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Exam 20: Fifo Method

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Question 31

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(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: -How many units were in the beginning work in process inventory?

A) 600 units
B) 1,000 units
C) 800 units
D) 1,400 units

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

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Question 32

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Laurant Corporation uses the FIFO method in its process costing system.Department A is the first stage of the company's production process.The following information is available for conversion costs for the month of May for Department A: The equivalent units of production for conversion costs for the month is closest to:

A) 34,000 units
B) 34,400 units
C) 35,000 units
D) 37,400 units

E) None of the above
F) A) and D)

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Question 33

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(Appendix 4A) In February, one of the processing departments at Brandstetter Corporation had beginning work in process inventory of $24,000 and ending work in process inventory of $18,000. During the month, the cost of units transferred out from the department was $249,000. The company uses the FIFO method in its process costing system. -In the department's cost reconciliation report for February,the total cost accounted for would be:

Crone 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.

In February,one of the processing departments at Wyke Corporation had ending work in process inventory of $15,000.During the month,$264,000 of costs were added to production and the cost of units transferred out from the department was $273,000.The company uses the FIFO method in its process costing system.In the department's cost reconciliation report for February,the total cost to be accounted for would be:

Lenning Corporation uses the FIFO method in its process costing.The following data pertain to its Assembly Department for August. Required: Compute the equivalent units of production for both materials and conversion costs for the Assembly Department for August using the FIFO method.

(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 per equivalent unit for materials for the month in the first processing department is closest to:

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

Ricardo Corporation uses the FIFO method in its process costing system.During June,36,000 units were completed in Department M.Of this total,6,000 were in the beginning work in process and the remainder were started and completed during the month.The work in process at June 1 was 40% complete with respect to conversion costs.Materials are added at the beginning of the process.A total of 8,000 units were in work in process at June 30; these units were 80% complete with respect to conversion costs.The equivalent units of production for conversion costs for June is closest to:

When comparing the two process costing methods for the same company,equivalent units computed under the FIFO method will always be less than or equal to equivalent units computed under the weighted-average method.

Marlow Corporation uses the FIFO method in its process costing system.Department A's beginning work in process inventory consisted of 12,000 units,100% complete with respect to materials and 60% complete with respect to conversion costs.The total cost of this inventory was $76,400.A total of 25,000 units were transferred out during the month.The costs per equivalent unit were computed to be $3.40 for materials and $4.70 for conversion costs.The cost of the units completed and transferred out was closest to:

In May,one of the processing departments at Messerli Corporation had beginning work in process inventory of $14,000 and ending work in process inventory of $35,000.During the month,$148,000 of costs were added to production and the cost of units transferred out from the department was $127,000.The company uses the FIFO method in its process costing system.In the department's cost reconciliation report for May,the total cost to be accounted for would be:

In December,one of the processing departments at Bonine Corporation had ending work in process inventory of $32,000.During the month,$264,000 of costs were added to production and the cost of units transferred out from the department was $257,000.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.

Under the FIFO method of product costing,equivalent units of production consider units in the beginning inventory as if they were started and completed during the current period.

Equivalent units of production for a process costing system using the FIFO method are equal to:

Any difference in the equivalent units calculated under the weighted-average and the FIFO methods is due to the units in the ending work in process inventory.

(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. -What are the equivalent units for materials for the month in the first processing department?

Billings Corporation uses the FIFO method in its process costing system.On July 1,Department A had 10,000 units in process that were 80% complete with respect to conversion.On July 31 the department had 8,000 units in process that were 60% complete with respect to conversion.The department transferred 40,000 units out during the month,of which 10,000 units came from the beginning work in process inventory,and 30,000 units were started and completed during the month.All materials are added at the beginning of the process in Department A.What are the equivalent units of production for the month for materials and conversion,respectively?

Dorman Music Corporation manufactures guitars and uses a FIFO process costing system.The following information relates to September production: The amount of conversion cost that should be assigned to the guitars in work in process on September 30 is closest to:

The equivalent units of production for a department using the FIFO process costing method is equal to the number of units completed plus the equivalent units in the ending inventory.