Question 1

During one month,3,000 units of a product were completed and 800 units were 20 percent complete and still in process.The equivalent production for the month is

Accepted Answer

The equivalent production is calculated by adding the completed units to the equivalent units of work in process. Here, 3,000 units are completed, and 800 units are 20% complete, which is equivalent to 160 units (800 * 0.20). Therefore, the equivalent production is 3,000 + 160 = 3,160 units.

Question 2

When the ____________________ cost method is used to calculate unit costs,the beginning inventory costs are added to the current period costs,and the sum is divided by the equivalent production units.

Accepted Answer

The answer of When the ____________________ cost method is used...

Question 3

After closing the Manufacturing Overhead Applied account to Manufacturing Overhead we see that overhead has been underapplied.As a result,the Manufacturing Overhead account before closing will have a ________ balance.

Accepted Answer

The answer of After closing the Manufacturing Overhead Applied account...

Question 4

To obtain meaningful unit costs in a process cost accounting system,the work accomplished must be measured in ____________________ production units.

Accepted Answer

The answer of To obtain meaningful unit costs in a...

Question 5

Materials issued to production are recorded by ____________________ the departmental work in process accounts.

Accepted Answer

The answer of Materials issued to production are recorded by...

Question 6

The units transferred in from a prior department are included in the quantity to be accounted for on the cost of production report for the receiving department.

Accepted Answer

Units transferred in from a prior department are considered as part of the quantity to be accounted for in the cost of production report for the receiving department.

Question 7

The ____________________ summarizes all costs charged to each department as well as the costs transferred out and to the cost assigned to goods still in process.

Accepted Answer

The answer of The ____________________ summarizes all costs charged to...

Question 8

If 1,000 units were completed and transferred to the next department and ending work in process inventory consisted of 800 units that were 20 percent complete,the total equivalent units of production for the period was ___________.

Accepted Answer

The answer of If 1,000 units were completed and transferred...

Question 9

The ending balance of a(n)____________________ Inventory account for a producing department must agree with the amount shown for that department in the cost of production report.

Accepted Answer

The answer of The ending balance of a(n)____________________ Inventory account...

Question 10

An ending work in process inventory of 500 units that are 40 percent complete is equivalent to ____________________ units of production.

Accepted Answer

The answer of An ending work in process inventory of...

Question 11

Equivalent production units must be computed separately for materials,labor,and ____________________ whenever the stages of completion for the elements are different.

Accepted Answer

The answer of Equivalent production units must be computed separately...

Question 12

When finished goods are sold,the entry to record the cost of goods sold includes a ____________________ to the Cost of Goods Sold account.

Accepted Answer

The answer of When finished goods are sold,the entry to...

Question 13

On a cost of production report,the ____________________ total cost must equal the total costs accounted for.

Accepted Answer

The answer of On a cost of production report,the ____________________...

Question 14

In the ____________________ cost accounting system,costs for materials,labor,and manufacturing overhead are charged to the Work in Process Inventory accounts of the producing departments.

Accepted Answer

The answer of In the ____________________ cost accounting system,costs for...

Question 15

A process cost accounting system may be viewed as a monthly ____________________ cost system.

Accepted Answer

The answer of A process cost accounting system may be...

Question 16

Costs of ____________________ departments are allocated as manufacturing overhead to the producing departments that benefit.

Accepted Answer

The answer of Costs of ____________________ departments are allocated as...

Question 17

At the end of the month,the transfer of manufacturing overhead to work in process includes a ____________________ to Manufacturing Overhead account.

Accepted Answer

The answer of At the end of the month,the transfer...

Question 18

A cost of production report usually contains a(n)____________________ schedule and a cost schedule.

Accepted Answer

The answer of A cost of production report usually contains...

Question 19

In the process cost accounting system,the ____________________ of the ending work in process is estimated.

Accepted Answer

The answer of In the process cost accounting system,the ____________________...

Question 20

The data about costs,___________________,and equivalent production is assembled in a cost of production report.

Accepted Answer

The answer of The data about costs,___________________,and equivalent production is...

Quiz 28: Process Cost Accounting