Question 1

A cost of production report provides separate sections to summarize quantities and costs.

Accepted Answer

A) True 
 B)False

Question 2

If 1,000 units were completed and transferred to the next department and ending work in process inventory consisted of 800 units that were 20 percent complete,the total equivalent units of production for the period was ___________.

Accepted Answer

The answer of If 1,000 units were completed and transferred...

Question 3

Equivalent production units may be computed

Accepted Answer

A)  for labor only. 
B)  for labor and materials only. 
C)  for labor,materials,and manufacturing overhead. 
D)  for materials and manufacturing overhead only. 
A)  for labor only. 
B)  for labor and materials only. 
C)  for labor,materials,and manufacturing overhead. 
D)  for materials and manufacturing overhead only.

Question 4

Cost data for a firm's first department,Dept.A,for June 2016 is given below.   Prepare equivalent production computations for Dept.A from the information provided.

Accepted Answer

The answer of Cost data for a firm's first department,Dept.A,for...

Question 5

The ending Work in Process inventory in the mixing department contains 300 units that are 70% complete with respect to labor costs.How many equivalent units are in the ending inventory?

Accepted Answer

A)  300 units. 
B)  140 units. 
C)  70 units. 
D)  210 units. 
A)  300 units. 
B)  140 units. 
C)  70 units. 
D)  210 units.

Question 6

Fill in the blanks in the Quantity Section of the following Production Report.

Accepted Answer

All answer

Question 7

Fraser Manufacturing had no work in process at the beginning of a month.It transferred 6,000 units to finished goods during the month,and 800 units were still in process at the end of the month.Equivalent production for the month was 6,480 units.At what stage of completion were the unfinished units at the end of the month?

Accepted Answer

A)  60 percent 
B)  40 percent 
C)  30 percent 
D)  80 percent 
A)  60 percent 
B)  40 percent 
C)  30 percent 
D)  80 percent

Question 8

At the end of the month,the entry to close the Manufacturing Overhead control account is recorded as

Accepted Answer

A)  a debit to Manufacturing Overhead Applied and a credit to Manufacturing Overhead. 
B)  a debit to Work in Process Inventory accounts and a credit to Manufacturing Overhead. 
C)  a debit to Manufacturing Overhead and a credit to the Work in Process inventory accounts. 
D)  a debit to Manufacturing Overhead and a credit to Manufacturing Summary. 
A)  a debit to Manufacturing Overhead Applied and a credit to Manufacturing Overhead. 
B)  a debit to Work in Process Inventory accounts and a credit to Manufacturing Overhead. 
C)  a debit to Manufacturing Overhead and a credit to the Work in Process inventory accounts. 
D)  a debit to Manufacturing Overhead and a credit to Manufacturing Summary.

Question 9

The Vinh Corporation has two producing departments.Cost data from the firm's records for the month of January 2016 is given below.There were no beginning inventories.   Prepare a cost of production report for the Fabricating Department.

Accepted Answer

The answer of The Vinh Corporation has two producing departments.Cost...

Question 10

A cost of production report usually contains a(n)____________________ schedule and a cost schedule.

Accepted Answer

The answer of A cost of production report usually contains...

Question 11

When finished goods are sold,the entry to record the cost of goods sold includes

Accepted Answer

A)  a debit to Finished Goods Inventory and a credit to Cost of Goods Sold. 
B)  a debit to Cost of Goods Sold and a credit to Sales. 
C)  a debit to Cost of Goods Sold and a credit to Finished Goods Inventory. 
D)  a debit to Finished Goods Inventory and a credit to Sales. 
A)  a debit to Finished Goods Inventory and a credit to Cost of Goods Sold. 
B)  a debit to Cost of Goods Sold and a credit to Sales. 
C)  a debit to Cost of Goods Sold and a credit to Finished Goods Inventory. 
D)  a debit to Finished Goods Inventory and a credit to Sales.

Question 12

Equivalent production units are determined for materials and labor but not for manufacturing overhead.

Accepted Answer

A) True 
 B)False

Question 13

Complete the Cost Schedule for Department J from the information given.

Accepted Answer

The answer of   Complete the Cost Schedule for...

Question 14

Complete the Cost of Production Report for Department R for November from the information given.

Accepted Answer

The answer of   Complete the Cost of Production...

Exam 28: Process Cost Accounting

A cost of production report provides separate sections to summarize quantities and costs.

If 1,000 units were completed and transferred to the next department and ending work in process inventory consisted of 800 units that were 20 percent complete,the total equivalent units of production for the period was ___________.

Equivalent production units may be computed

Cost data for a firm's first department,Dept.A,for June 2016 is given below. Prepare equivalent production computations for Dept.A from the information provided.

The ending Work in Process inventory in the mixing department contains 300 units that are 70% complete with respect to labor costs.How many equivalent units are in the ending inventory?

Fill in the blanks in the Quantity Section of the following Production Report.

At the end of the month,the entry to close the Manufacturing Overhead control account is recorded as

The Vinh Corporation has two producing departments.Cost data from the firm's records for the month of January 2016 is given below.There were no beginning inventories. Prepare a cost of production report for the Fabricating Department.

A cost of production report usually contains a(n)____________________ schedule and a cost schedule.

When finished goods are sold,the entry to record the cost of goods sold includes

Equivalent production units are determined for materials and labor but not for manufacturing overhead.

Complete the Cost Schedule for Department J from the information given.

Complete the Cost of Production Report for Department R for November from the information given.

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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