All of the following is true about process costing except which one? Group of answer choices Prepares production cost report for each process or department at the of the period Maintains single work-in-process ledger account Allocates product costs to number of units produced Accumulates production costs by department or process

All of the following is true about process costing except which one? Group of answer choices Prepares production cost report for each process or department at the of the period Maintains single work-in-process ledger account Allocates product costs to number of units produced Accumulates production costs by department or process

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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In Process Costing, before you can calculate the cost to produce a product. you must determine what the: A) units that we a company produces during an accounting period. B) units that have been finished and placed in finished goods inventory. C) a method that assigns all cost to produce a product to a job during the accounting period. D) equivalent units of production.
Place the following steps required to prepare a process costing production report into their correct order. I. Reconcile the total cost of work in process inventory. II. Apply manufacturing overhead to specific jobs. III. Calculate cost per equivalent unit. IV. Record costs incurred for each job on a separate job cost sheet. V. Convert physical units into equivalent units. VI. Reconcile the number of physical units. VII. Prepare a production report. 1. 2. 3. 4. 5 List separately any step that should not be included in the process. (You may select more than one answer. Single click the box with a check mark for correct answers and double click to empty the box for the wrong answers.) ■ I ✔ || IV VI iv MI V il V VI VII
Job order costing and process costing both: a. All the given answers are correct. b. both allocate applied manufacturing overhead cost to product cost. Oc. assign direct materials cost, direct labor cost, and manufacturing overhead costs to products. O d. use the same manufacturing accounts, including Manufacturing Overhead, Raw Materials, Work in Process, and Finished Goods. e. compute product cost per unit in the same manner.
Which of the following are steps in process costing? Question 5 options: A) Visualize the physical flow of units B) Calculate the equivalent units C) Determine the per-unit costs D) Calculate the Cost of Goods Manufactured and the Ending WIP Inventory E) All of the above
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Which of the following product costing systems is normally used to assign costs to goods that are produced in unique batches? Fixed costing Job costing Process costing LIFO costing
Process costing divides units into three groups Units from ___________ that are completed during the period. -Transferred in -Work in process -Ending inventory -Beginning Inventory Units that are _______ during the period. -not started -Started and completed -Incomplete Units that are ________ at the end of the period. -Incomplete -Not started -started and complete
When using the weighted-average method of process costing, total equivalent units produced for a given period equal: Which of the followubg below is correct and why 1. The number of units started and completed during the period plus the number of units in beginning work in process plus the number of units in ending work in process. 2. The number of units in beginning work in process plus the number of units started during the period plus the number of units remaining in ending work in process times the percentage of work necessary to complete the items. 3. The number of units in beginning work in process times the percentage of work necessary to complete the items plus the number of units started and completed during the period plus the number of units started this period and remaining in ending work in process times the percentage of work necessary to complete the items. 4. The number of units transferred out during the period plus the number of units remaining in ending work in…
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In a process cost system total costs are determined when the job is completed. costs are summarized in a job cost sheet. only one work in process account is used. the unit cost is total manufacturing costs for the period divided by the unts produced during the period.
The cost of materials used on a specific job is first captured on which source document? Select one: O a. Materials requisition form Ob. Process cost sheet Oc. Labor time ticket Od. Cost driver sheet
Which of the following is a characteristic of a process cost accounting system? A. Material, Labor, and Overheads are accumulated by orders. B. Companies use this system if they process custom orders. C. Only Closing stock of work in process is restated in terms of completed units. D. Opening and Closing stock of work in process are related in terms of completed units.