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...
