Question 1

Conversion costs are the sum of:

Accepted Answer

A) Direct materials costs and direct labor costs 
B) Indirect materials costs and indirect labor costs 
C) Direct materials costs and overhead costs 
D) Direct labor costs and overhead costs 
A) Direct materials costs and direct labor costs 
B) Indirect materials costs and indirect labor costs 
C) Direct materials costs and overhead costs 
D) Direct labor costs and overhead costs

Question 2

If beginning work in process is 2,000 units, ending work in process is 1,000 units, and the units accounted for equals 5,000 units, what are the units completed and transferred out?

Accepted Answer

A) 7000 
B) 6000 
C) 4000 
D) 2000 
A) 7000 
B) 6000 
C) 4000 
D) 2000

Question 3

In process costing system, when partially completed units are expressed in terms of fully completed units they are known as

Accepted Answer

A) Completed units 
B) Equivalent units 
C) Unfinished units 
D) Transferred units 
A) Completed units 
B) Equivalent units 
C) Unfinished units 
D) Transferred units

Question 4

Calculating equivalent units in a weighted average method:

Accepted Answer

A) The beginning inventory percentage complete is used only for conversion costs 
B) The beginning inventory percentage complete is used for both material and conversion costs 
C) The beginning inventory amount is not accounted for 
D) The beginning inventory amount is used in total 
A) The beginning inventory percentage complete is used only for conversion costs 
B) The beginning inventory percentage complete is used for both material and conversion costs 
C) The beginning inventory amount is not accounted for 
D) The beginning inventory amount is used in total

Conversion costs are the sum of:

If beginning work in process is 2,000 units, ending work in process is 1,000 units, and the units accounted for equals 5,000 units, what are the units completed and transferred out?

In process costing system, when partially completed units are expressed in terms of fully completed units they are known as

Calculating equivalent units in a weighted average method:

Marginal Costing, Contribution, and Activity-Based Costing Techniques

Inventory, Productivity, Principles, and Costing Methodologies

Filters

Exam 2: Process Costing: Methods and Applications

Conversion costs are the sum of:

If beginning work in process is 2,000 units, ending work in process is 1,000 units, and the units accounted for equals 5,000 units, what are the units completed and transferred out?

In process costing system, when partially completed units are expressed in terms of fully completed units they are known as

Calculating equivalent units in a weighted average method:

Marginal Costing, Contribution, and Activity-Based Costing Techniques

Inventory, Productivity, Principles, and Costing Methodologies

Filters