. Required: Determine the equivalent units of production for the Assembly Department for June using the FIFO method.

Sharp Company has a process costing system. The following data relate to the company's Mixing Department for a recent month: All materials are added at the beginning of the Mixing process. Required: a. Compute the equivalent units of production for materials and conversion using the weighted-average method. b. Compute the equivalent units of production for materials and conversion using the FIFO method.

Assuming that the company uses the FIFO method, what is the cost per equivalent unit for conversion costs for the month in the Blending Department to the nearest cent?

Hayek Corporation uses the FIFO method in its process costing. The following data concern the company's Mixing Department for the month of August. Required: Compute the cost per equivalent unit for materials and conversion for the Mixing Department for August using the FIFO method.

Assuming that the company uses the FIFO cost method, the cost per equivalent unit for conversion costs for June is closest to:

Assuming that the company uses the weighted-average method, the cost per equivalent unit for conversion costs for June is closest to:

Assuming that the company uses the weighted-average cost method, what is the cost per equivalent unit for conversion costs for the month in the Blending Department to the nearest cent?

In December, one of the processing departments at Moshier Corporation had ending work in process inventory of $24,000. During the month, $293,000 of costs were added to production and the cost of units transferred out from the department was $297,000. The company uses the FIFO method in its process costing system. Required: Construct a cost reconciliation report for the department for the month of December.

In the department's cost reconciliation report for April, the total cost accounted for would be:

If the FIFO cost method is used in a process costing system, costs in the beginning inventory are kept separate from current period costs.

Assuming the FIFO method is used, the equivalent units for material for October would be: