Question 1

Equivalent units express the amount of work done during a period of time in terms of fully completed units of output.

Accepted Answer

A) True 
 B)False

Question 2

The managerial accountant at Coastal Edge Manufacturing reported the following data:   
The managerial accountant is required to determine the total cost per equivalent unit at Coastal Edge Manufacturing.What were the (a)the total direct material cost per unit; (b)the conversion cost per unit;and, (c)total per unit cost of direct material costs and conversion costs added during January?

Accepted Answer

Direct material cost: $16.66 per unit;Co

Question 3

Baxter Company produces children's wiffle ball sets using a three-step sequential process that includes molding,coloring and finishing.When the sets are completely finished,out of which account should the cost be transferred?

Accepted Answer

A) Finished Goods Inventory 
B) WIP InventoryWIP Inventory-Coloring 
C) WIP InventoryWIP Inventory-Finishing 
D) WIP InventoryWIP Inventory-Molding 
A) Finished Goods Inventory 
B) WIP InventoryWIP Inventory-Coloring 
C) WIP InventoryWIP Inventory-Finishing 
D) WIP InventoryWIP Inventory-Molding

Question 4

Conversion costs are usually incurred evenly throughout productions.

Accepted Answer

A) True 
 B)False

Question 5

The following information is provided by Bynes Company:
   
The units in ending WIP Inventory were 85% complete for materials and 25% complete for conversion costs.
Required:
a.What are the total equivalent units for direct materials?
b.At the end of the year,what are the equivalent units for conversion costs?

Accepted Answer

The answer of The following information is provided by Bynes...

Question 6

At Hodgson Corporation,direct materials are added at the beginning of the process and conversions costs are uniformly applied.Other details include:
 
What is the cost per equivalent unit for conversion costs?

Accepted Answer

A) $2.32 
B) $2.09 
C) $2.25 
D) $2.10 
A) $2.32 
B) $2.09 
C) $2.25 
D) $2.10

Question 7

On a production cost report,the following cost(s)would appear

Accepted Answer

A) beginning work in process. 
B) costs added during the period. 
C) total operating costs during the period. 
D) Both A and B are included on a production cost report. 
A) beginning work in process. 
B) costs added during the period. 
C) total operating costs during the period. 
D) Both A and B are included on a production cost report.

Question 8

At Panther Company,materials are added at the beginning of the process and conversion costs are added uniformly.
 
The total cost of units remaining in ending WIP Inventory is closest to

Accepted Answer

A) $285,525. 
B) $241,650. 
C) $66,150. 
D) $257,884. 
A) $285,525. 
B) $241,650. 
C) $66,150. 
D) $257,884.

Question 9

Fun Stuff Manufacturing produces frisbees using a three-step process that includes molding,coloring and finishing.Which of the following accounts is debited for conversion costs?

Accepted Answer

A) WIP Inventory-Finishing 
B) Finished Goods Inventory 
C) Raw Materials Inventory 
D) Cost of Goods Sold 
A) WIP Inventory-Finishing 
B) Finished Goods Inventory 
C) Raw Materials Inventory 
D) Cost of Goods Sold

Question 10

The first step of the 5-step process costing procedure is to summarize total costs to account for.

Accepted Answer

A) True 
 B)False

Question 11

At Hodgson Corporation,direct materials are added at the beginning of the process and conversions costs are uniformly applied.Other details include:
 
What is the cost per equivalent unit for direct materials?

Accepted Answer

A) $2.77 
B) $3.08 
C) $3.21 
D) $3.00 
A) $2.77 
B) $3.08 
C) $3.21 
D) $3.00

Question 12

The following information is provided by Zander Corporation:
 
The units in ending WIP Inventory were 80% complete for materials and 45% complete for conversion costs.
What are the total equivalent units for direct materials?

Accepted Answer

A) 14,000 
B) 5,000 
C) 4,000 
D) 13,000 
A) 14,000 
B) 5,000 
C) 4,000 
D) 13,000

Question 13

A system for assigning costs for products made in a continuous process is

Accepted Answer

A) process costing. 
B) job costing. 
C) equivalent units costing. 
D) conversion cost costing. 
A) process costing. 
B) job costing. 
C) equivalent units costing. 
D) conversion cost costing.

Question 14

Sunnyside Orchards,a juice manufacturer,uses a process that adds flavoring at the beginning of the process and vitamins and minerals 65% of the way through the process.Conversion costs are evenly distributed.Assume there are no beginning inventories.The company started making 14,000 gallons of the drink,and the 1,500 gallons left in ending WIP were 50% of the way through the process.
The number of equivalent units for vitamins and minerals is

Accepted Answer

A) 1,500. 
B) 13,250. 
C) 14,000. 
D) 12,500. 
A) 1,500. 
B) 13,250. 
C) 14,000. 
D) 12,500.

Question 15

The weighted-average method of process costing is simpler than the FIFO method.

Accepted Answer

A) True 
 B)False

Question 16

Manufacturing costs are usually combined into two categories in a process costing system.These two categories are

Accepted Answer

A) direct labor and conversion costs. 
B) direct materials and conversion costs. 
C) Manufacturing Overhead and conversion costs. 
D) direct materials and direct labor. 
A) direct labor and conversion costs. 
B) direct materials and conversion costs. 
C) Manufacturing Overhead and conversion costs. 
D) direct materials and direct labor.

Question 17

A tennis ball maker gives us its data for the year:
 
Units in ending WIP Inventory were 90% complete for materials and 60% complete for conversion costs.
On December 31,the cost per equivalent unit for conversion costs would be closest to

Accepted Answer

A) $1.65. 
B) $1.80. 
C) $1.48. 
D) $ 0.89. 
A) $1.65. 
B) $1.80. 
C) $1.48. 
D) $ 0.89.

Question 18

Assigning costs to units completed and to units in ending WIP Inventory in a second department is a three-step process.

Accepted Answer

A) True 
 B)False

Question 19

Fun Stuff Manufacturing produces frisbees using a three-step process that includes molding,coloring and finishing.Which account is debited when the frisbees are totally completed?

Accepted Answer

A) WIP Inventory-Finishing 
B) Finished Goods Inventory 
C) Manufacturing Overhead 
D) WIP Inventory-Coloring 
A) WIP Inventory-Finishing 
B) Finished Goods Inventory 
C) Manufacturing Overhead 
D) WIP Inventory-Coloring

Question 20

Fun Stuff Manufacturing produces frisbees using a three-step process that includes molding,coloring and finishing.Which account is credited when the frisbees are totally completed?

Accepted Answer

A) WIP Inventory-Finishing 
B) Finished Goods Inventory 
C) Manufacturing Overhead 
D) WIP Inventory-Coloring 
A) WIP Inventory-Finishing 
B) Finished Goods Inventory 
C) Manufacturing Overhead 
D) WIP Inventory-Coloring

Equivalent units express the amount of work done during a period of time in terms of fully completed units of output.

Baxter Company produces children's wiffle ball sets using a three-step sequential process that includes molding,coloring and finishing.When the sets are completely finished,out of which account should the cost be transferred?

Conversion costs are usually incurred evenly throughout productions.

At Hodgson Corporation,direct materials are added at the beginning of the process and conversions costs are uniformly applied.Other details include: What is the cost per equivalent unit for conversion costs?

On a production cost report,the following cost(s)would appear

At Panther Company,materials are added at the beginning of the process and conversion costs are added uniformly. The total cost of units remaining in ending WIP Inventory is closest to

Fun Stuff Manufacturing produces frisbees using a three-step process that includes molding,coloring and finishing.Which of the following accounts is debited for conversion costs?

The first step of the 5-step process costing procedure is to summarize total costs to account for.

At Hodgson Corporation,direct materials are added at the beginning of the process and conversions costs are uniformly applied.Other details include: What is the cost per equivalent unit for direct materials?

The following information is provided by Zander Corporation: The units in ending WIP Inventory were 80% complete for materials and 45% complete for conversion costs. What are the total equivalent units for direct materials?

A system for assigning costs for products made in a continuous process is

The weighted-average method of process costing is simpler than the FIFO method.

Manufacturing costs are usually combined into two categories in a process costing system.These two categories are

A tennis ball maker gives us its data for the year: Units in ending WIP Inventory were 90% complete for materials and 60% complete for conversion costs. On December 31,the cost per equivalent unit for conversion costs would be closest to

Assigning costs to units completed and to units in ending WIP Inventory in a second department is a three-step process.

Fun Stuff Manufacturing produces frisbees using a three-step process that includes molding,coloring and finishing.Which account is debited when the frisbees are totally completed?

Fun Stuff Manufacturing produces frisbees using a three-step process that includes molding,coloring and finishing.Which account is credited when the frisbees are totally completed?

Introduction to Managerial Accounting

Building Blocks of Managerial Accounting

Job Costing

Activity-Based Costing, lean Operations, and the Costs of Quality

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs for Short-Term Decisions

The Master Budget

Performance Evaluation

Standard Costs and Variances

Capital Investment Decisions and the Time Value of Money

Statement of Cash Flows

Financial Statement Analysis

Sustainability

Filters

Exam 5: Process Costing

Equivalent units express the amount of work done during a period of time in terms of fully completed units of output.

Baxter Company produces children's wiffle ball sets using a three-step sequential process that includes molding,coloring and finishing.When the sets are completely finished,out of which account should the cost be transferred?

Conversion costs are usually incurred evenly throughout productions.

At Hodgson Corporation,direct materials are added at the beginning of the process and conversions costs are uniformly applied.Other details include: What is the cost per equivalent unit for conversion costs?

On a production cost report,the following cost(s)would appear

At Panther Company,materials are added at the beginning of the process and conversion costs are added uniformly. The total cost of units remaining in ending WIP Inventory is closest to

Fun Stuff Manufacturing produces frisbees using a three-step process that includes molding,coloring and finishing.Which of the following accounts is debited for conversion costs?

The first step of the 5-step process costing procedure is to summarize total costs to account for.

At Hodgson Corporation,direct materials are added at the beginning of the process and conversions costs are uniformly applied.Other details include: What is the cost per equivalent unit for direct materials?

The following information is provided by Zander Corporation: The units in ending WIP Inventory were 80% complete for materials and 45% complete for conversion costs. What are the total equivalent units for direct materials?

A system for assigning costs for products made in a continuous process is

The weighted-average method of process costing is simpler than the FIFO method.

Manufacturing costs are usually combined into two categories in a process costing system.These two categories are

A tennis ball maker gives us its data for the year: Units in ending WIP Inventory were 90% complete for materials and 60% complete for conversion costs. On December 31,the cost per equivalent unit for conversion costs would be closest to

Assigning costs to units completed and to units in ending WIP Inventory in a second department is a three-step process.

Fun Stuff Manufacturing produces frisbees using a three-step process that includes molding,coloring and finishing.Which account is debited when the frisbees are totally completed?

Fun Stuff Manufacturing produces frisbees using a three-step process that includes molding,coloring and finishing.Which account is credited when the frisbees are totally completed?

Introduction to Managerial Accounting

Building Blocks of Managerial Accounting

Job Costing

Activity-Based Costing, lean Operations, and the Costs of Quality

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs for Short-Term Decisions

The Master Budget

Performance Evaluation

Standard Costs and Variances

Capital Investment Decisions and the Time Value of Money

Statement of Cash Flows

Financial Statement Analysis

Sustainability

Filters