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Terms in this set (3)
a
Process costing would be appropriate for each of the following except?
A. Custom furniture manufacturing
B. Oil refining
C. Grain milling
D. Newsprint prodiction
b
2. An operation costing system is:
A.
identical to a process costing system except that actual manufacturing overhead costs are traced to units of product.
B. the same as a process costing system except that direct materials costs are accounted for in the same way as in job order costing.
C. the same as a job order system except that direct materials costs are accounted for in the same way as in process costing.
D. identical to a job order costing system except that actual manufacturing overhead costs are traced to units
of product.
b
Strap Company uses the weighted-average method in its process costing system. The company has only one processing department. The ending work in process inventory consists of 10,000 units, 60% complete with respect to materials. The total dollar value of this inventory is $38,000. The costs per equivalent unit are $5.00 for materials and $4.00 for conversion costs for the period. With respect to
conversion costs, the ending work in process inventory is:
A. 10% complete
B. 20% complete
C. 38% complete
D. 30% complete
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Michael, Inc., uses a process-costing system. A newly hired accountant has identified the following procedures that must be performed by the close of business on Friday:
1—Calculation of equivalent units
2—Analysis of physical flows of units
3—Assignment of costs to completed units and units still in process
4—Calculation of unit costs
Which of the following choices correctly expresses the proper order of the preceding tasks?
A. 1, 2, 3, 4.
B. 1,
2, 4, 3.
C. 1, 4, 3, 2.
D. 2, 1, 4, 3.
E. 2, 1, 3, 4.
Asked by KidMask500 For which of the following industries would it NOT be appropriate to use process costing? (1 Mark) A. Custom furniture building. B. Oil refining. C. Grain milling. D. Newsprint production
Answer & Explanation
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Answered by Nitika0506
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