Question :
71. Peace Products Inc.Peace Products Inc. uses process costing. The following : 1291680
71. Peace Products Inc.Peace Products Inc. uses process costing. The following information was available for the current year:
Numberof units
ProductionCosts
Beginning work-in-process (40% complete)
1,000
$ 11,700
Units started in the current period
40,000
604,500
Ending work-in-process (50% complete)
6,000
Refer to the Peace Products Inc. information above. If Peace uses the first-in, first-out (FIFO) method of computing equivalent units and assigning product costs, how many total equivalent units were completed in the current period? A. 40,000 equivalent unitsB. 37,600 equivalent unitsC. 34,600 equivalent unitsD. 45,000 equivalent units
72. Peace Products Inc.Peace Products Inc. uses process costing. The following information was available for the current year:
Numberof units
ProductionCosts
Beginning work-in-process (40% complete)
1,000
$ 11,700
Units started in the current period
40,000
604,500
Ending work-in-process (50% complete)
6,000
Refer to the Peace Products Inc. information above. If Peace uses the first-in, first-out (FIFO) method of computing equivalent units and assigning product costs, what is the cost per equivalent unit? (round to nearest penny) A. $15.11B. $13.56C. $16.00D. $15.65
73. Peace Products Inc.Peace Products Inc. uses process costing. The following information was available for the current year:
Numberof units
ProductionCosts
Beginning work-in-process (40% complete)
1,000
$ 11,700
Units started in the current period
40,000
604,500
Ending work-in-process (50% complete)
6,000
Refer to the Peace Products Inc. information above. If Peace uses the first-in, first-out (FIFO) method of computing equivalent units and assigning product costs, what is the cost of ending work-in-process inventory? A. $48,000B. $65,730C. $96,000D. $93,900
74. Peace Products Inc.Peace Products Inc. uses process costing. The following information was available for the current year:
Numberof units
ProductionCosts
Beginning work-in-process (40% complete)
1,000
$ 11,700
Units started in the current period
40,000
604,500
Ending work-in-process (50% complete)
6,000
Refer to the Peace Products Inc. information above. If Peace uses the first-in, first-out (FIFO) method of computing equivalent units and assigning product costs, what is the cost of goods transferred out during the year? A. $517,350B. $539,400C. $544,620D. $565,300
75. Nunez Products Inc.Nunez Products Inc. uses process costing. The following information was available for the current year:
Numberof units
ProductionCosts
Beginning work-in-process (20% complete)
400
$ 640
Units started in the current period
20,000
133,760
Ending work-in-process (40% complete)
6,000
Refer to the Nunez Products Inc. information above. If Nunez uses the first-in, first-out (FIFO) method of computing equivalent units and assigning product costs, what is the cost per equivalent unit? (round to nearest penny) A. $5.89B. $8.00C. $8.12D. $8.04
76. Nunez Products Inc.Nunez Products Inc. uses process costing. The following information was available for the current year:
Numberof units
ProductionCosts
Beginning work-in-process (20% complete)
400
$ 640
Units started in the current period
20,000
133,760
Ending work-in-process (40% complete)
6,000
Refer to the Nunez Products Inc. information above. If Nunez uses the weighted-average method of computing equivalent units and assigning product costs, what is the cost per equivalent unit? (round to nearest penny) A. $7.43B. $7.47C. $7.96D. $8.00
77. Delaney Products uses process costing. The following information is available for the current year:
Number of units in beginning work-in-process inventory
3,000
(25% complete)
Units started in the current period
50,000
Number of units in ending work-in-process inventory
10,000
(20% complete)
If Delaney has already calculated their cost per equivalent unit to be $18 per unit, what would be the cost of the ending work-in-process inventory assuming they use the weighted-average method? A. $ 54,000B. $ 36,000C. $145,800D. $180,000
78. Bost Products Inc.Bost Products Inc. manufactures plastic products and uses process costing to account for the cost of products manufactured. All product costs are added evenly throughout the production process. The following information was available for the plastic department for the month of December:
Numberof units
ProductionCosts
Beginning work-in-process (60% complete)
20,000
$ 72,000
Units started in the current period
300,000
1,809,000
Ending work-in-process (35% complete)
10,000
Refer to the Bost Products Inc. information above. If Bost uses the first-in, first-out (FIFO) method of computing equivalent units and assigning product costs, what is the cost per equivalent unit? (round to nearest penny) A. $6.24B. $5.81C. $6.00D. $5.94
79. Bost Products Inc.Bost Products Inc. manufactures plastic products and uses process costing to account for the cost of products manufactured. All product costs are added evenly throughout the production process. The following information was available for the plastic department for the month of December:
Numberof units
ProductionCosts
Beginning work-in-process (60% complete)
20,000
$ 72,000
Units started in the current period
300,000
1,809,000
Ending work-in-process (35% complete)
10,000
Refer to the Bost Products Inc. information above. If Bost uses the first-in, first-out (FIFO) method of computing equivalent units and assigning product costs, what is the cost of the ending work-in-process inventory for December? A. $39,000B. $21,000C. $20,335D. $20,790
80. Bost Products Inc.Bost Products Inc. manufactures plastic products and uses process costing to account for the cost of products manufactured. All product costs are added evenly throughout the production process. The following information was available for the plastic department for the month of December:
Numberof units
ProductionCosts
Beginning work-in-process (60% complete)
20,000
$ 72,000
Units started in the current period
300,000
1,809,000
Ending work-in-process (35% complete)
10,000
Refer to the Bost Products Inc. information above. If Bost uses the weighted-average method of computing equivalent units and assigning product costs, what is the cost per equivalent unit for December? A. $6.00B. $5.77C. $5.94D. $6.16