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1. (TCO 3) Which system would a manufacturer of unique special orders or batch processes most likely use to accumulate costs? (Points : 3) Contract costing Variable costing Process costing Job-order costing Question 2. 2. (TCO 3) Which is NOT a feature of a process costing system? (Points : 3) Standardized products pass through standardized processes. Each unit is treated uniquely in receiving a process. Manufacturing costs are accumulated by a process for a given time period. Unit costs are calculated for each department. Question 3. 3. (TCO 3) The whole units that could have been produced in a period given the amount of manufacturing inputs used are called (Points : 3) FIFO costing. transferred-in cost. weighted average cost. equivalent units of output. Question 4. 4. (TCO 3) Holly Inc. manufactures dolls. The following data were provided for production results for the current month. 0 Units, beginning work-in-process 300 Units started ? Units completed 100 Units, ending work-in-process (40% complete) Which are the equivalent units using the weighted average method? (Points : 3) 300 240 260 200 None of the above Question 5. 5. (TCO 3) Which is NOT a difference between the job-order costing system and the process costing system? (Points : 3) They accumulate their costs to different cost objectives. The number of work-in-process accounts is different. One does not use the finished goods account. All of the above Question 6. 6. (TCO 3) Keller Inc. manufactures office chairs. The following data were provided for production results for the current month. 0 Units, beginning work-in-process 10,000 Units started ? Units completed 5,000 Units, ending work-in-process $440,000 Cost of direct materials $64,000 Cost of conversion Ending inventory is 100% complete for materials and 20% complete for conversion. How many units were started and completed? (Points : 3) 10,000 0 5,000 20,000 None of the above Question 7. 7. (TCO 3) Unit cost of materials for a department using the FIFO method of process costing is found by taking the total cost of materials issued to the department during the year divided by (Points : 3) units in process. units started and completed. total units manufactured. equivalent units of output. Question 8. 8. (TCO 3) Abby Corp. adds raw materials to production at the beginning of the process in the Assembly Dept. Materials data for this department for the current month are as follows. Costs Units Materials Conversion Beginning work-in-process 10,000 $70,750 $175,350 Started during month 65,000 $250,000 $736,350 Ending work-in-process 6,000 Beginning inventory was 70% complete. Ending inventory was 40% complete. How many equivalent units for conversion costs would there be for Abby Corp. during the month using the weighted average method? (Points : 3) 65,000 68,400 75,000 64,400 Question 9. 9. (TCO 2) The following information was provided by Sally Company. % complete Units Begninning work-in-process 30% 15,000 Units transferred in 40,000 Ending work-in-process 60% 13,000 Materials are added at the beginning of the process. How many equivalent units for materials would there be using the weighted average method? (Points : 3) 68,000 40,000 47,800 55,000 Question 10. 10. (TCO 3) The costs included in the cost per equivalent unit using the weighted average method are (Points : 3) current costs. beginning work in process. ending work in process. Both A and B

1. (TCO 3) Which system would a manufacturer of unique special orders or batch processes most likely use to accumulate costs? (Points : 3)
Contract costing
Variable costing
Process costing
Job-order costing

Question 2. 2. (TCO 3) Which is NOT a feature of a process costing system? (Points : 3)
Standardized products pass through standardized processes.
Each unit is treated uniquely in receiving a process.
Manufacturing costs are accumulated by a process for a given time period.
Unit costs are calculated for each department.

Question 3. 3. (TCO 3) The whole units that could have been produced in a period given the amount of manufacturing inputs used are called (Points : 3)
FIFO costing.
transferred-in cost.
weighted average cost.
equivalent units of output.

Question 4. 4. (TCO 3) Holly Inc. manufactures dolls. The following data were provided for production results for the current month.
0 Units, beginning work-in-process
300 Units started
? Units completed
100 Units, ending work-in-process (40% complete)
Which are the equivalent units using the weighted average method? (Points : 3)
300
240
260
200
None of the above

Question 5. 5. (TCO 3) Which is NOT a difference between the job-order costing system and the process costing system? (Points : 3)
They accumulate their costs to different cost objectives.
The number of work-in-process accounts is different.
One does not use the finished goods account.
All of the above

Question 6. 6. (TCO 3) Keller Inc. manufactures office chairs. The following data were provided for production results for the current month.
0 Units, beginning work-in-process
10,000 Units started
? Units completed
5,000 Units, ending work-in-process
$440,000 Cost of direct materials
$64,000 Cost of conversion
Ending inventory is 100% complete for materials and 20% complete for conversion.
How many units were started and completed? (Points : 3)
10,000
0
5,000
20,000
None of the above

Question 7. 7. (TCO 3) Unit cost of materials for a department using the FIFO method of process costing is found by taking
the total cost of materials issued to the department during the year divided by (Points : 3)
units in process.
units started and completed.
total units manufactured.
equivalent units of output.

Question 8. 8. (TCO 3) Abby Corp. adds raw materials to production at the beginning of the process in the Assembly Dept. Materials data for this department for the current month are as follows.

Costs

Units

Materials

Conversion

Beginning work-in-process

10,000

$70,750

$175,350

Started during month

65,000

$250,000

$736,350

Ending work-in-process

6,000

Beginning inventory was 70% complete. Ending inventory was 40% complete.
How many equivalent units for conversion costs would there be for Abby Corp. during the month using the weighted average method?
(Points : 3)
65,000
68,400
75,000
64,400

Question 9. 9. (TCO 2) The following information was provided by Sally Company.

% complete

Units

Begninning work-in-process

30%

15,000

Units transferred in

40,000

Ending work-in-process

60%

13,000

Materials are added at the beginning of the process.
How many equivalent units for materials would there be using the weighted average method? (Points : 3)
68,000
40,000
47,800
55,000

Question 10. 10. (TCO 3) The costs included in the cost per equivalent unit using the weighted average method are (Points : 3)
current costs.
beginning work in process.
ending work in process.
Both A and B

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