Question 1

The data about costs, quantities, and equivalent units of production is assembled in a----------- .

Accepted Answer

The answer of The data about costs, quantities, and equivalent...

Question 2

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

Accepted Answer

The answer of In the -----------accounting system, costs for materials,...

Question 3

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

Accepted Answer

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

Question 4

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...

Question 5

During one month, 2,800 units of a product were completed and 900 units were 25 percent complete and still in process. The equivalent production for the month is

Accepted Answer

The equivalent production for the month is calculated by adding the completed units to the equivalent units of the products still in process. The 900 units that are 25 percent complete contribute 225 equivalent units (900 units * 25% = 225 units). Therefore, the total equivalent production is 2,800 units (completed) + 225 units (in process) = 3,025 units.

Question 6

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

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

Question 7

An ending work in process inventory of 600 units that are 45 percent complete is calculated as-----------equivalent units of production.

Accepted Answer

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

Question 8

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

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

Question 9

Costs of----------- departments are allocated as manufacturing overhead of the production departments that benefit.

Accepted Answer

The answer of Costs of----------- departments are allocated as manufacturing...

Question 10

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 part of the quantity to be accounted for on the receiving department's cost of production report because they are part of the total units that the department is responsible for processing.

Question 11

After closing the Manufacturing Overhead Applied account to Manufacturing Overhead it is determined 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 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...

Question 13

The ending balance of a(n)-----------Inventory account for a production 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 for...

Question 14

If 1,100 units were completed and transferred to the next department and ending work in process inventory consisted of 720 units that were 35 percent complete, the total equivalent units of production for the period is----------- .

Accepted Answer

The answer of If 1,100 units were completed and transferred...

Question 15

Equivalent units of production must be calculated separately for materials, labor, and-----------whenever the percentages of completion for the elements are different.

Accepted Answer

The answer of Equivalent units of production must be calculated...

Question 16

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 17

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 each...

Question 18

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 19

When the----------- method is used to calculate unit costs, the beginning inventory costs areadded to the current period costs, and the sum is divided by the equivalent units of production.

Accepted Answer

The answer of When the----------- method is used to calculate...

Question 20

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-----------...

Quiz 28: Process Cost Accounting