Quiz

Quiz

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) Unizat Corporation uses the weighted-average method in its process costing system. The following information pertains to one of the company's processing departments for a recent month:

 
Units
Material Cost

Beginning work in process
30,000
$22,000

Started during the month
80,000
$72,000

Units completed
85,000
 

Ending work in process
25,000
 




All materials are added at the beginning of the process. The cost per equivalent unit for materials is closest to: (Points : 5)
      $0.86
      $0.90
      $1.10
      $1.18

   
4. (TCO F) The journal entry to record the incurrence of indirect labor costs is: (Points : 5)
      a Wages Payable
XXX
 
Manufacturing Overhead
  XXX

   

      b Work In Process
XXX
 
Wages Payable
  XXX

   

      c Manufacturing Overhead
XXX
 
Wages Payable
  XXX

   

      d Wages Payable
XXX
 
Work in Process
  XXX

   


   
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...

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