FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 17: Process Cost Systems

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 31

True/False

Review LaterAdd Note

Review Later

The direct labor costs and factory overhead costs incurred by a production department are referred to as conversion costs.

A) True
B) False

Correct Answer

verified

Show Answer

Question 32

True/False

Review LaterAdd Note

Review Later

Custom-made goods would be accounted for using a process costing system.

A) True
B) False

Correct Answer

verified

Show Answer

Question 33

True/False

Review LaterAdd Note

Costs of ending work in process inventory are included in the cost per equivalent unit computation.

The two categories of cost comprising conversion costs are

The journal entry to record the flow of costs into Department 1 during the period for direct materials is

In a process cost system,the amount of work in process inventory is valued by

Department K had 3,000 units 45% completed in process at the beginning of the period; 17,000 units completed during the period; and 1,200 units 40% completed at the end of the period.What was the number of equivalent units of production for the period for conversion if the first-in,first-out method is used to cost inventories? Assume the completion percentage applies to both direct materials and conversion cost.

The entry to transfer goods in process from Department X to Department Y includes a debit to Work in Process-Department X.

If a company uses average costing instead of FIFO,it will still get the same unit costs.

Discuss how equivalent units are computed under the average cost method.

The debits to Work in Process-Assembly Department for April,together with data concerning production,are as follows: ​ All direct materials are added at the beginning of the process,and the first-in,first-out method is used to cost inventories.The conversion cost per equivalent unit for April is

When a process cost accounting system records the purchase of materials,the Materials account is credited.

One of the primary uses of a cost of production report is to assist management in controlling production costs.

Companies that use the average costing method for process costing have unit costs that include costs from more than one accounting period.

The journal entry to record the flow of costs into Department 2 during the period for direct materials is

If 10,000 units that were 50% completed are in process at November 1,90,000 units were completed during November,and 20,000 were 20% completed at November 30,the number of equivalent units of production for November was 90,000.(Assume no loss of units in production and that inventories are costed by the first-in,first-out method.)

Equivalent production units are generally determined for

The number of equivalent units of production for the period for materials,if the first-in,first-out method is used to cost inventories was

The conversion cost per equivalent unit (to the nearest cent) for April is

Using the FIFO method,the number of units started and completed in July was