Quiz: Inventory and Process Costing Systems
Week 2 : Job Order and Process Costing Systems - Quiz
-------------------------------------------------
Top of Form Time Remaining: | | Page: 1 2 |
1. (TCO F) Computing unit product costs involves averaging in: | Job-Order Costing | Process Costing | A | Yes | No | | B | Yes | Yes | | C | No | Yes | | D | No | No | |
(Points : 5) | Choice A. Choice B. Choice C. Choice D. | 2. (TCO F) Process costing would be appropriate for each of the following except: (Points : 5) | custom furniture manufacturing. oil refining. grain milling. newsprint production. | 3. (TCO F) Assume there was no beginning work in process inventory and the ending work in process inventory is 70% complete with respect to conversion costs. Under the weighted-average method, the number of equivalent units of production with respect to conversion costs would be: (Points : 5) | the same as the units completed. less than the units completed. the same as the units started during the period. less than the units started during the period. | 4. (TCO F) In a job-order costing system, the use of direct materials that have been previously purchased is recorded as a debit to: (Points : 5) | Raw Materials Inventory. Work in Process Inventory Finished Goods Inventory Manufacturing Overhead | 5. (TCO F) Stickles Corporation incurred $79,000 of actual Manufacturing Overhead costs during August. During the same period, the Manufacturing Overhead applied to Work in Process was $75,000. The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a: (Points : 5) | debit to Manufacturing Overhead of $79,000. credit to Manufacturing Overhead of $79,000. credit to Work in Process of $75,000. debit to Work in Process of $75,000. | 6. (TCO F) During February, Degan Inc.
-------------------------------------------------
Top of Form Time Remaining: | | Page: 1 2 |
1. (TCO F) Computing unit product costs involves averaging in: | Job-Order Costing | Process Costing | A | Yes | No | | B | Yes | Yes | | C | No | Yes | | D | No | No | |
(Points : 5) | Choice A. Choice B. Choice C. Choice D. | 2. (TCO F) Process costing would be appropriate for each of the following except: (Points : 5) | custom furniture manufacturing. oil refining. grain milling. newsprint production. | 3. (TCO F) Assume there was no beginning work in process inventory and the ending work in process inventory is 70% complete with respect to conversion costs. Under the weighted-average method, the number of equivalent units of production with respect to conversion costs would be: (Points : 5) | the same as the units completed. less than the units completed. the same as the units started during the period. less than the units started during the period. | 4. (TCO F) In a job-order costing system, the use of direct materials that have been previously purchased is recorded as a debit to: (Points : 5) | Raw Materials Inventory. Work in Process Inventory Finished Goods Inventory Manufacturing Overhead | 5. (TCO F) Stickles Corporation incurred $79,000 of actual Manufacturing Overhead costs during August. During the same period, the Manufacturing Overhead applied to Work in Process was $75,000. The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a: (Points : 5) | debit to Manufacturing Overhead of $79,000. credit to Manufacturing Overhead of $79,000. credit to Work in Process of $75,000. debit to Work in Process of $75,000. | 6. (TCO F) During February, Degan Inc.