Question 1

In process costing,each producing department has its own ________________ account.
or
or

Accepted Answer

work-in-pr

Question 2

Process accounting can be appropriate for

Accepted Answer

A) service firms. 
B) manufacturing firms with JIT orientation. 
C) traditional manufacturing firms. 
D) all of these. 
A) service firms. 
B) manufacturing firms with JIT orientation. 
C) traditional manufacturing firms. 
D) all of these.

Question 3

The bottling department had the following data for the month of January:
   Required: 
A.What is the output in equivalent units for January?
B.What is the unit manufacturing cost for January?
C.Calculate the cost of goods transferred out for January.
D.Calculate the value of January's EWIP

Accepted Answer

A. @#IMG-DLM& B. Unit cost = $13,500/7,9

Question 4

__________________________ are the complete units that could have been produced given the total amount of manufacturing effort expended for the period under consideration.

Accepted Answer

Equivalent

Question 5

Simplicity is the main advantage of which of the following process costing methods?

Accepted Answer

A) LIFO 
B) FIFO 
C) Weighted average 
D) Exact cost method 
A) LIFO 
B) FIFO 
C) Weighted average 
D) Exact cost method

Question 6

Titan Manufacturing uses a process cost system.The following information pertains to operations for the month of December.
   The beginning inventory was 80% complete for materials and 40% complete for conversion costs.The ending inventory was 85% complete for materials and 30% complete for conversion costs.
Costs pertaining to the month of December are as follows:
Beginning inventory costs are: materials,$38,200; conversion cost $41,400.
Costs incurred during December are: materials used,$462,300; conversion cost $602,700.
Required: 
A.Using the weighted average method calculate the total equivalent units of production for direct materials and conversion cost.
B.Using the weighted average method,calculate the unit cost of materials and conversion for December.
C.Using the weighted average method,calculate the total cost of the units in the ending work-in-process inventory at December 31.

Accepted Answer

The answer of Titan Manufacturing uses a process cost system.The...

Question 7

The following amounts were selected from the production report of Chandon Corporation:   Chandon uses the weighted average method in preparing its production reports.Chandon's total production cost to be accounted for must have been

Accepted Answer

A) $89,100 
B) $84,000 
C) $81,300 
D) $72,900 
A) $89,100 
B) $84,000 
C) $81,300 
D) $72,900

Question 8

Delilah,Incorporated,manufactures quality hair care products.The ingredients are combined in the mixing department and put in 16-ounce containers in the packaging department.
The following information pertains to the mixing department for the month of May:
   The costs in work in process at May 1 in the mixing department were as follows:
   The costs added by the mixing department during the month of May were as follows:
   Round unit costs to two decimal places.
Required:

Accepted Answer

The answer of Delilah,Incorporated,manufactures quality hair care products.The ingredients are...

Question 9

The production report

Accepted Answer

A) provides information about the physical units processed by the department and provides information about the manufacturing costs incurred by the department 
B) provides information about the manufacturing costs incurred by the department 
C) provides information about the physical units processed by the department 
D) none of these 
A) provides information about the physical units processed by the department and provides information about the manufacturing costs incurred by the department 
B) provides information about the manufacturing costs incurred by the department 
C) provides information about the physical units processed by the department 
D) none of these

Question 10

Which of the following best describes sequential processing?

Accepted Answer

A) Units must pass through one process before they can be worked on in the next processes. 
B) Several sequences of production are applied to a product in the department. 
C) Only one process can be applied to a product in each department. 
D) Subcomponents can be worked on simultaneously in different processes and then brought together in a final process for completion. 
A) Units must pass through one process before they can be worked on in the next processes. 
B) Several sequences of production are applied to a product in the department. 
C) Only one process can be applied to a product in each department. 
D) Subcomponents can be worked on simultaneously in different processes and then brought together in a final process for completion.

Question 11

Figure 6-8.
Department A had the following data for October:
   Refer to Figure 6-8.

Accepted Answer

The answer of Figure 6-8.
Department A had the following data...

Question 12

Any product or service that is basically homogeneous and repetitively produced can take advantage of a process-costing approach.

Accepted Answer

A) True 
 B)False

Question 13

The Roberto Company had computed the flow of units for Department A for the month of May as follows:
     Materials are added at the beginning of the process.There were 8,000 units of work in process at
May 31.The work in process at May 1 was 70 percent complete as to direct labor and factory overhead costs and the work in process at May 31 was 60 percent complete as to direct labor and factory overhead costs.What was the cost of the goods transferred out and in ending work in process using the FIFO method?

Accepted Answer

Unit output for the month: @#IMG-DLM& Un

Question 14

The following information concerns Schroeder's equivalent units in May:   Using the weighted average method,what are Schroeder's equivalent units for May?

Accepted Answer

A) 7,000 
B) 9,000 
C) 10,000 
D) 19,500 
A) 7,000 
B) 9,000 
C) 10,000 
D) 19,500

Question 15

The _______________________ separates work and costs of the equivalent units in beginning inventory from work and costs of the equivalent units produced during the current period.

Accepted Answer

The answer of The _______________________ separates work and costs of...

Question 16

Figure 6-1. The following information is available for Department Z for the month of July:
  Materials are added at the beginning of the process.(Round unit costs to two decimal places.)
Refer to Figure 6-1.Department Z's cost per equivalent unit of production for materials using the FIFO method would be

Accepted Answer

A) $1.20 
B) $1.04 
C) $0.96 
D) $0.90 
A) $1.20 
B) $1.04 
C) $0.96 
D) $0.90

Question 17

Davidson Company manufactures a product that passes through two processes.The following information is available for the first department for October.
All materials are added at the beginning of the process.
Beginning work in process consisted of 20,000 units that were 80 percent complete with respect to conversion.
Ending work in process consisted of 15,000 units that were 40 percent complete with respect to conversion.
During the month,90,000 units were started in process.
Required:

Accepted Answer

The answer of Davidson Company manufactures a product that passes...

Question 18

If changes occur in the ________ of the manufacturing inputs from one period to the next,then FIFO produces a more accurate unit cost than does the weighted average method.

Accepted Answer

The answer of If changes occur in the ________ of...

Question 19

Process costing would be most appropriate for which of the following?

Accepted Answer

A) soft drink bottler 
B) custom home builder 
C) Caterer 
D) photocopy shop 
A) soft drink bottler 
B) custom home builder 
C) Caterer 
D) photocopy shop

Question 20

Equivalent units of output are the complete units that could have been produced given the total amount of manufacturing effort expended during the period.

Accepted Answer

A) True 
 B)False

In process costing,each producing department has its own ________________ account. or or

Process accounting can be appropriate for

The bottling department had the following data for the month of January: Required: A.What is the output in equivalent units for January? B.What is the unit manufacturing cost for January? C.Calculate the cost of goods transferred out for January. D.Calculate the value of January's EWIP

__________________________ are the complete units that could have been produced given the total amount of manufacturing effort expended for the period under consideration.

Simplicity is the main advantage of which of the following process costing methods?

The following amounts were selected from the production report of Chandon Corporation: Chandon uses the weighted average method in preparing its production reports.Chandon's total production cost to be accounted for must have been

The production report

Which of the following best describes sequential processing?

Figure 6-8. Department A had the following data for October: Refer to Figure 6-8.

Any product or service that is basically homogeneous and repetitively produced can take advantage of a process-costing approach.

The following information concerns Schroeder's equivalent units in May: Using the weighted average method,what are Schroeder's equivalent units for May?

The _______________________ separates work and costs of the equivalent units in beginning inventory from work and costs of the equivalent units produced during the current period.

If changes occur in the ________ of the manufacturing inputs from one period to the next,then FIFO produces a more accurate unit cost than does the weighted average method.

Process costing would be most appropriate for which of the following?

Equivalent units of output are the complete units that could have been produced given the total amount of manufacturing effort expended during the period.

Introduction to Managerial Accounting

Basic Managerial Accounting Concepts

Cost Behavior

Cost-Volume-Profit Analysis: a Managerial Planning Tool

Job-Order Costing

Activity-Based Costing and Management

Absorption and Variable Costing,and Inventory Management

Profit Planning

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 6: Process Costing

In process costing,each producing department has its own ________________ account. or or

Process accounting can be appropriate for

The bottling department had the following data for the month of January: Required: A.What is the output in equivalent units for January? B.What is the unit manufacturing cost for January? C.Calculate the cost of goods transferred out for January. D.Calculate the value of January's EWIP

__________________________ are the complete units that could have been produced given the total amount of manufacturing effort expended for the period under consideration.

Simplicity is the main advantage of which of the following process costing methods?

The following amounts were selected from the production report of Chandon Corporation: Chandon uses the weighted average method in preparing its production reports.Chandon's total production cost to be accounted for must have been

The production report

Which of the following best describes sequential processing?

Figure 6-8. Department A had the following data for October: Refer to Figure 6-8.

Any product or service that is basically homogeneous and repetitively produced can take advantage of a process-costing approach.

The following information concerns Schroeder's equivalent units in May: Using the weighted average method,what are Schroeder's equivalent units for May?

The _______________________ separates work and costs of the equivalent units in beginning inventory from work and costs of the equivalent units produced during the current period.

If changes occur in the ________ of the manufacturing inputs from one period to the next,then FIFO produces a more accurate unit cost than does the weighted average method.

Process costing would be most appropriate for which of the following?

Equivalent units of output are the complete units that could have been produced given the total amount of manufacturing effort expended during the period.

Introduction to Managerial Accounting

Basic Managerial Accounting Concepts

Cost Behavior

Cost-Volume-Profit Analysis: a Managerial Planning Tool

Job-Order Costing

Activity-Based Costing and Management

Absorption and Variable Costing,and Inventory Management

Profit Planning

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

Statement of Cash Flows

Financial Statement Analysis

Filters