Exam 5: Process Cost Accounting--General Procedures

An error was made in the computation of the stage of completion of the current year's ending work in process inventory.The error resulted in assigning a lower stage of completion to each component of the inventory than actually was the case.What is the resultant effect of this error upon: (1) (2) (3)

(Multiple Choice)

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Question 21

In a given process costing system,the equivalent units of production are computed using the average cost method.The percentage of completion for the current period only is included in the calculation of the:

(Multiple Choice)

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Question 22

Daniel LLC incurred cost of $45,000 for material,$25,000 for labor,and $24,000 for factory overhead.There was no beginning or ending work in process.5,000 units were completed and transferred out.The cost per unit is:

(Multiple Choice)

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Question 23

The primary task of process costing is to allocate total cost between:

(Multiple Choice)

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Question 24

"Goods completed and on hand" refers to:

(Multiple Choice)

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Question 25

The cost of production summary for Maha Industries follows: What is the journal entry to record completed production and transfer to the warehouse?

(Multiple Choice)

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Question 26

Norma Company had 10,000 units in work in process at January 1 that were 50 percent complete.During January,25,000 units were completed.At January 31,6,000 units remained in work in process that were 80 percent complete.Using the average cost method,the equivalent units for January were:

(Multiple Choice)

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Question 27

In a production cost report using process costing,transferred-in costs are similar to:

(Multiple Choice)

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Question 28

The Columbus Company has three departments A,B and C.Material requisitions amounted to $10,000,$8,000 and $5,000,respectively,for departments A,B and C.In addition,$3,000 of indirect materials were used during the period.What is the entry to record the materials used during the period?

(Multiple Choice)

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Question 29

Omega Corporation uses process costing to calculate the cost of manufacturing pool systems.Beginning work in process included 30,000 units 60 percent complete.During the month 170,000 units were completed,20,000 units remain in work in process at 80 percent complete.Using the average cost method,the equivalent units are:

(Multiple Choice)

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Question 30

Which of the following firms is least likely to use process costing?

(Multiple Choice)

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Question 31

Daniel LLC incurred the following cost in the month of October: Material $55,000 Labor $46,000 Factory Overhead $23,000 There was no beginning inventory.Ending work in process was 10,000 units at 50 percent complete.15,000 units were completed and transferred out. Prepare a cost of production summary for the month,assuming Daniel uses the average cost method of process costing.

(Essay)

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Question 32

The production report for Matthews,Inc.included the following information for May: How many units were started during the period?

(Multiple Choice)

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Question 33

The records of Andrews Company reflect the following data: Work in process,beginning of the month - 4,500 units;1 / 3 completed at a cost of $2,400 for materials,$825 for labor,and $5,000 for overhead. Production costs for the month - materials - $20,695;labor - $13,050;overhead - $41,500 Units completed and transferred to finished goods - 35,000 Work in process,end of month - 3,000 units;3 / 4 completed What is the unit cost for material?

(Multiple Choice)

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Question 34

The Kluesner Company started the month of June with 3,000 units in process which were 60% completed.The company started 25,000 units during June,and at the end of the month had 3,000 units on hand which were 40% completed.The number of units transferred to finished goods during June was:

(Multiple Choice)

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Question 35

Information concerning the materials used in the Blending Department in November is as follows: If the ending work-in-process inventory is 75% complete,using the average cost method,what was the materials cost in Work in Process at November 30?

(Multiple Choice)

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Question 36

Which of the following is not a duty of the cost accountant in a process cost system?

(Multiple Choice)

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Question 37

The total number of units to be accounted for in the second department of a process is:

(Multiple Choice)

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Question 38

A true process costing system could make use of each of the following except:

(Multiple Choice)

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Question 39

The number of whole units that could have been completed during a period,using the production costs incurred during that period is called:

(Multiple Choice)

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Question 40

Showing 21 - 40 of 61

In a given process costing system,the equivalent units of production are computed using the average cost method.The percentage of completion for the current period only is included in the calculation of the:

Daniel LLC incurred cost of $45,000 for material,$25,000 for labor,and $24,000 for factory overhead.There was no beginning or ending work in process.5,000 units were completed and transferred out.The cost per unit is:

The primary task of process costing is to allocate total cost between:

"Goods completed and on hand" refers to:

The cost of production summary for Maha Industries follows: What is the journal entry to record completed production and transfer to the warehouse?

Norma Company had 10,000 units in work in process at January 1 that were 50 percent complete.During January,25,000 units were completed.At January 31,6,000 units remained in work in process that were 80 percent complete.Using the average cost method,the equivalent units for January were:

In a production cost report using process costing,transferred-in costs are similar to:

The Columbus Company has three departments A,B and C.Material requisitions amounted to $10,000,$8,000 and $5,000,respectively,for departments A,B and C.In addition,$3,000 of indirect materials were used during the period.What is the entry to record the materials used during the period?

Which of the following firms is least likely to use process costing?

The production report for Matthews,Inc.included the following information for May: How many units were started during the period?

The Kluesner Company started the month of June with 3,000 units in process which were 60% completed.The company started 25,000 units during June,and at the end of the month had 3,000 units on hand which were 40% completed.The number of units transferred to finished goods during June was:

Information concerning the materials used in the Blending Department in November is as follows: If the ending work-in-process inventory is 75% complete,using the average cost method,what was the materials cost in Work in Process at November 30?

Which of the following is not a duty of the cost accountant in a process cost system?

The total number of units to be accounted for in the second department of a process is:

A true process costing system could make use of each of the following except:

The number of whole units that could have been completed during a period,using the production costs incurred during that period is called:

Introduction to Cost Accounting

Accounting for Materials

Accounting for Labor

Accounting for Factory Overhead

Process Cost Accounting--Additional Procedures

Master Budget and Flexible Budgeting

Standard Cost Accounting--Materials, labor, and Factory Overhead

Cost Accounting for Service Businesses

Cost Analysis for Management Decision Making

Filters

Exam 5: Process Cost Accounting--General Procedures

In a given process costing system,the equivalent units of production are computed using the average cost method.The percentage of completion for the current period only is included in the calculation of the:

Daniel LLC incurred cost of $45,000 for material,$25,000 for labor,and $24,000 for factory overhead.There was no beginning or ending work in process.5,000 units were completed and transferred out.The cost per unit is: ​

The primary task of process costing is to allocate total cost between:

"Goods completed and on hand" refers to:

The cost of production summary for Maha Industries follows: What is the journal entry to record completed production and transfer to the warehouse?

Norma Company had 10,000 units in work in process at January 1 that were 50 percent complete.During January,25,000 units were completed.At January 31,6,000 units remained in work in process that were 80 percent complete.Using the average cost method,the equivalent units for January were:

In a production cost report using process costing,transferred-in costs are similar to:

The Columbus Company has three departments A,B and C.Material requisitions amounted to $10,000,$8,000 and $5,000,respectively,for departments A,B and C.In addition,$3,000 of indirect materials were used during the period.What is the entry to record the materials used during the period?

Which of the following firms is least likely to use process costing?

The production report for Matthews,Inc.included the following information for May: How many units were started during the period?

The Kluesner Company started the month of June with 3,000 units in process which were 60% completed.The company started 25,000 units during June,and at the end of the month had 3,000 units on hand which were 40% completed.The number of units transferred to finished goods during June was:

Information concerning the materials used in the Blending Department in November is as follows: If the ending work-in-process inventory is 75% complete,using the average cost method,what was the materials cost in Work in Process at November 30?

Which of the following is not a duty of the cost accountant in a process cost system?

The total number of units to be accounted for in the second department of a process is:

A true process costing system could make use of each of the following except:

The number of whole units that could have been completed during a period,using the production costs incurred during that period is called:

Introduction to Cost Accounting

Accounting for Materials

Accounting for Labor

Accounting for Factory Overhead

Process Cost Accounting--Additional Procedures

Master Budget and Flexible Budgeting

Standard Cost Accounting--Materials, labor, and Factory Overhead

Cost Accounting for Service Businesses

Cost Analysis for Management Decision Making

Filters

Daniel LLC incurred cost of $45,000 for material,$25,000 for labor,and $24,000 for factory overhead.There was no beginning or ending work in process.5,000 units were completed and transferred out.The cost per unit is: