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 |
|