1 - JustAnswer
1. Which cost accumulation procedure is most applicable in continuous mass-production manufacturing environments? (Points: 1)
[pic]standard
[pic]actual
[pic]process
[pic]job order
2. Process costing is used in companies that _______. (Points: 1)
[pic]engage in road and bridge construction
[pic]produce sailboats made to customer specifications
[pic]produce bricks for sale to the public
[pic]construct houses according to customer plans
3. A producer of ____ would not use a process costing system. (Points: 1)
[pic]gasoline
[pic]potato chips
[pic]blank videotapes
[pic]stained glass windows
4. Equivalent units of production are equal to the _______. (Points: 1)
[pic]units completed by a production department in the period
[pic]number of units worked on during the period by a production department
[pic]number of whole units that could have been completed if all work of the period had been used to produce whole units
[pic]identifiable units existing at the end of the period in a production department
5. In a process costing system using the weighted average method, cost per equivalent unit for a given cost component is found by dividing which of the following by EUP? (Points: 1)
[pic]only current period cost
[pic]current period cost plus the cost of beginning inventory
[pic]current period cost less the cost of beginning inventory
[pic]current period cost plus the cost of ending inventory
6. The difference between EUP calculated using FIFO and EUP calculated using weighted average is the equivalent units _______. (Points: 1)
[pic]started and completed during the period
[pic]residing in beginning Work in Process Inventory
[pic]residing in ending Work in Process Inventory
[pic]uncompleted in Work in Process Inventory
7. In a FIFO process costing system, which of the following are assumed to be completed first in the current period? (Points: 1)
[pic]units started this period
[pic]units started last period
[pic]units transferred out
[pic]units still in process
8. The primary difference between the FIFO and weighted average methods of process costing is _______. (Points: 1)
[pic]in the treatment of beginning Work in Process Inventory
[pic]in the treatment of current period production costs
[pic]in the treatment of spoiled units
[pic]none of the above
9. In a cost of production report using process costing, transferred-in costs are similar to the ______. (Points: 1)
[pic]cost of material added at the beginning of production
[pic]conversion cost added during the period
[pic]cost transferred out to the next department
[pic]cost included in beginning inventory
10. In a process costing system, the journal entry to record the transfer of goods from Department #2 to Finished Goods Inventory is a _______. (Points: 1)
[pic]debit Work in Process Inventory #2, credit Finished Goods Inventory
[pic]debit Finished Goods Inventory, credit Work in Process Inventory #1
[pic]debit Finished Goods Inventory, credit Work in Process Inventory #2
[pic]debit Cost of Goods Sold, credit Work in Process Inventory #2
11. Transferred-in cost represents the cost from _______. (Points: 1)
[pic]the last department only
[pic]the last production cycle
[pic]all prior departments
[pic]the current period only
12. A hybrid costing system combines characteristics of _______. (Points: 1)
[pic]job order and standard costing systems
[pic]job order and process costing systems
[pic]process and standard costing systems
[pic]job order and normal costing systems
13. When standard costs are used in process costing, _______. (Points: 1)
[pic]variances can be measured during the production period
[pic]total costs rather than current production and current costs are used
[pic]process costing calculations are made simpler
[pic]the weighted average method of calculating EUPs makes computing transferred-out costs easier
14. The cost of abnormal continuous losses is _______. (Points: 1)
[pic]considered a product cost
[pic]absorbed by all units in ending inventory and transferred out on an equivalent unit basis
[pic]written off as a loss on an equivalent unit basis
[pic]absorbed by all units past the inspection point
15. Normal spoilage units resulting from a continuous process _______. (Points: 1)
[pic]are extended to the EUP schedule
[pic]result in a higher unit cost for the good units produced
[pic]result in a loss being incurred
[pic]cause estimated overhead to increase
16.
|16. Listed below are the steps to assign costs to ending inventory using the weighted average method process costing method. |
|A. Assign the costs to the inventory accounts |
|B. Calculate the physical units accounted for |
|C. Calculate the physical units to account for |
|D. Calculate the equivalent units of production |
|E. Calculate the total costs to account for |
|F. Calculate the cost per equivalent units |
(Points: 1)
[pic]abcdef
[pic]cebafd
[pic]bcdefa
[pic]fabdce
17. Units started and completed during the period equals (Points: 1)
[pic]units started plus beginning inventory
[pic]units started minus beginning inventory
[pic]units completed plus beginning inventory
[pic]units completed minus beginning inventory
18. In process costing systems, unit costs are found by dividing total costs incurred by (Points: 1)
[pic]ending work in process
[pic]beginning work in process
[pic]equivalent units of production
[pic]units transferred to finished goods
19. Equivalent units of production using the weighted average method of costing are found using which of the following formulas: (Points: 1)
[pic]units completed and transferred + units in ending WIP inventory
[pic]beginning WIP physical units + units started and completed + (ending WIP x percent complete)
[pic]beginning WIP in physical units + units started and completed
[pic](beginning WIP physical units x percent complete) + units started and completed + (ending WIP x percent complete)
20. Total costs to account for is: (Points: 1)
[pic]the number of units finished during the period
[pic]equal to the dollar value offending work in process inventory
[pic]is the sum of the beginning WIP balance plus all current product costs
[pic]is the sum of the beginning WIP balance plus the ending WIP balance
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