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3. The units transferred in from the first department to the second department 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 No Yes C.. d.. No No

3. The units transferred in from the first department to the second department 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 No Yes C.. d.. No No

FINANCIAL ACCOUNTING
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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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 cost and quantity of materials purchased during the period. a. I only b. II only C. I and II only d. and III only e. I, II, and II
Transcribed Image Text: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 cost and quantity of materials purchased during the period. a. I only b. II only C. I and II only d. and III only e. I, II, and II
11. Which of the following statements are FALSE? 1. A firm uses the weighted-average method of process costing and all materials are added at the beginning of the production process. When computing equivalent units of production for materials, total equivalént units will equal total physical uníts. II. Unit costs under the weighted-average method will always be greater than unit costs under the FIFO method. III. The only difference between weighted-average and FIFO methods of process costing is in the treatment of beginning work in process. a. none are false. b. I only C. II only d. l and III only e. L II and II 12. Which of the following are needed to calculate the cost assigned to ending work in process under the FIFO method of process costing? Cost-IP beg. Unit Cost Equivalent Units No Yes a.. No b.. Yes No No Yes No C.. Yes d.. Yes Yes Yes 13. Which of the following statements are FALSE? 1. The final step in a process costing production report is the calculation of the unit costs. II. For cost control, the FIFO method of pročess costing is better than the weighted-average method. III. The weighted-average method of process costing will always assin more cost to units completed & transferred than the FIFO METHOD. a. I only. b. Пonly C. 1 and II d: 1, II, and IlI
Transcribed Image Text:11. Which of the following statements are FALSE? 1. A firm uses the weighted-average method of process costing and all materials are added at the beginning of the production process. When computing equivalent units of production for materials, total equivalént units will equal total physical uníts. II. Unit costs under the weighted-average method will always be greater than unit costs under the FIFO method. III. The only difference between weighted-average and FIFO methods of process costing is in the treatment of beginning work in process. a. none are false. b. I only C. II only d. l and III only e. L II and II 12. Which of the following are needed to calculate the cost assigned to ending work in process under the FIFO method of process costing? Cost-IP beg. Unit Cost Equivalent Units No Yes a.. No b.. Yes No No Yes No C.. Yes d.. Yes Yes Yes 13. Which of the following statements are FALSE? 1. The final step in a process costing production report is the calculation of the unit costs. II. For cost control, the FIFO method of pročess costing is better than the weighted-average method. III. The weighted-average method of process costing will always assin more cost to units completed & transferred than the FIFO METHOD. a. I only. b. Пonly C. 1 and II d: 1, II, and IlI
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