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1. | Question : | (TCO F) Computing unit product costs involves averaging in:

| | | Student Answer: | | Choice A | | | | Choice B | | | | Choice C | | | | Choice D | | Instructor Explanation: | Chapter 3 | | | | Points Received: | 5 of 5 | | Comments: | | | |

2. | Question : | (TCO F) Process costing would be appropriate for each of the following except: | | | Student Answer: | | custom furniture manufacturing. | | | | oil refining. | | | | grain milling. | | | | newsprint production. | | Instructor Explanation: | Chapter 4 | | | | Points Received: | 5 of 5 | | Comments: | | | |

3. | Question : | (TCO F) Lucas Company uses the weighted-average method in its process costing system. The company adds materials at the beginning of the process in the Forming Department, which is the first of two stages in its production process. Information concerning operations in the Forming Department in October follows:

What were the materials cost of work in process at October 31? | | | Student Answer: | | $3,060 | | | | $5,520 | | | | $6,000 | | | | $6,120 | |

1. | Question : | (TCO F) Whether a company uses process costing or job-order costing depends on its industry. A number of companies in different industries are listed below:

Brick manufacturer
Contract printer that produces posters, books, and pamphlets to order
Natural gas production company
Dairy farm
Coal mining company
Specialty coffee roaster (roasts small batches of specialty coffee beans)


For each company, indicate whether the company is most likely to use job-order costing or process costing. |

| Student Answer: | | Brick manufacturer - Process costing Contract printer that produces posters, books, and…...

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