1. To calculate the ending work-in-process inventory under a FIFO system, which of the following is not needed? 2. If there was no beginning work in process inventory, and the ending work in process inventory is 50% complete with respect to conversion costs, the number of equivalent units of production with respect to conversion costs under the weighted-average method would be? 3. The Heat Treatment Department at Northern Pipe is the third department in a sequential process. The work in process account for the department would consist only of what costs? 4. Under the FIFO method, the costs charged to a department will consist of which of the following? 5. Which of the following is not a characteristic of the FIFO method? 6. Black Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 10,000 units, 50% complete with respect to materials and 25% complete with respect to labour and overhead. If the total dollar value of the inventory is $30,000 and the cost per equivalent unit for labour and overhead is \$5.00, the cost per equivalent unit for materials must be? [ANS: \$3.50] 7. Overland, Inc. uses the FIFO method in its process costing system. The company's work in process inventory on April 30 consists of 5,000 units. The units in the ending inventory are 60% complete with respect to materials and 40% complete with respect to conversion costs. If the cost per equivalent unit is $6.00 for materials and $5.00 for conversion costs, the total cost in the April 30 work in process inventory is? [ANS: $28,000 ] 8. Strap Company uses the First-in, First-out method in its process costing system. The company has only one processing department. The ending work in process inventory consists of 20,000 units, 50% complete with respect to materials. The total dollar value of this inventory is $50,000. The costs per equivalent unit are $2.50 for materials and $5.00 for conversion costs for the period. With respect to conversion costs, the ending work in process inventory is? [ANS: 25% Complete] 9. Madsen Company uses the Weighted Average method in its process costing system. During October, the Mixing Department transferred out 30,000 units. The October 31 work in process inventory in the Mixing Department consisted of 2,000 equivalent units of materials and 1,000 equivalent units of labour and overhead. The cost per equivalent unit was $8.00 for materials and $5.00 for labour and overhead. The total cost of the October 31 work in process inventory account was? [ANS: \$21,000] 10. The Mixing Department of Deerdon Company started 5,500 units into process during the month. 600 units were in the beginning inventory and 800 units were in the ending inventory. How many units were completed and transferred out during the month? [ANS: 5,300 Units] 1. To calculate the ending work-in-process inventory under a FIFO system, which of the following is not needed? 2. If there was no beginning work in process inventory, and the ending work in process inventory is 50% complete with respect to conversion costs, the number of equivalent units of production with respect to conversion costs under the weighted-average method would be? 3. The Heat Treatment Department at Northern Pipe is the third department in a sequential process. The work in process account for the department would consist only of what costs? 4. Under the FIFO method, the costs charged to a department will consist of which of the following? 5. Which of the following is not a characteristic of the FIFO method? 6. Black Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 10,000 units, 50% complete with respect to materials and 25% complete with respect to labour and overhead. If the total dollar value of the inventory is $30,000 and the cost per equivalent unit for labour and overhead is \$5.00, the cost per equivalent unit for materials must be? [ANS: \$3.50] 7. Overland, Inc. uses the FIFO method in its process costing system. The company's work in process inventory on April 30 consists of 5,000 units. The units in the ending inventory are 60% complete with respect to materials and 40% complete with respect to conversion costs. If the cost per equivalent unit is $6.00 for materials and $5.00 for conversion costs, the total cost in the April 30 work in process inventory is? [ANS: $28,000 ] 8. Strap Company uses the First-in, First-out method in its process costing system. The company has only one processing department. The ending work in process inventory consists of 20,000 units, 50% complete with respect to materials. The total dollar value of this inventory is $50,000. The costs per equivalent unit are $2.50 for materials and $5.00 for conversion costs for the period. With respect to conversion costs, the ending work in process inventory is? [ANS: 25% Complete] 9. Madsen Company uses the Weighted Average method in its process costing system. During October, the Mixing Department transferred out 30,000 units. The October 31 work in process inventory in the Mixing Department consisted of 2,000 equivalent units of materials and 1,000 equivalent units of labour and overhead. The cost per equivalent unit was $8.00 for materials and $5.00 for labour and overhead. The total cost of the October 31 work in process inventory account was? [ANS: \$21,000] 10. The Mixing Department of Deerdon Company started 5,500 units into process during the month. 600 units were in the beginning inventory and 800 units were in the ending inventory. How many units were completed and transferred out during the month? [ANS: 5,300 Units]
