10. Which of the following statements are true? I. The weighted-average method of process costing is computationally simpler than the FIFO method of process costing. II. Manufacturing companies that use process costing would usually have more products than manufacturing companies that use job-order costing. III. The production report prepared by companies using process costing will indicate the cost and quantity of materials purchased during the period. а. I only b. П only c. I and III only d. II and III only e. I, II, and III

10. Which of the following statements are true? I. The weighted-average method of process costing is computationally simpler than the FIFO method of process costing. II. Manufacturing companies that use process costing would usually have more products than manufacturing companies that use job-order costing. III. The production report prepared by companies using process costing will indicate the cost and quantity of materials purchased during the period. а. I only b. П only c. I and III only d. II and III only e. I, II, and III

Name: 10. Which of the following statements are true?,I. The weighted-avera
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Description: 10. Which of the following statements are true?,I. The weighted-average method of process costing is computationallysimpler than the FIFO method of process costing.II. Manufacturing companies that use process costing would usually havemore products

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Test II. MATCHING Match the type of income statement to the costs it includes.a. Variable costing income statementb. Absorption costing income statementc. Both types of income statements 1. Direct materials for units sold2. Direct labor for units sold3. Variable overhead for units sold4. Fixed factory overhead for the period5. Only fixed factory overhead for units sold6. Variable selling expense7. Fixed selling expense8. Administrative expense
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8. I Process Costing is used to calculate a products manufacturing cost in: B. product. DA most industries. industries that have a continuous production process of the same the construction industry. a industry that can uniquely identify the product. I □
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:Total manufacturing cost in a job-sheet for job-order costing, includes All of the given costs in the answers .a None of the given costs in the answers .b Actual direct materials costs .C Applied manufacturing overhead costs d Actual direct labor costs .e Under which costing system fixed manufacturing overhead costs will not be ?included in calculating product costs None of the given answers .a O Absorption costing and Variable costing systems b Activity based costing system only .c Absorption costing systemonly dO .Variable costing system only.e O
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8. The units transferred in from the first department to the second department should be included in the computation of the equivalent units for the second department for which of the following methods of process costing FIFO AVERAGE a.. Yes Yes b.. Yes No C. No Yes d.. No No 9. In developing a predetermined overhead rate for use in a process costing system, which of the following could be used as the base in computing the rate? a. Actual factory overhead. b. Estimated factory overhead. C. Actual direct labor hours. d. Estimated direct labor hours. e. Any of the above could be used as a base. 10. Which of the following statements are true? I. The weighted-average method of process costing is computationally simpler than the FIFO method of process costing. II. Manufacturing companies that use process costing would usually have more products than manufacturing companies that use job-order costing. III. The production report prepared by companies using process costing will indicate the…