Exam 16: Process Costing and Analysis

Once equivalent units are calculated for materials,this number will also be used for direct labor and factory overhead.

(True/False)

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Question 221

During January,the production department of a process operations system completed and transferred to finished goods a total of 78,000 units.At the end of January,9,000 additional units were in process in the production department and were 65% complete with respect to labor.The beginning inventory included labor cost of $37,100 and the production department incurred direct labor cost of $294,300 during January.Compute the direct labor cost per equivalent unit for the department using the weighted-average method.

(Multiple Choice)

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Question 222

Match the following terms with the definitions.

Process cost summary

Report of total costs charged to a department, describes its equivalent units of production achieved, and allocates costs among units worked on in the period.

Process operations

System of measuring unit costs at the end of a period by combining costs per equivalent unit from each separate department.

Process costing system

Document that summarizes the materials a department uses when inventory moves continuously through the manufacturing process during a reporting period; replaces materials requisition.

Correct Answer:

Verified

Process cost summary

Process operations

Process costing system

Equivalent units of production

Materials consumption report

Hybrid costing system

Job order costing system

(Matching)

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Question 223

In process costing the cost object is the process and in job order costing the cost object is a job.

(True/False)

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Question 224

Metaline Corp.uses the weighted average method for inventory costs and had the following information available for the year. -The number of units transferred to finished goods during the year is:

(Multiple Choice)

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Question 225

Once equivalent units are calculated for materials,this number will also be used for direct labor and factory overhead.

In process costing the cost object is the process and in job order costing the cost object is a job.

Metaline Corp.uses the weighted average method for inventory costs and had the following information available for the year. -The number of units transferred to finished goods during the year is:

Accounting in Business

Accounting for Business Transactions

Adjusting Accounts for Financial Statements

Accounting for Merchandising Operations

Inventories and Cost of Sales

Cash,fraud,and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Current Liabilities

Accounting for Long-Term Liabilities

Corporate Reporting and Analysis

Reporting Cash Flows

Analysis of Financial Statements

Managerial Accounting Concepts and Principles

Job Order Costing and Analysis

Activity-Based Costing and Analysis

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing and Analysis

Master Budgets and Performance Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Relevant Costing for Managerial Decisions

Capital Budgeting and Investment Analysis

Time Value of Money

Investments

Lean Principles and Accounting

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