Question 1

The _________________________ combines beginning inventory costs and work done with current-period costs and work to calculate this period's unit cost.

Accepted Answer

weighted a

Question 2

The processing pattern in which partially completed units can be worked on simultaneously in different processes and then brought together in a final process for completion is known as ____________________.

Accepted Answer

The answer of The processing pattern in which partially completed...

Question 3

Beginning inventory for the month contained 3,000 units that were 60% complete with respect to materials. During the month, 50,000 units were completed and transferred out. Ending inventory contained 5,000 units, 30% complete with respect to materials. The weighted average equivalent units of production for materials for the month would be

Accepted Answer

A)  50,000. 
B)  51,500. 
C)  50,300. 
D)  49,500. 
A)  50,000. 
B)  51,500. 
C)  50,300. 
D)  49,500.

Question 4

Burgundy Manufacturing uses a process cost system and computes cost using the weighted average method. During the current period, the beginning work-in-process inventory cost was $13,525. Manufacturing cost added was $57,000. If Burgundy's ending work-in-process inventory was valued at $15,100, then cost of goods transferred must have been

Accepted Answer

A)  $70,525 
B)  $55,425 
C)  $84,625 
D)  $58,575 
A)  $70,525 
B)  $55,425 
C)  $84,625 
D)  $58,575

Question 5

In process costing, it is unreasonable to assume uniform application of material costs.

Accepted Answer

A) True 
 B)False

Question 6

Figure 6-6.The Martin Company uses the weighted average method. The beginning work in process consists of 6,000 units (100% completed as to materials and 50% complete as to conversion costs). The number of units completed was 120,000. The ending work in process consists of 10,000 units (100% complete as to materials and 20% complete as to conversion costs).
-Refer to Figure 6-6. Calculate the number of units started during the period.

Accepted Answer

A)  124,000 
B)  100,000 
C)  120,000 
D)  130,000 
A)  124,000 
B)  100,000 
C)  120,000 
D)  130,000

Question 7

Which of the following best describes parallel processing?

Accepted Answer

A)  A large number of similar products pass through an identical set of processes. 
B)  Units typically pass through a series of manufacturing or producing departments. 
C)  Partially completed units can be worked on simultaneously in different processes and then brought together in a final process for completion. 
D)  Units must pass through one process before they can be worked on in the next processes. 
A)  A large number of similar products pass through an identical set of processes. 
B)  Units typically pass through a series of manufacturing or producing departments. 
C)  Partially completed units can be worked on simultaneously in different processes and then brought together in a final process for completion. 
D)  Units must pass through one process before they can be worked on in the next processes.

Question 8

Under the _______________ method equivalent units of output are computed by adding units completed to equivalent units in ending working-in-process.

Accepted Answer

The answer of Under the _______________ method equivalent units of...

Question 9

Estimating the degree of completion of ending work in process requires:

Accepted Answer

A)  judgement and ethical behavior 
B)  The degree of completion of beginning work in process 
C)  adjusting the degree of completion of completed units 
D)  use of the weighted average method 
A)  judgement and ethical behavior 
B)  The degree of completion of beginning work in process 
C)  adjusting the degree of completion of completed units 
D)  use of the weighted average method

Question 10

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 11

The solution for different percentage completion figures for manufacturing inputs is to calculate equivalent units as if there were uniform manufacturing inputs.

Accepted Answer

A) True 
 B)False

Question 12

Under the FIFO method, for the beginning work-in-process units, the total associated manufacturing costs are the sum of the prior-period costs plus the costs incurred in the current period to finish the units.

Accepted Answer

A) True 
 B)False

Question 13

The Fox Company uses the weighted average method. The beginning work in process consists of 20,000 units (100% completed as to materials and 50% complete as to conversion costs). The number of units completed was 80,000. The ending work in process consists of 10,000 units (100% complete as to materials and 20% complete as to conversion costs). Calculate the equivalent units of production for conversion costs.

Accepted Answer

A)  110,000 
B)  82,000 
C)  80,000 
D)  90,000 
A)  110,000 
B)  82,000 
C)  80,000 
D)  90,000

Question 14

The production report is the document that summarizes the manufacturing activity that takes place in a process department for a given period of time.

Accepted Answer

A) True 
 B)False

Question 15

At the time they are used, raw materials, direct labor, and applied overhead costs are recorded in

Accepted Answer

A)  raw materials inventory 
B)  finished goods 
C)  work in process 
D)  cost of goods sold 
A)  raw materials inventory 
B)  finished goods 
C)  work in process 
D)  cost of goods sold

Question 16

Describe the differences between process costing and job-order costing.

Accepted Answer

Process costing collects costs by proces

Question 17

Process accounting is most probably used by a(n)

Accepted Answer

A)  paint manufacturer 
B)  cement manufacturer 
C)  oil change and lube shop 
D)  All of these. 
A)  paint manufacturer 
B)  cement manufacturer 
C)  oil change and lube shop 
D)  All of these.

The _________________________ combines beginning inventory costs and work done with current-period costs and work to calculate this period's unit cost.

The processing pattern in which partially completed units can be worked on simultaneously in different processes and then brought together in a final process for completion is known as ____________________.

In process costing, it is unreasonable to assume uniform application of material costs.

Which of the following best describes parallel processing?

Under the _______________ method equivalent units of output are computed by adding units completed to equivalent units in ending working-in-process.

Estimating the degree of completion of ending work in process requires:

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

The solution for different percentage completion figures for manufacturing inputs is to calculate equivalent units as if there were uniform manufacturing inputs.

Under the FIFO method, for the beginning work-in-process units, the total associated manufacturing costs are the sum of the prior-period costs plus the costs incurred in the current period to finish the units.

The production report is the document that summarizes the manufacturing activity that takes place in a process department for a given period of time.

At the time they are used, raw materials, direct labor, and applied overhead costs are recorded in

Describe the differences between process costing and job-order costing.

Process accounting is most probably used by a(n)

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

The _________________________ combines beginning inventory costs and work done with current-period costs and work to calculate this period's unit cost.

The processing pattern in which partially completed units can be worked on simultaneously in different processes and then brought together in a final process for completion is known as ____________________.

In process costing, it is unreasonable to assume uniform application of material costs.

Which of the following best describes parallel processing?

Under the _______________ method equivalent units of output are computed by adding units completed to equivalent units in ending working-in-process.

Estimating the degree of completion of ending work in process requires:

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

The solution for different percentage completion figures for manufacturing inputs is to calculate equivalent units as if there were uniform manufacturing inputs.

Under the FIFO method, for the beginning work-in-process units, the total associated manufacturing costs are the sum of the prior-period costs plus the costs incurred in the current period to finish the units.

The production report is the document that summarizes the manufacturing activity that takes place in a process department for a given period of time.

At the time they are used, raw materials, direct labor, and applied overhead costs are recorded in

Describe the differences between process costing and job-order costing.

Process accounting is most probably used by a(n)

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