1. the appropriate cost accounting system to use when inventory

1.  The appropriate cost accounting system to use when inventory items are produced on an assembly line is 

       weighted average.

       job-order costing.

       process costing.

       perpetual method.

 

2.  As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in 

       cost of goods sold.

       work-in-process.

       materials.

       finished goods.

 

3. The whole units that could have been produced in a period given the amount of manufacturing inputs used are called 

       FIFO costing.

       transferred-in cost.

       weighted average cost.

       equivalent units of output.

 

4. Holly Inc. manufactures dolls. The following data were provided for production results for the current month.

            0          Units, beginning work-in-process

            300       Units started

            ?          Units completed

            100       Units, ending work-in-process (40% complete)

 

How many units were completed? 

       600

       300

       200  

       100

       None of the above

 

5.  Which is NOT a difference between the job-order costing system and the process costing system? 

       They accumulate their costs to different cost objectives.

       The number of work-in-process accounts is different.

       One does not use the finished goods account.

       All of the above

 

6.  Keller Inc. manufactures office chairs. The following data were provided for production results for the current month.

            0                      Units, beginning work-in-process

            8,000                Units started

            ?                      Units completed

            3,000                Units, ending work-in-process

             $440,000          Cost of direct materials

             $64,000            Cost of conversion

 

Ending inventory is 100% complete for materials and 20% complete for conversion.                    

How many units were started and completed?

       8,000

       5,000   

       2,000

       16,000

       None of the above 

 

7.  The unit-costing method that excludes prior-period work and costs in computing current-period unit

work and costs is called the 

       transferred-in cost method.

       FIFO costing method.

       weighted average method.

       equivalent units method.

 

8.  Abby Corp. adds raw materials to production at the beginning of the process in the Assembly Dept. Materials data for this department for the current month are as follows.

                                           Costs 

                               Units         Materials    Conversion

Beginning work-in-process 10,000 $70,750     $175,350

Started during month       65,000 $250,000     $736,350

Ending work-in-process 6,000 

                                          

Beginning inventory was 70% complete. Ending inventory was 40% complete.                                     

If beginning inventory contained 4,000 units of product that were judged to be 70% complete as to labor, the equivalent units of production for labor during the current period under the FIFO method for these 4,000 units are 

       4,000.

       1,000.

       2,800.

       1,200.  

 

9.  The following information was provided by Sally Company.

                                    % complete   Units

Begninning work-in-process       25%         25,000

Units transferred in                75,000

Ending work-in-process   50%15,000

                                    

How many equivalent units for materials would there be using the weighted average method? 

       100,000 

       115,000

       75,000

       82,500

 

10.  The material cost per equivalent unit using the weighted average method is calculated as 

       total material costs to account for / equivalent units for materials.

       material costs added during the period / equivalent units for materials.

       total material costs to account for / number of partially completed units for materials.

       material costs added during the period / number of partially completed units for materials.

 

 

 

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