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get which cost accumulation procedure is most applicable in continuous mass production manufacturing environment from screen. 1. Which is the best cost accumulation procedure to use when there is a continuous mass production of like units? A. Process. B. Standard. C. Job order. D. ABC. E. None of these. 2. An equivalenAnswer to: 1. Which is the best cost accumulation procedure to use when there is a continuous mass production of like units? A. Process. B.... Process costing 1. Which is the best cost accumulation procedure to use when there is a continuous mass...1. Which is the best cost accumulation procedure to use when there is a continuous mass... Question: 1. Which is the best cost accumulation procedure to use when there is a continuous mass production of like units? A. Process. B. Standard. C. Job order. D. ABC. E. None of these. 2. An equivalent unit of material is equal to: A. the amount of material necessary to complete one unit of production. B. a unit of work in process inventory. C. the amount of material necessary to start a unit of production into work in process. D. fifty percent of the material cost of a unit of finished goods. E. None of these. 3. To apply process costing, there is no need to decide on specific methods such as FIFO or weighted-average. Is the statement true or false? Process Costing:It is a method pf designating production costs to every units of goods manufactured. This costing method is better applied to companies who manufacture products of the same process or procedures. Answer and Explanation:Become a Study.com member to unlock this answer! Create your account View this answer 1. Answer: A. Process Process Costing is the most appropriate costing method for companies who produce homogenous products. 2. Answer: C. The amount... See full answer below. Become a member and unlock all Study AnswersStart today. Try it now Create an account Ask a questionOur experts can answer your tough homework and study questions. Ask a question Search AnswersLearn more about this topic:Process Costing: Definition & Examples from Chapter 1 / Lesson 12 39K Process costing is a system of allocating production expenses of comparable products at each stage of the manufacturing process. Learn about the definition, real-world examples, and steps in process costing. Related to this QuestionRelated Answers Related Lessons Related Courses Process costing is used when: A. The... Refer to the following information about the... Mink Manufacturing is unsure of whether to sell... Data concerning a recent period's activity in... Explore our homework questions and answers libraryBrowse by subject स्रोत : study.com PROCESS COSTINGchapter process costing multiple choice which cost accumulation procedure is most applicable in continuous manufacturing environments? standard actual process This is a preview Do you want full access? Go Premium and unlock all 30 pages Access to all documents Get Unlimited Downloads Improve your grades Upload Share your documents to unlock Already Premium? Log in PROCESS COSTING Course: Intermediate Microeconomic Theory I 3 units (MICREC1 ) 1 out of 30 स्रोत : www.studocu.com Cost Acct Chp.6 FlashcardsStart studying Cost Acct Chp.6. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Cost Acct Chp.65.0 3 Reviews Which cost accumulation procedure is most applicable in continuous mass-production manufacturing environments? Click card to see definition 👆 Process Click again to see term 👆 Process costing is used in companies that Click card to see definition 👆 produce bricks for sale to the public Click again to see term 👆 1/45 Created by zacharykoadibble Terms in this set (45)Which cost accumulation procedure is most applicable in continuous mass-production manufacturing environments? Process Process costing is used in companies that produce bricks for sale to the public A producer of ____ would not use a process costing system Stained Glass Window A process costing system is used by a company that produces homogenous products Which is the best accumulation procedure to sue for continuous mass production of like units? Process Equivalent units of production are equal to the number of whole units that could have been completed if all work of the period had been used to produce while units In a process costing system using the weighted average method, cost per equivalent unit for a given cost component is found by dividing which of the following by EUP? Current period costs plus the cost of beginning inventory The weighted average method is thought by some accountants to be inferior o the FIFO method because it commingles costs of two periods The first step in determining the cost per EUP per cost component under the weighted average method is to add the beginning WIP Inven cost to the current periods production cost The difference between EUP calculated using FIFO and EUP calculated weighted average is the equivalent units residing in beginning WIP Inven EUP calculations for standard process costing are the same as the EUP calculations for FIFO process costing In a FIFO process costing system, which of the following are assumed to be completed first in the current period? units started last period To compute equivalent units of production using the FIFO method of process costing, work for the current period must be stated in units completed from beginning inventory, units started and completed during the period, and units partially completed in ending Inven The FIFO method of costing will produce the same cost of goods transferred out amount as the weighted average method when there is no beginning WIP Inventory The primary difference between the FIFO and weighted average methods of process costing is the treatment of beginning WIP Inventory Material is added at the beginning of a process costing system. The beginning WIP Inven for the process was 30 percent complete as to conversion costs. Using the FIFO method of costing, the number of equivalent units of material for the process during the period is equal to the units started this period plus the units in ending WIP Inventory In a cost of production report using process costing ,transferred-in costs are similar to the cost of material added at the beginning of production In a process costing system, the journal entry to record the transfer of goods from department#2 to Finished Goods Inven is a debit Finished F=Goods Inven, credit WIP Inven #2 Transferred-in cost represents the cost from all prior departments Which of the following are the same between the weighted average and FIFO methods of calculating EUPs? Units to account for(Yes) EUP Calculations (No) Total Cost to account for (Yes) Process costing techniques should be used in assigning costs to products if a product is composed of mass-produced homogenous units Averaging the total cost of completed beginning WIP Inven and units started are completed over all units transferred out is known as modified FIFO A process costing system restates WIP Inven in terms of completed units A process costing system does which of the following? Calculates EUPs(Yes) Assigns costs to inventories(yes) A process costing system Calculates average cost per whole unit (no) Determines total units to account for (Yes) A hybrid costing system combines characteristics of job order and process costing systems When standard costs are used in process costing the weighted average method of calculating EUPs makes computing transferred-out easier Which of the following is subtracted from weighted average EUP to derive FIFO EUP? beginning WIP EUP produced in prior period The cost of abnormal continuous losses is written off as a loss on an equivalent unit basis Abnormal spoilage can be Continuous (Yes) Discrete (Yes) When the cost of lost units must be assigned, and those same units must be included in an equivalent unit schedule, these units are considered abnormal and continuous A continuous loss occurs evenly throughout the production process Which of the following would be considered a discrete loss in a production process? adding the wrong components when assembling a stereo The method of neglect handles spoilage that is continuous and normal The cost of normal discrete losses is absorbed by all units past the inspection point on an equivalent unit basis स्रोत : quizlet.com What are the two major types of cost accumulation systems?Absorption Costing and Direct Costing The two main costing systems, which have caused much controversy, are absorption of "full" costing and direct or variable costing. Who uses process costing?Process costing is generally used by manufacturers that produce a large volume of identical items, such as companies involved in oil refining, food production, chemical processing, textiles, glass, cement and paint. Why is cost accumulation simpler in a process costing system?Why is cost accumulation simpler in a process costing system than it is in a job-order costing system? Cost accumulation is simpler under process costing because costs only need to be assigned to departments—not individual jobs. Which of the following is are the same between the weighted average and FIFO methods of calculating equivalent units of production EUPs )?Which of the following is(are) the same between the weighted average and FIFO methods of calculating EUPs? restates Work in Process Inventory in terms of completed units. A process costing system does which of the following? Which cost accumulation process is the most applicable in the continuous mass production manufacturing environment?Answer and Explanation: Process Costing is the most appropriate costing method for companies who produce homogenous products.
Which cost accumulation method will most likely be used by a company that mass produces similar products?Process costing is used when there is mass production of similar products, where the costs associated with individual units of output cannot be differentiated from each other.
Which costing is used in mass production industries?Process Costing – The method is used in mass production industries. The raw material passes through a number of processes up to a completion stage. The finished product of one process passed through a number of process for the next process.
What are 3 types of cost accumulation systems?Cost Accumulation: Meaning, Types, and More. Job Costing System.. Process Costing System. Assumptions of Process Costing System.. Hybrid Costing System.. |
Which cost accumulation is most applicable in continuous mass production manufacturing environment?
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