08/04/22 13.

12 Quiz 7 - Process Costing I,II,III: Attempt review

COST ACCOUNTING AK-45-07 [WSY]

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Topic 7 - Metode Harga Pokok Proses III /
Quiz 7 - Process Costing I,II,III

Started on Friday, 8 April 2022, 1:04 PM

State Finished

Completed on Friday, 8 April 2022, 1:12 PM

Time taken 7 mins 34 secs

Grade 100.00 out of 100.00

Question 1

Correct

Mark 11.11 out of 11.11

Sepulveda Corporation uses a process costing system to manufacture laptop PCs. The following information
summarizes operations for its VeryLite model during the quarter ending March 31, Year 1 are Work-in-process inventory,
January 1 100 Units Direct Materials $ 60,000; Started during the quarter 500; Completed during the quarter 400; Work-
in-process inventory, March 31 200; Costs added during the quarter $840,000. Beginning work-in-process inventory
was 50% complete for direct materials. Ending work-in-process inventory was 75% complete for direct materials. What
were the equivalent units for direct materials for the quarter using the FIFO method:

Select one:

a. 450

b. 500 

c. 600

d. 550

The correct answer is: 500

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08/04/22 13.12 Quiz 7 - Process Costing I,II,III: Attempt review

Question 2

Correct

Mark 11.11 out of 11.11

Assuming beginning work in process is zero, the equivalent units of production computed using FIFO versus weighted
average will have the following relationship:

Select one:

a. Weighted-average equivalent units will be equal to FIFO equivalent units 

b. FIFO equivalent units will be greater than weighted-average equivalent units

c. FIFO equivalent units will be less than weighted-average equivalent units

d. Weighted-average equivalent units are always greater than FIFO equivalent units

The correct answer is: Weighted-average equivalent units will be equal to FIFO equivalent units

Question 3

Correct

Mark 11.11 out of 11.11

All of the following are accurate regarding the treatment of normal or abnormal spoilage by a firm with the exception
of:

Select one:

a. Normal and abnormal spoilage units affect the equivalent units of production

b. Normal spoilage is capitalized as part of inventory cost

c. Abnormal spoilage is excluded in the standard cost of a manufactured product

d. Abnormal spoilage has no financial statement impact 

The correct answer is: Abnormal spoilage has no financial statement impact

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08/04/22 13.12 Quiz 7 - Process Costing I,II,III: Attempt review

Question 4

Correct

Mark 11.12 out of 11.12

The following information concerns Westheimer Corporation’s equivalent units in May 20X1 are Units Beginning work in
process (50% complete) 4,000; Units started during May 16,000; Units completed and transferred 14,000; Ending work in
process (80% complete) 6,000. Using the weighted-average method, what were Westheimer’s May 20X1 equivalent
units:

Select one:

a. 18,800 

b. 39,000

c. 14,000

d. 20,000

The correct answer is: 18,800

Question 5

Correct

Mark 11.11 out of 11.11

Which of the following is a TRUE statement regarding the treatment of scrap by a firm:

Select one:

a. When scrap is material and specific to a job, the accounting for scrap lowers the total costs for that job 

b. Scrap is always allocated to a specific job

c. Scrap is separated between normal and abnormal scrap

d. There are costs assigned to scrap

The correct answer is: When scrap is material and specific to a job, the accounting for scrap lowers the total costs
for that job

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08/04/22 13.12 Quiz 7 - Process Costing I,II,III: Attempt review

Question 6

Correct

Mark 11.11 out of 11.11

Fresh Products, Inc. incurred the following costs during December related to the production of its 162,500 frozen ice
cream cone specialty items are Food product labor $175,000; Ice cream cone ingredients 325,000; Sales and
marketing costs 10,000; Factory (manufacturing) overhead 16,000; Normal food spoilage 4,000; Abnormal spoilage
3,000. What is the December per-unit inventory cost allocated to the company’s frozen ice cream cone specialty
items:

Select one:

a. $3.22

b. $3.20 

c. $3.18

d. $3.26

The correct answer is: $3.20

Question 7

Correct

Mark 11.11 out of 11.11

Penn Manufacturing Corporation uses a process-costing system to manufacture printers for PCs. The following
information summarizes operations for its NoToner model during the quarter ending September 30, Year 1, are Direct
Manufacturing Labor $ 50,000; Work-in-process inventory, July 1 100; Started during the quarter 500; Completed during
the quarter 400; Work-in-process inventory, September 30 200; Costs added during the quarter $775,000; Beginning
work-in-process inventory was 50% complete for direct manufacturing labor. Ending work-in process inventory was
75% complete for direct manufacturing labor. What is the total value of the direct manufacturing labor in the ending
work-in-process inventory using the weighted-average method:

Select one:

a. $183,000

b. $210,000

c. $225,000 

d. $194,000

The correct answer is: $225,000

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08/04/22 13.12 Quiz 7 - Process Costing I,II,III: Attempt review

Question 8

Correct

Mark 11.11 out of 11.11

Healthy Dinners Co. produces frozen dinners for the health conscious consumer. During the quarter ended September
30, the company had the following cost data; Dinner ingredients $3,550,000; Preparation labor 900,000; Sales and
marketing costs 125,000; Plant production overhead 50,000; Normal food spoilage 60,000; Abnormal food spoilage
40,000; General and administrative expenses 75,000. Based on the above, what is the total amount of period expenses
reflected in the company’s income statement for the quarter ended September 30:

Select one:

a. $290,000

b. $240,000 

c. $300,000

d. $200,000

The correct answer is: $240,000

Question 9

Correct

Mark 11.11 out of 11.11

Kimberly Manufacturing uses a process-costing system to manufacture Dust Density Sensors for the mining industry.
The following information pertains to operations for the month of May, Year 5, in Units is Beginning work-in-process
inventory, May 1 16,000; Started in production during May 100,000; Completed production during May 92,000; Ending
work-in-process inventory, May 31 24,000. The beginning inventory was 60% complete for direct materials and 20%
complete for conversion costs. The ending inventory was 90% complete for direct materials and 40% complete for
conversion costs. Costs pertaining to the month of May are as follows; Beginning inventory costs are direct materials,
$54,560; direct manufacturing labor $20,320; and manufacturing overhead, $15,240; Costs incurred during May are
direct materials used, $468,000; direct manufacturing labor, $182,880; and manufacturing overhead, $391,160. Using
the weighted-average method, the equivalent-unit conversion cost for May is:

Select one:

a. $5.83

b. $5.65

c. $6.41

d. $6.00 

The correct answer is: $6.00

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