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Quiz 1 Onpc

Zeus Corporation produces diamonds through a continuous process involving carbon gas, labor, and equipment. In June 2009, there were 4,000 diamonds in work-in-process (WIP) at 60% completion, with 8,000 started and 7,000 completed. At month end, WIP was at 40% completion. Micro Labs mixes gallons of material, with 30,000 gallons in WIP at 30% completion at the start of October, 175,000 gallons started, and 15,000 gallons in WIP at 40% completion at the end. Stone Company had 36,000 units in WIP at 60% completion on May 1st, completed 90,000 units, and had 30,000 units in

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264 views1 page

Quiz 1 Onpc

Zeus Corporation produces diamonds through a continuous process involving carbon gas, labor, and equipment. In June 2009, there were 4,000 diamonds in work-in-process (WIP) at 60% completion, with 8,000 started and 7,000 completed. At month end, WIP was at 40% completion. Micro Labs mixes gallons of material, with 30,000 gallons in WIP at 30% completion at the start of October, 175,000 gallons started, and 15,000 gallons in WIP at 40% completion at the end. Stone Company had 36,000 units in WIP at 60% completion on May 1st, completed 90,000 units, and had 30,000 units in

Uploaded by

Myles Rangiris
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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COST ACCOUNTING 2 QUIZ 1 ON PROCESS COSTING 1.

Zeus Corporation produces cultured diamonds via a secretive process that grows the diamonds in a vacuum chamber filled with a carbon gas cloud. The diamonds are produced in a single continuous process. The production process requires constant utilization of facilities and equipment, as well as direct labor by skilled technicians. As a result, direct labor and factory overhead are both deemed to be introduced uniformly throughout production. At the beginning of June, 2009, 4,000 diamonds were in process. During June, an additional 8,000 diamonds were started. 7,000 diamonds were completed and transferred to finished goods. As of the beginning of the month, work in process was 60% complete with respect to conversion costs. As of the end of the month, work in process was 40% complete with respect to conversion costs. Materials are added at the beginning of the process. REQUIRED: Compute for the equivalent unit production for materials and conversion cost under a. FIFO method b. Weighted Average Method

2. Micro Labs uses a processing costing system. The following data are available for the mixing department for October. The department started 175,000 gallons into production during the month. Materials are added at the end of the process. Percent Complete Gallons Conversion Costs Work-in-process, October 1 30,000 30% Work-in-process, October 31 15,000 40% REQUIRED: Determine the equivalent units of production for the month under the following methods: a. FIFO b. Weighted Average

3.

Stone Company had the following department information about physical units and percentage of completion: Physical Units 36,000 90,000 30,000

Work in process, May 1 (60% incomplete) Completed and transferred out Work in process, May 31 (40% incomplete)

If materials are added at the beginning of the production process, what is the total number of equivalent units for materials and conversion costs during May using the FIFO method?

Use the following information for questions 46. In the month of June, department X had 10,000 units in beginning work in process that were 70% complete. During June, 40,000 units were transferred into production from another department. At the end of June, there were 5,000 units in ending work in process that were 40% complete. Materials are added at the end of the process, while conversion costs are incurred uniformly throughout the process 4. How many units were transferred out of the process in June?

5. The equivalent units of production for materials for June were (using FIFO method)

6. The equivalent units of production for conversion costs for June were (using Weighted Average Method)

-end-

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