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Which cost accumulation procedure is most applicable in continuous mass-production manufacturing environments

Which cost accumulation procedure is most applicable in continuous mass-production manufacturing environments
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Solution Guide / Answer Key:

ACCOUNTING

MULTIPLE CHOICE

1. Which cost accumulation procedure is most applicable in continuous mass-production manufacturing environments? (Points : 1)

2. Process costing is used in companies that _______. (Points : 1)

3. A producer of ____ would not use a process costing system. (Points : 1)

4. Equivalent units of production are equal to the _______. (Points : 1)

5. In a process costing system using the weighted average method, cost per equivalent unit for a given cost component is found by dividing which of the following by EUP? (Points : 1)

6. The difference between EUP calculated using FIFO and EUP calculated using weighted average is the equivalent units _______. (Points : 1)

7. In a FIFO process costing system, which of the following are assumed to be completed first in the current period? (Points : 1)

8. The primary difference between the FIFO and weighted average methods of process costing is _______. (Points : 1)

9. In a cost of production report using process costing, transferred-in costs are similar to the ______. (Points : 1)

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)

11. Transferred-in cost represents the cost from _______. (Points : 1)

12. A hybrid costing system combines characteristics of _______. (Points : 1)

13. When standard costs are used in process costing, _______. (Points : 1)

14. The cost of abnormal continuous losses is _______. (Points : 1)

15. Normal spoilage units resulting from a continuous process _______. (Points : 1)

16. Listed below are the steps to assign costs to ending inventory using the weighted average method process costing method.
A. Assign the costs to the inventory accounts
B. Calculate the physical units accounted for
C. Calculate the physical units to account for
D. Calculate the equivalent units of production
E. Calculate the total costs to account for
F. Calculate the cost per equivalent units
(Points : 1)

17. Units started and completed during the period equals (Points : 1)

18. In process costing systems, unit costs are found by dividing total costs incurred by (Points : 1)

19. Equivalent units of production using the weighted average method of costing are found using which of the following formulas: (Points : 1)

20. Total costs to account for is: (Points : 1)

 

FILE: MS WORD

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