Lanen 3e: Chapter 8 Process Costing Practice Quiz
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1 Lanen 3e: Chapter 8 Process Costing Practice Quiz 91. The Clarke Chemical Company produces a special kind of body oil that is widely used by professional sports trainers. The oil is produced in three processes: Refining, Blending, and Mixing. Raw oil materials are introduced at the beginning of the refining process. A "mountain-air scent" material is added in the blending process when processing is 50% completed. The following Work-in-Process account for the Refining Department is available for the month of July. The July 1 Work-in-Process Inventory contains $1,500 in material costs. The Clarke Chemical Company uses weighted-average costing. Required (use 4 decimal places for computations): (a) Compute the equivalent units of production for Refining for July. (b) Compute the material cost per unit and the conversion cost per unit for July. (c) Compute the costs transferred to the Blending Department for July. (d) Compute the July 31 Work-in-Process Inventory balance.
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3 90. The Clarke Chemical Company produces a special kind of body oil that is widely used by professional sports trainers. The oil is produced in three processes: Refining, Blending, and Mixing. Raw oil materials are introduced at the beginning of the refining process. A "mountain-air scent" material is added in the blending process when processing is 50% completed. The following Work-in-Process account for the Refining Department is available for the month of July. The July 1 Work-in-Process Inventory contains $1,500 in material costs. The Clarke Chemical Company uses first-in, first-out (FIFO) costing. Required (use 4 decimal places for computations): (a) Compute the equivalent units of production for Refining for July. (b) Compute the material cost per unit and the conversion cost per unit for July. (c) Compute the costs transferred to the Blending Department for July. (d) Compute the July 31 Work-in-Process Inventory balance.
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5 93. The Clarke Chemical Company produces a special kind of body oil that is widely used by professional sports trainers. The oil is produced in three processes: Refining, Blending, and Mixing. Raw oil materials are introduced at the beginning of the refining process. A "mountain-air scent" material is added in the blending process when processing is 50% completed. The following Work-in-Process account for the Blending Department is available for the month of July. The July 1 Work-in-Process inventory contains $5,920 in material costs, and $1.56/unit in costs transferred in from the Refining Department. The Clarke Chemical Company uses weighted average costing. Required (use 4 decimal places for computations): (a) Compute the equivalent units of production for Blending. (b) Compute the unit costs in the Blending Department for the month of July. (HINT: There are three!!) (c) Compute the costs transferred out to the Mixing Department for July. (d) Compute the July 31 Work-in-Process Inventory balance.
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7 92. The Clarke Chemical Company produces a special kind of body oil that is widely used by professional sports trainers. The oil is produced in three processes: Refining, Blending, and Mixing. Raw oil materials are introduced at the beginning of the refining process. A "mountain-air scent" material is added in the blending process when processing is 50% completed. The following Work-in-Process account for the Blending Department is available for the month of July. The July 1 Work-in-Process inventory contains $10,370 in conversion costs, and $1.56/unit in costs transferred in from the Refining Department. The Clarke Chemical Company uses first-in, first-out (FIFO) costing. Required (use 4 decimal places for computations): (a) Compute the equivalent units of production for Blending. (b) Compute the unit costs in the Blending Department for the month of July. (HINT: There are three!!) (c) Compute the costs transferred out to the Mixing Department for July. (d) Compute the July 31 Work-in-Process Inventory balance.
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Required (use 4 decimal places for computations):
93. The Clarke Chemical Company produces a special kind of body oil that is widely used by professional sports trainers. The oil is produced in three processes: Refining, Blending, and Mixing. Raw oil
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