Question 1

Total costs accounted for consists of the

Accepted Answer

A)  cumulative cost plus the work in process-ending costs. 
B)  total costs transferred out less the total work in process-ending costs. 
C)  cumulative cost plus total costs transferred out. 
D)  total costs transferred out plus the total work in process-ending costs. 
A)  cumulative cost plus the work in process-ending costs. 
B)  total costs transferred out less the total work in process-ending costs. 
C)  cumulative cost plus total costs transferred out. 
D)  total costs transferred out plus the total work in process-ending costs.

Question 2

The two sections of the cost of production report are

Accepted Answer

A)  the total to be accounted for and the total accounted for. 
B)  the costs assigned to the goods transferred out and the costs assigned to the goods still in process. 
C)  the summary of quantities and the summary of costs. 
D)  beginning inventory plus goods started and goods transferred out and ending inventory. 
A)  the total to be accounted for and the total accounted for. 
B)  the costs assigned to the goods transferred out and the costs assigned to the goods still in process. 
C)  the summary of quantities and the summary of costs. 
D)  beginning inventory plus goods started and goods transferred out and ending inventory.

Question 3

The process costs associated with departmental inputs and outputs are reconciled on the Cost of Production report.

Accepted Answer

A) True 
 B)False

Question 4

In the process cost accounting system,the ____________________ of the ending work in process is estimated.

Accepted Answer

The answer of In the process cost accounting system,the ____________________...

Question 5

The entry to record the transfer of goods from Department A to Department B would include a debit to the Work in Process account for Department A.

Accepted Answer

A) True 
 B)False

Question 6

When the average cost method is used,units in beginning inventory which are 40 percent complete are multiplied by 60 percent to compute equivalent units of production.

Accepted Answer

A) True 
 B)False

Question 7

Explain the flow of production in a manufacturing environment for production as the products are started and moved through the production process and eventually sold.Include the account titles.

Accepted Answer

The materials for production are transfe

Question 8

The Completion Department transferred 8,000 units to the finished goods storeroom during a month.There was no beginning work in process inventory,but 1,000 units were still in process at the end of the month,and were 40% complete.Inventory costs at the end of the month were $3.50.What were total production costs for the month?

Accepted Answer

A)  $28,000. 
B)  $29,400. 
C)  $30,100. 
D)  $31.500. 
A)  $28,000. 
B)  $29,400. 
C)  $30,100. 
D)  $31.500.

Question 9

The activity for Noah Company's mixing department for August is given below.All material is added at the beginning of the process.   Compute the total cost of a completed unit.

Accepted Answer

A)  $12.50. 
B)  $12.60. 
C)  $11.64. 
D)  $12.00. 
A)  $12.50. 
B)  $12.60. 
C)  $11.64. 
D)  $12.00.

Question 10

The total accounted for consists of

Accepted Answer

A)  the units started in production. 
B)  the units transferred out and the units in ending work in process. 
C)  the units started and the units transferred out. 
D)  the units transferred out and the units completed. 
A)  the units started in production. 
B)  the units transferred out and the units in ending work in process. 
C)  the units started and the units transferred out. 
D)  the units transferred out and the units completed.

Question 11

Jocund Manufacturing produces exercise machines.In February,all the materials issued to Department X were entered into production.There was no beginning inventory.Department X started 6,200 units.During February,5,300 units were transferred out-4,750 to Department Y and 550 to Finished Goods.Of the 900 units in ending inventory,65% of the labor and overhead had been added during the month.Calculate the equivalent units of production for material and for Labor and Manufacturing Overhead.

Accepted Answer

The answer of Jocund Manufacturing produces exercise machines.In February,all the...

Question 12

Each section of the production report has two parts.They reconcile

Accepted Answer

A)  the total to be accounted for and the total accounted for. 
B)  the beginning inventory plus units started and the units started and completed and the ending inventory. 
C)  the costs in beginning work in process and the costs added during the period. 
D)  the beginning inventory and the ending inventory. 
A)  the total to be accounted for and the total accounted for. 
B)  the beginning inventory plus units started and the units started and completed and the ending inventory. 
C)  the costs in beginning work in process and the costs added during the period. 
D)  the beginning inventory and the ending inventory.

Question 13

A process cost accounting system may be viewed as a monthly ____________________ cost system.

Accepted Answer

The answer of A process cost accounting system may be...

Question 14

The Painting Department transferred 6,000 units to the finished goods storeroom during a month.There was no beginning work in process inventory,but 800 units were still in process at the end of the month,and were 70% complete,and production costs incurred totaled $21,320.Inventory costs would be determined using a unit cost of

Accepted Answer

A)  $3.55. 
B)  $3.42. 
C)  $3.25. 
D)  $3.14. 
A)  $3.55. 
B)  $3.42. 
C)  $3.25. 
D)  $3.14.

Question 15

The Finishing department began the period with 3,000 units of a product.During the month,Assembly completed and transferred-out 6,800 units to Finishing.Ending in process quantities and percentage completion for Assembly and Finishing are as follows: 300 units 40 percent complete and 600 units 10 percent complete,respectively.The equivalent production for Assembly and Finishing for the month is:

Accepted Answer

A)  6,800 assembly and 6,860 finishing units. 
B)  7,100 assembly and 9,800 finishing units. 
C)  6,800 assembly and 9,260 finishing units. 
D)  6,920 assembly and 9,260 finishing units. 
A)  6,800 assembly and 6,860 finishing units. 
B)  7,100 assembly and 9,800 finishing units. 
C)  6,800 assembly and 9,260 finishing units. 
D)  6,920 assembly and 9,260 finishing units.

Question 16

The current department costs categories are

Accepted Answer

A)  work in process-beginning costs,started in production costs,and transferred in costs. 
B)  materials costs,labor costs,and manufacturing overhead costs. 
C)  work in process-beginning costs,transferred out to next department costs,and work in process-ending costs. 
D)  started in production costs,transferred in from prior department costs,and transferred out to next department costs. 
A)  work in process-beginning costs,started in production costs,and transferred in costs. 
B)  materials costs,labor costs,and manufacturing overhead costs. 
C)  work in process-beginning costs,transferred out to next department costs,and work in process-ending costs. 
D)  started in production costs,transferred in from prior department costs,and transferred out to next department costs.

Question 17

Materials issued to production are recorded by ____________________ the departmental work in process accounts.

Accepted Answer

The answer of Materials issued to production are recorded by...

Question 18

The ending balance of a(n)____________________ Inventory account for a producing department must agree with the amount shown for that department in the cost of production report.

Accepted Answer

The answer of The ending balance of a(n)____________________ Inventory account...

Question 19

During the month,1,600 units of a product were completed and 900 units were two-thirds complete with respect to labor and still in process.The total equivalent units of production for labor for the month is

Accepted Answer

A)  2,200 units. 
B)  2,400 units. 
C)  2,500 units. 
D)  2,600 units. 
A)  2,200 units. 
B)  2,400 units. 
C)  2,500 units. 
D)  2,600 units.

Question 20

On a cost of production report,beginning work in process

Accepted Answer

A)  is included in the quantity to be accounted for. 
B)  is included in the quantity accounted for. 
C)  is not included on the report. 
D)  appears on the job cost sheet only. 
A)  is included in the quantity to be accounted for. 
B)  is included in the quantity accounted for. 
C)  is not included on the report. 
D)  appears on the job cost sheet only.

Exam 28: Process Cost Accounting

Total costs accounted for consists of the

The two sections of the cost of production report are

The process costs associated with departmental inputs and outputs are reconciled on the Cost of Production report.

In the process cost accounting system,the ____________________ of the ending work in process is estimated.

The entry to record the transfer of goods from Department A to Department B would include a debit to the Work in Process account for Department A.

When the average cost method is used,units in beginning inventory which are 40 percent complete are multiplied by 60 percent to compute equivalent units of production.

Explain the flow of production in a manufacturing environment for production as the products are started and moved through the production process and eventually sold.Include the account titles.

The activity for Noah Company's mixing department for August is given below.All material is added at the beginning of the process. Compute the total cost of a completed unit.

The total accounted for consists of

Each section of the production report has two parts.They reconcile

A process cost accounting system may be viewed as a monthly ____________________ cost system.

The current department costs categories are

Materials issued to production are recorded by ____________________ the departmental work in process accounts.

The ending balance of a(n)____________________ Inventory account for a producing department must agree with the amount shown for that department in the cost of production report.

During the month,1,600 units of a product were completed and 900 units were two-thirds complete with respect to labor and still in process.The total equivalent units of production for labor for the month is

On a cost of production report,beginning work in process

Accounting: the Language of Business

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Notes Payable and Notes Receivable

Merchandise Inventory

Property, Plant, and Equipment

Accounting for Partnerships

Corporations: Formation and Capital Stock Transactions

Corporate Earnings and Capital Transactions

Long-Term Bonds

Financial Statement Analyses

The Statement of Cash Flows

Departmentalized Profit and Cost Centers

Accounting for Manufacturing Activities

Job Order Cost Accounting

Controlling Manufacturing Costs: Standard Costs

Cost-Revenue Analysis for Decision Making

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