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2010-03-31 023629 Dmacchioquiz
2010-03-31 023629 Dmacchioquiz
3. A producer of ____ would not use a process costing system. (Points: 1)
gasoline
potato chips
blank videotapes
stained glass windows
6. The difference between EUP calculated using FIFO and EUP calculated using weighted
average is the equivalent units _______. (Points: 1)
started and completed during the period
residing in beginning Work in Process Inventory
residing in ending Work in Process Inventory
uncompleted in Work in Process Inventory
7. In a FIFO process costing system, which of the following are assumed to be completed first in
the current period? (Points: 1)
units started this period
units started last period
units transferred out
units still in process
8. The primary difference between the FIFO and weighted average methods of process costing is
_______. (Points: 1)
in the treatment of beginning Work in Process Inventory
in the treatment of current period production costs
in the treatment of spoiled units
none of the above
9. In a cost of production report using process costing, transferred-in costs are similar to the
______. (Points: 1)
cost of material added at the beginning of production
conversion cost added during the period
cost transferred out to the next department
cost included in beginning inventory
10. In a process costing system, the journal entry to record the transfer of goods from
Department #2 to Finished Goods Inventory is a _______. (Points: 1)
debit Work in Process Inventory #2, credit Finished Goods Inventory
debit Finished Goods Inventory, credit Work in Process Inventory #1
debit Finished Goods Inventory, credit Work in Process Inventory #2
debit Cost of Goods Sold, credit Work in Process Inventory #2
18. In process costing systems, unit costs are found by dividing total costs incurred by (Points: 1)
ending work in process
beginning work in process
equivalent units of production
units transferred to finished goods
19. Equivalent units of production using the weighted average method of costing are found using
which of the following formulas: (Points: 1)
units completed and transferred + units in ending WIP inventory
beginning WIP physical units + units started and completed + (ending WIP x percent
complete)
beginning WIP in physical units + units started and completed
(beginning WIP physical units x percent complete) + units started and completed +
(ending WIP x percent complete)