29 Jun Question 1. A plant that uses process costing has
Question
1. A plant that uses process costing has 8,000 units in beginning work in process, 15,000
more started, and 5,000 units in the ending work in process. Using this information, answer
the following questions on a separate sheet of paper. Label each answer carefully and
show all of your work. (Each answer is worth 3 points.)
a. How many units are there to account for?
b. How many units are transferred using the average cost method?
c. How many units are transferred using the first-in, first-out method?
d. How many units were both started and completed during the period?
2. The Spangle Company uses the process cost system and average costing. The following
prediction data are for the month of July:
Use the form at the end of this examination to prepare a cost of production summary for
the month. (This problem is worth 15 points.)
Production Costs
Work in process, beginning of month
Materials $2,500
Labor 1,200
Factory overhead 1,100 $4,800
Costs incurred during the month
Materials $13,500
Labor 9,200
Factory overhead 8,500 31,200
$36,000
Production Report Units
In process, beginning of month 500
Finished and transferred during month 3,800
Work in process, end of month 400
Stage of completion 50%
Use the form at the end of this examination to prepare a cost of production summary for
the month. (This problem is worth 15 points.)
3. The following data is for a production company:
Beginning inventory 1,000 units, three-fourths completed
Finished and transferred 16,000 units
Work in process, end of month 2,000 units, one-half completed
Assume that materials, labor, and factory overhead are added evenly throughout the process.
On a separate sheet of paper, complete the following problems. Label each answer carefully
and show all your work.
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