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Exam 5: Process Costing

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Question 141

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Conversion costs are generally added evenly throughout a process.

A) True
B) False

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Question 142

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If a company has ending Work In Process Inventory it must use the 5-step process costing procedure to determine the cost of making one unit.

A) True
B) False

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Question 143

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If a company has ending Work In Process Inventory it must use the 3-step process costing procedure to determine the cost of making one unit.

A deodorant manufacturer offers the following information: The units in ending WIP Inventory were 60% complete for materials and 40% complete for conversion costs. On December 31, what are the total equivalent units for direct materials?

At Panther Company, materials are added at the beginning of the process and conversion costs are added uniformly. The total cost of units remaining in ending WIP Inventory is closest to

To assign costs to the units in ending WIP Inventory, the company multiplies the cost per equivalent unit by the number of equivalent units for direct materials and conversion costs separately, and then sums the two amounts.

Equivalent units should be computed separately for direct materials and conversion costs.

A pizza company produces frozen pizzas in three departments: assembly, freezing, and packaging. In assembly, crust ingredients are added at the beginning of the process. After the crust is made, the sauce, cheese, and toppings are added at the end of the process. Conversion costs are added evenly. Data for the assembly department includes: The cost per equivalent unit for conversion costs would be closest to

Which of the following is the second step of the 5-step process costing procedure?

The "total costs to account for" is the sum of the costs in beginning WIP Inventory plus the manufacturing costs added during the period.

The "total physical units to account for" is the sum of the units in beginning WIP Inventory plus the units started in production during the period.