need in 20min

SoccerBoss
Category:
Other
Price: $15 USD

Question description

1. (TCO 3) The process that accumulates production costs by process and uses a work-in-process account for each
process is called (Points : 3)
 process costing.
 joint costing.
 variable costing.
 job-order costing.

2. (TCO 3) Which is NOT a feature of a process costing system? (Points : 3)
 Standardized products pass through standardized processes.
 Each unit is treated uniquely in receiving a process.
 Manufacturing costs are accumulated by a process for a given time period.
 Unit costs are calculated for each department.

3. (TCO 3) The term given to units that represents the number of completed units that is equal, in terms of
production inputs, to a given number of partially completed units is (Points : 3)
 units completed.
 equivalent units.
 units started and completed.
 total units in production.

4. (TCO 3) Holly Inc. manufactures dolls. The following data were provided for production results for the current month.
  0  Units, beginning work-in-process
  300  Units started
  ?  Units completed
  100  Units, ending work-in-process (40% complete)
Which was the total number of units to account for? (Points : 3)
 100
 200
 300
 600
 None of the above

5. (TCO 3) When products and their costs are moved from one process to the next process, these costs are referred to as (Points : 3)
 unit costs.
 transferred-in costs.
 WIP inventory costs.
 equivalent unit costs.

6. (TCO 3) Keller Inc. manufactures office chairs. The following data were provided for production results for the current month.
  0  Units, beginning work-in-process
  6,000  Units started
  ?  Units completed
  2,000  Units, ending work-in-process
   $440,000   Cost of direct materials
   $64,000   Cost of conversion
Ending inventory is 100% complete for materials and 20% complete for conversion. 
How many units were started and completed? (Points : 3)
 4,000
 2,000
 6,000
 12,000
 None of the above

7. (TCO 3) Unit cost of materials for a department using the FIFO method of process costing is found by taking
the total cost of materials issued to the department during the year divided by (Points : 3)
 units in process.
 units started and completed.
 total units manufactured.
 equivalent units of output.

8. (TCO 3) Abby Corp. adds raw materials to production at the beginning of the process in the Assembly Dept. Materials data for this department for the current month are as follows.

Costs

Units

Materials

Conversion

Beginning work-in-process

 10,000

 $70,750

 $175,350

Started during month

 65,000

 $250,000

 $736,350

Ending work-in-process

 6,000


 
 
Beginning inventory was 70% complete. Ending inventory was 40% complete. 
If beginning inventory contained 4,000 units of product that were judged to be 70% complete as to labor, the equivalent units of production for labor during the current period under the FIFO method for these 4,000 units are (Points : 3)
 4,000.
 1,000.
 2,800.
 1,200.
 

9. (TCO 3) The following information was provided by Sally Company.

% complete

Units

Begninning work-in-process

25%

25,000

Units transferred in

75,000

Ending work-in-process

50%

15,000


 
How many equivalent units for materials would there be using the weighted average method? (Points : 3)
 100,000
 115,000
 75,000
 82,500

10. (TCO 3) The costs included in the cost per equivalent unit using the weighted average method are (Points : 3)
 current costs.
 beginning work in process.
 ending work in process.
 Both A and B


Tutor Answer

(Top Tutor) Daniel C.
(997)
School: Boston College
PREMIUM TUTOR
Studypool has helped 1,244,100 students
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1827 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors