Questions from Cost Accounting

Q: Illinois Soy Products (ISP) buys soy- beans and processes

Illinois Soy Products (ISP) buys soy- beans and processes them into other soy products. Each ton of soybeans that ISP purchases for $340 can be converted for an additional $190 into 575 pounds of soy...

Q: Tasty, Inc., is a producer of potato chips. A

Tasty, Inc., is a producer of potato chips. A single production process at Tasty, Inc., yields potato chips as the main product and a byproduct that can also be sold as a snack. Both products are full...

Q: Carl Jason is a prospector in the Texas Panhandle. He has

Carl Jason is a prospector in the Texas Panhandle. He has also been running a side business for the past couple of years. Based on the popularity of shows such as “Rattlesnake Nation...

Q: Dalworth Construction Company provides construction services for major projects. Managers at

Dalworth Construction Company provides construction services for major projects. Managers at the company believe that construction is a people-management business, and they list the following as facto...

Q: Royston, Inc., is a large food-processing company.

Royston, Inc., is a large food-processing company. It processes 150,000 pounds of peanuts in the peanuts department at a cost of $180,000 to yield 12,000 pounds of product A, 65,000 pounds of product...

Q: Panagra, Inc. manufactures digital cameras. It has two departments

Panagra, Inc. manufactures digital cameras. It has two departments: assembly and testing. In January 2020, the company incurred $775,000 on direct materials and $816,000 on conversion costs, for a tot...

Q: Pilar Chemicals has a mixing department and a refining department. Its

Pilar Chemicals has a mixing department and a refining department. Its process-costing system in the mixing department has two direct materials cost categories (chemical P and chemical Q) and one conv...

Q: The assembly division of Fenton Watches, Inc., uses the weighted

The assembly division of Fenton Watches, Inc., uses the weighted-average method of process costing. Consider the following data for the month of May 2020: Required Compute equivalent units for direct...

Q: For the data in Exercise 18-24, summarize the total

For the data in Exercise 18-24, summarize the total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign costs to the units completed (and...

Q: Refer to the information in Exercise 18-24. Suppose the

Refer to the information in Exercise 18-24. Suppose the assembly division at Fenton Watches, Inc., uses the FIFO method of process costing instead of the weighted-average method. Required Compute equ...