Exam 14: Job-Order Costing and Process-Costing Systems

St.Michael's Hospital uses a job-order costing system for all patients who have surgery.The following information is available: The cost driver for all indirect costs is nursing hours.The hospital uses a budgeted rate for indirect costs.The budgeted rate for indirect costs for the surgery recovery floor is ________.

(Multiple Choice)

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Question 81

CCC Company uses job-order costing.The following is a summary of factory operations: Factory overhead costs are applied at 70% of direct labor costs. Required: A)Prepare the required journal entries for the above transactions. B)Prepare the journal entry to dispose of the overhead variance using the immediate write-off method.

(Essay)

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Question 82

Katarina Hull Company manufactures plastic cups in one department.The following information is available: The units in the ending work-in-process inventory are 100 percent complete with respect to direct materials and 50 percent complete with respect to conversion costs.The unit cost of conversion costs is ________.

(Multiple Choice)

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Question 83

Baker Company manufactures phones in a two-department process that involve Assembly and Finishing.The Assembly Department reported the follow data for the past month: The partially complete units at the end of the month were 100 percent complete with respect to materials and 75 percent complete with respect to conversion costs.The journal entry to record the units completed and transferred to the Finishing Department includes ________.

(Multiple Choice)

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Question 84

In process costing,a company has some unfinished units at the end of the accounting period.________ units are the number of completed units that could have been produced from the inputs used to create the unfinished units.

(Multiple Choice)

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Question 85

Sidney Company manufactures plastic cups in one department.The following information is available: The units in the ending work-in-process inventory are 100 percent complete with respect to direct materials and 50 percent complete with respect to conversion costs.The cost of one completed unit is ________.

(Multiple Choice)

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Question 86

Which of the following statements about job-order costing and process costing is TRUE?

(Multiple Choice)

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Question 87

In process costing,units that are started but NOT completed by the end of the accounting period are called ________.

(Multiple Choice)

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Question 88

Whipit Company manufactures tape dispensers.The Assembly Department reported the follow data for the past month: The partially complete units at the end of the month were 100 percent complete with respect to materials and 50 percent complete with respect to conversion costs.The cost of one completed unit in the Assembly Department is ________.

(Multiple Choice)

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Question 89

In process costing,companies sometimes ignore work-in-process inventory and assign all production costs to units completed and transferred out.

(True/False)

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Question 90

Machino Company produces calendars in a one-department process.The following data is available for the past month: The units in process at the end of the month are 100 percent complete with respect to direct materials and 50 percent complete with respect to conversion costs.What are the equivalent units for conversion costs for the month?

(Multiple Choice)

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Question 91

Process costing averages costs over large numbers of nearly identical products.

(True/False)

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Question 92

Chapin Company manufactures generic notebooks.Material is introduced at the beginning of the process in the Printing Department.Conversion costs are applied uniformly throughout the process.The weighted-average method of product costing is used.Data for the Printing Department for the month of June follow: Work-in-process inventory,June 1: With regard to the work-in-process inventory on June 30,materials are 100 percent complete and conversion costs are 50 percent complete.The unit cost for conversion costs is ________.

(Multiple Choice)

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Question 93

In nonprofit organizations,a program is defined as a(n)________.

(Multiple Choice)

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Question 94

Backflush costing is most useful for companies with low inventory levels and short production cycles.

(True/False)

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Question 95

Tide Company manufactures greeting cards.Material is introduced at the beginning of the process in the Printing Department.Conversion costs are applied uniformly throughout the process.The weighted-average method of product costing is used.Data for the Printing Department for the month of September follow: Work-in-process inventory,September 1: With regard to the work-in-process inventory on September 30,materials are 100 percent complete and conversion costs are 60 percent complete.The unit cost for materials is ________.

(Multiple Choice)

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Question 96

Regardless of the nature of a company's production system,there will always be resources that are shared among different products.

(True/False)

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Question 97

Sandy Jensen Company uses a job-order costing system and has the following data available: The journal entry to record the cost of goods sold would include a ________.

(Multiple Choice)

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Question 98

Some backflush costing systems eliminate the finished goods inventory account.

(True/False)

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Question 99

St.Joseph's Hospital uses a job-order costing system for all patients who have surgery.The following information is available: The cost driver for all indirect costs is nursing hours.The hospital uses a budgeted rate for indirect costs.A patient spent 8 hours in the pre-operating room,4 hours in the operating room and 96 hours on the surgery recovery floor.What amount of indirect costs will be applied to this patient?

(Multiple Choice)

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Question 100

Showing 81 - 100 of 157

In process costing,a company has some unfinished units at the end of the accounting period.________ units are the number of completed units that could have been produced from the inputs used to create the unfinished units.

Which of the following statements about job-order costing and process costing is TRUE?

In process costing,units that are started but NOT completed by the end of the accounting period are called ________.

In process costing,companies sometimes ignore work-in-process inventory and assign all production costs to units completed and transferred out.

Process costing averages costs over large numbers of nearly identical products.

In nonprofit organizations,a program is defined as a(n)________.

Backflush costing is most useful for companies with low inventory levels and short production cycles.

Regardless of the nature of a company's production system,there will always be resources that are shared among different products.

Sandy Jensen Company uses a job-order costing system and has the following data available: The journal entry to record the cost of goods sold would include a ________.

Some backflush costing systems eliminate the finished goods inventory account.

Managerial Accounting, the Business Organization

Introduction to Cost Behavior and Cost-Volume Relationships

Measurement of Cost Behavior

Cost Management Systems and Activity-Based Costing

Relevant Information for Decision Making With a Focus

Relevant Information for Decision Making With a Focus

Introduction to Budgets and Preparing the Master Budget

Flexible Budgets and Variance Analysis

Management Control Systems and Responsibility Accounting

Management Control in Decentralized Organizations

Capital Budgeting

Cost Allocation

Accounting for Overhead Costs

Basic Accounting: Concepts, techniques, and Conventions

Understanding Corporate Annual Reports: Basic Financial Statements

Understanding and Analyzing Consolidated Financial Statements

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