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Hernando, Inc., instituted a new process in October. During October, 18,000 units were started in Department A. Of the units started, 2,000 were lost in the process, 12,000 were transferred to Department B, and 4,000 remained in work in process at October 31. The work in process at October 31 was 100 percent complete as to material costs and 15% complete as to conversion costs. Material costs of $78,400 and conversion costs of $52,920 were charged to Department A in October. What were the total costs transferred to Department B and assigned to ending work in process using the average cost method? (Cost of Production Summary)
A. Ending Work in Process – Labor?
B. Cost of goods transferred to Department B?
C. Ending Work in Process – Material?
Question 2
Duck Chemicals produces two industrial chemical compounds, X15 and Z24, from the same process, which last year, cost $300,000. Budde produced 15,000 gallons of X15, which sells for $40 per gallon and 45,000 gallons of Z24, which sells for $20 per gallon. Using the relative sales method, how much of the joint cost should be allocated to X15?
Select one:
a. $60,000
b. $100,000
c. $75,000
d. $200,000
Question 3
Perkins Manufacturing uses the FIFO method of process costing. The production report for the Curing Department, where the materials are added at the beginning of the period, for September was as follows: In process, beginning of the period 3,000 units Stage of completion 30 % Transferred to stockroom during period 12,000 units In process, end of the period 6,000 units Stage of completion 40 % The number of equivalent units for conversion costs during the period was:
Select one:
a. 16,500
b. 12,300
c. 14,700
d. 13,500
Question 4:
The following information is available for the month of April from the First department of the Lutz Corporation: Units Work in process, April 1 (50% complete) 90,000 Started in April 250,000 Transferred to Second Department in April 280,000 Work in process, April 30 (40% complete) 60,000 Materials are added in the beginning of the process in the First department. Using the first-in, first-out method, what are the equivalent units of production for the month of April?
Materials Conversion
Select one:
a. 340,000 259,000
b. 280,000 271,000
c. 250,000 259,000
d. 250,000 271,000
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