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Exam 20: Fifo Method

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Question 1

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(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 conversion costs for the first department for the month is closest to:

A) $48.79
B) $45.20
C) $44.68
D) $43.05

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

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Question 2

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In the cost reconciliation report under the FIFO method,the costs accounted for equals the cost of units transferred out plus the costs added during the period.

A) True
B) False

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Question 3

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All production costs have been steadily rising in the Donner Company for several periods.The company maintains large work in process inventories.Donner Company's cost per equivalent unit computed using the FIFO method would be:

(Appendix 4A) The information below was obtained from the records of one of the departments of Cushing Corporation for the month of August. The company uses the FIFO method in its process costing system. All materials are added at the beginning of the process. -The equivalent units for materials for the month of August are:

(Appendix 4A) Details of the manufacturing activity in Amy Corporation's Assembly Department for the month of December is given below: All materials are added at the beginning of processing in the Assembly Department. -The equivalent units for labor and overhead for the month,using the FIFO method,is:

Marston Corporation uses the FIFO method in its process costing system.The equivalent units of production for March for conversion costs totaled 37,500 units.The beginning work in process inventory in March consisted of 15,000 units,60% complete with respect to conversion costs.The ending work in process inventory in March consisted of 10,000 units,75% complete with respect to conversion costs.The number of units started during the month was:

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

Rauzman 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.

Eban Corporation uses the FIFO method in its process costing system.The first processing department,the Welding Department,started the month with 18,000 units in its beginning work in process inventory that were 50% complete with respect to conversion costs.The conversion cost in this beginning work in process inventory was $52,200.An additional 55,000 units were started into production during the month.There were 16,000 units in the ending work in process inventory of the Welding Department that were 20% complete with respect to conversion costs.A total of $284,160 in conversion costs were incurred in the department during the month. The cost per equivalent unit for conversion costs is closest to:

In the cost reconciliation report under the FIFO method,the costs accounted for equals the cost of beginning work in process inventory plus the costs added during the period.

The following data has been provided by Glasco Inc.,a company that uses the FIFO method in its process costing system.The data concern the company's Shaping Department for the month of March. Required: Determine the cost of ending work in process inventory and the cost of the units transferred out of the department during March using the FIFO method.

(Appendix 4A) Qu 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 conversion costs for the first department for the month is closest to:

(Appendix 4A) Owens Corporation uses a process costing system. For March, the beginning work in process inventory consisted of 60,000 units that were 60% complete with respect to processing. The ending work in process inventory for the month consisted of units that were 20% complete with respect to processing. A summary of unit and cost data for the month follows: -Assuming that Owens Corporation uses the weighted-average method,which of the following is closest to the cost per equivalent unit for processing cost for March?

Ibarra Corporation uses the FIFO method in its process costing system.The first processing department,the Forming Department,started the month with 16,000 units in its beginning work in process inventory that were 20% complete with respect to conversion costs.The conversion cost in this beginning work in process inventory was $19,250.An additional 97,000 units were started into production during the month and 100,000 units were completed and transferred to the next processing department.There were 13,000 units in the ending work in process inventory of the Forming Department that were 30% complete with respect to conversion costs.A total of $593,123 in conversion costs were incurred in the department during the month. The cost per equivalent unit for conversion costs for the month is closest to:

(Appendix 4A) Activities in the Sargent Corporation's Assembly Department for the month of March follow: -Using the FIFO method,the equivalent units for conversion for March would be:

The Dover Corporation uses the FIFO method in its process costing system.The following information relates to one month's activity in the Cooking Department of the company: There was $23,600 of conversion cost in the beginning work in process inventory.During the month,$327,000 in additional conversion cost was incurred. Required: a.Determine the equivalent units of production for conversion for the month. b.Determine the cost per equivalent unit of production for conversion for the month. c.Determine the total cost assigned to the ending work in process inventory. d.Determine the total cost transferred out during the month.

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

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

Zubris 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.

The cost per equivalent unit under the FIFO method of process costing is equal to the cost added during the period divided by the equivalent units of production for the period.