Match the following terms to their definitions. (Abbreviation used: EUP-equivalent units of production.) 1. Direct labor plus manufacturing overhead 2. Prepared by department for EUP, production costs, and assignment of costs 3. Equivalent units of production 4. Process costing system 5. Transferred in costs 6. Weighted-average method a. Expresses partially completed units in terms of fully c b. Used by companies that manufacture homogenous pr c. Previous costs brought into later process d. Conversion costs e. Combines prior period costs with current period costs f. Production cost report

Match the following terms to their definitions. (Abbreviation used: EUP-equivalent units of production.) 1. Direct labor plus manufacturing overhead 2. Prepared by department for EUP, production costs, and assignment of costs 3. Equivalent units of production 4. Process costing system 5. Transferred in costs 6. Weighted-average method a. Expresses partially completed units in terms of fully c b. Used by companies that manufacture homogenous pr c. Previous costs brought into later process d. Conversion costs e. Combines prior period costs with current period costs f. Production cost report

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter6: Process Costing

Section: Chapter Questions

Problem 19MCQ: With nonuniform inputs, the cost of EWIP is calculated by a. adding the materials cost to the...

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Units that are partially completed production are classified in the balance sheet as Select one: O a. Raw materials O b. Finished goods O c. Work in process O d. Variable cost
T or F Conversion cost per equivalent unit equals total conversion costs for the period divided by total equivalent units of conversion costs. T or F Product costs must be allocated to the units transferred out of thedepartment and the partially completed units on hand at the end of the period. T or F Ford is a process manufacturer.
The first-in, first-out method computes unit costs by O a. confining equivalent units to the work completed during the current period only. O b. dividing total units by units completed this period. the standard-costing method. O c. d. separately identifying the conversion costs of beginning and ending inventories. O e. adding opening inventory units to work-in-process units and dividing by total cost. Tir
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1. Determine the equivalent units of production with respect to direct materials and conversion. 2.Compute both the direct material cost and the conversion cost per equivalent unit.
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• The unit cost… a. is the total conversion costs divided by the number of units produced. b. is the total product costs divided by the number of units produced. c. product plus period cost d. is the total prime costs divided by the number of units produced. e. includes period costs.
The first step in determining the cost per EUP per cost component under the weighted average method is to * a. add the beginning Work in Process Inventory cost to the current period's production cost.b. divide the current period's production cost by the equivalent units.c. subtract the beginning Work in Process Inventory cost from the current period's production cost.d. divide the current period's production cost into the EUP.
That which determine(s) whether the costs assigned to units transferred out and to units in ending work in process are equal to the costs in beginning work in process, plus the manufacturing costs incurred in the current period is(are) called: a.Cost reconciliation b.Transferred-in costs c.Batch production process d.Equivalent unit of output
Classify each of the following costs as either unit-level, batch-level, product-level, or facility-level. a. Engineering costs for a new product b. Order processing c. Depreciation on factory d. Direct labor e. Shipment of an order to a customer f. Product line manager salary g. Machine setup costs that are incurred whenever a new production order is started h. Patent for new product ore help Product-level Batch-level or Unit-level or Facility-level Facility-level Unit-level Unit-level Batch-level Batch-level or Facility-level Batch-level or Unit-level Batch-level or Unit-level or Facility-level Facility-level Facility-level or Product-level Facility-level or Unit-level Product-level Unit-level all
Conversion costs include all of the following except:A. wages of production workersB. depreciation on factory equipmentC. factory utilitiesD. direct materials purchased
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