Process costing system - Exercises with Solutions

Exercise 1: Computation of equivalent units under weighted average and FIFO method

Exercise 2: Preparation of quantity schedule in process costing

Exercise 3: Quantity schedule and equivalent units

Exercise 4: Cost per equivalent unit – weighted average and FIFO method

Exercise 5: Equivalent units, cost per equivalent unit – weighted average method

Exercise 6: Cost reconciliation – weighted average method

Exercise 7: Quantity schedule, cost per equivalent units – FIFO method

Exercise 8: Cost reconciliation – FIFO method

Exercise 9: Process costing journal entries

Exercise 10: Cost of production report of 2nd department

Exercise 11: Cost of production report – normal loss

Exercise 12: Cost of production report – abnormal loss

Exercise 13: Cost of production report – normal loss at the end of process

Exercises 14: Equivalent units in process costing

Exercise 15: Cost assigned to work in process inventory

Exercise 16: Cost of production report – materials added in 3rd department

Exercise 17: Equivalent units for materials and conversion costs

Exercise 18: Cost of production report – normal and abnormal loss