Reference no: EM132517568
Question 1: A process costing system is most likely used by which of the following? A. airplane manufacturing B. a paper manufacturing company C. an accounting firm specializing in tax returns D. a hospital
Question 2: Which of the following is a conversion cost? A. raw materials B. direct labor C. sales commissions D. direct material used
Question 3: Which is not needed to compute equivalent units of production? A. the percentage of completion for inventory still in process B. the number of units transferred out C. the number of units started and completed D. the material cost per unit
Question 4: What is the conversion cost to manufacture insulated travel cups if the costs are: direct materials, $17,000; direct labor, $33,000; and manufacturing overhead, $70,000? A. $16,000 B. $50,000 C. $103,000 D. $120,000
Question 5: Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the inventory transferred to the next department if beginning inventory was 2,000 units; 9,000 units were started; and 1,000 units were in ending inventory? A. $1,000 B. $13,000 C. $130,000 D. $20,000
Question 6: The initial processing department had a beginning inventory of 750 units and an ending inventory of 1,350 units, and it started 9,500 units into production. How many were transferred out to the next department? A. 750 B. 1,350 C. 8,900 D. 10,250
Question 7: The costs to be accounted for consist of which of the following? A. costs added during the period B. costs of the units in ending inventory C. costs started and transferred during the period D. costs in the beginning inventory and costs added during the period
Question 8: In a process costing system, which account shows the overhead assigned to the department? A. cost of goods sold B. finished goods inventory C. raw material inventory D. work in process inventory
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