Question 1

In a process cost accounting system,

Accepted Answer

A)  the Finished Goods Inventory account is debited for the cost of completed units any time during the month. 
B)  the Work in Process Inventory accounts are used to accumulate the costs for labor, materials, and manufacturing overhead. 
C)  manufacturing overhead is not included in the determination of inventory costs. 
D)  inventory costs are calculated when goods are sold. 
A)  the Finished Goods Inventory account is debited for the cost of completed units any time during the month. 
B)  the Work in Process Inventory accounts are used to accumulate the costs for labor, materials, and manufacturing overhead. 
C)  manufacturing overhead is not included in the determination of inventory costs. 
D)  inventory costs are calculated when goods are sold.

Question 2

Rounding is often necessary to make the Production Report cumulative cost total agree to the total costs accounted for. In the following periods, the amount of the adjustment is either added to or subtracted from the _____________ in work in process.

Accepted Answer

A)  direct materials 
B)  direct labor 
C)  manufacturing overhead 
D)  credit entry 
A)  direct materials 
B)  direct labor 
C)  manufacturing overhead 
D)  credit entry

Question 3

The units transferred in from a prior department are included in the quantity to be accounted for on the cost of production report for the receiving department.

Accepted Answer

A) True 
 B)False

Question 4

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 5

When beginning inventory is part of the production report, costs from the prior department are included. They are

Accepted Answer

A)  the beginning inventory amount and the costs transferred in. 
B)  the beginning inventory amount. 
C)  the costs transferred in. 
D)  the beginning inventory costs transferred in. 
A)  the beginning inventory amount and the costs transferred in. 
B)  the beginning inventory amount. 
C)  the costs transferred in. 
D)  the beginning inventory costs transferred in.

Question 6

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 7

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. 1,600 + 600. 
A)  2,200 units. 
B)  2,400 units. 
C)  2,500 units. 
D)  2,600 units. 1,600 + 600.

Question 8

Goods transferred to another department for further processing are nonetheless considered 100 percent complete on the cost of production report of the department making the transfer.

Accepted Answer

A) True 
 B)False

Question 9

Department R Cost Data for November 2013
$\begin{array}{lr}
\text { Current department costs--November: } & \
\text { Materials } & \$ 51,121 \
\text { Labor } & 11,304 \
\text { Manufacturing Overhead } & 9,106\\text { Quantities: }\
\text { Beginning inventory, work in process } & -0-\text { units } \
\text { Started in production } & 6,700 \text { units } \
\text { Transferred out to next department } & 6,000 \text { units } \
\text { Ending inventory, work in process } & 700 \text { units }\\text { Stage of completion--work in process: }\\text { Ending inventory: }\\text { Materials } & 100 \% \
\text { Labor and overhead } & 40 \%
\end{array}$
-Complete the Cost of Production Report for Department R for November from the information given.

Accepted Answer

The answer of Department R Cost Data for November 2013
\(\begin{array}{lr}
\text...

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

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 12

Cost data for a firm's first department, Dept. A, for June 2013 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,...

Question 13

The ending work in process inventory does not appear on the following month's cost of production report.

Accepted Answer

A) True 
 B)False

Question 14

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 15

-Prepare the Quantity Schedule for Department J for October 2013 in good format from the information given.

Accepted Answer

The answer of  
-Prepare the Quantity Schedule for Department...

Question 16

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

Accepted Answer

The answer of  
-Complete the Cost Schedule for Department...

Question 17

Equivalent production units must be computed separately for materials, labor, and ____________________ whenever the stages of completion for the elements are different.

Accepted Answer

The answer of Equivalent production units must be computed separately...

Question 18

In a process cost accounting system, a separate Work in Process Inventory account is maintained for each producing department.

Accepted Answer

A) True 
 B)False

Question 19

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 20

Process cost accounting is most appropriate

Accepted Answer

A)  when there is continuous production on a single product. 
B)  when a company produces more than one product in batches rather than on a continuous basis. 
C)  for companies with either continuous or batch processing of different products. 
D)  for all manufacturing companies. 
A)  when there is continuous production on a single product. 
B)  when a company produces more than one product in batches rather than on a continuous basis. 
C)  for companies with either continuous or batch processing of different products. 
D)  for all manufacturing companies.

In a process cost accounting system,

Rounding is often necessary to make the Production Report cumulative cost total agree to the total costs accounted for. In the following periods, the amount of the adjustment is either added to or subtracted from the _____________ in work in process.

The units transferred in from a prior department are included in the quantity to be accounted for on the cost of production report for the receiving department.

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

When beginning inventory is part of the production report, costs from the prior department are included. They are

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

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

Goods transferred to another department for further processing are nonetheless considered 100 percent complete on the cost of production report of the department making the transfer.

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

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?

Cost data for a firm's first department, Dept. A, for June 2013 is given below. -Prepare equivalent production computations for Dept. A from the information provided.

The ending work in process inventory does not appear on the following month's cost of production report.

The total accounted for consists of

-Prepare the Quantity Schedule for Department J for October 2013 in good format from the information given.

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

Equivalent production units must be computed separately for materials, labor, and ____________________ whenever the stages of completion for the elements are different.

In a process cost accounting system, a separate Work in Process Inventory account is maintained for each producing department.

Equivalent production units may be computed

Process cost accounting is most appropriate

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 Analysis

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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Exam 28: Process Cost Accounting

In a process cost accounting system,

Rounding is often necessary to make the Production Report cumulative cost total agree to the total costs accounted for. In the following periods, the amount of the adjustment is either added to or subtracted from the _____________ in work in process.

The units transferred in from a prior department are included in the quantity to be accounted for on the cost of production report for the receiving department.

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

When beginning inventory is part of the production report, costs from the prior department are included. They are

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

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

Goods transferred to another department for further processing are nonetheless considered 100 percent complete on the cost of production report of the department making the transfer.

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

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?

Cost data for a firm's first department, Dept. A, for June 2013 is given below. -Prepare equivalent production computations for Dept. A from the information provided.

The ending work in process inventory does not appear on the following month's cost of production report.

The total accounted for consists of

-Prepare the Quantity Schedule for Department J for October 2013 in good format from the information given.

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

Equivalent production units must be computed separately for materials, labor, and ____________________ whenever the stages of completion for the elements are different.

In a process cost accounting system, a separate Work in Process Inventory account is maintained for each producing department.

Equivalent production units may be computed

Process cost accounting is most appropriate

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 Analysis

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

Filters