1 Accounting As A Tool For Managers 2 Building Blocks Of Managerial Accounting 3 Cost-volume-profit Analysis 4 Job Order Costing 5 Process Costing 6 Activity-based, Variable, And Absorption Costing 7 Budgeting 8 Standard Costs And Variances 9 Responsibility Accounting And Decentralization 10 Short-term Decision Making 11 Capital Budgeting Decisions 12 Balanced Scorecard And Other Performance Measures 13 Sustainability Reporting Chapter5: Process Costing
Chapter Questions Section: Chapter Questions
Problem 1MC: Which of the following production characteristics is better suited for process costing and not job... Problem 2MC: A process costing system Is most likely used by which of the following? airplane manufacturing a... Problem 3MC: Which of the following is a prime cost? A. direct labor B. work in process inventory C.... Problem 4MC: Which of the following is a conversion cost? A. raw materials B. direct labor C. sales commissions... Problem 5MC: During production, how are the costs in process costing accumulated? A. to cost of goods sold B. to... Problem 6MC: Which is nor needed to compute equivalent units of production? A. the percentage of completion for... Problem 7MC: What is the cost of direct labor f the conversion costs are $330.000 and manufacturing overhead is... Problem 8MC: What is the conversion cost to manufacture insulated travel cups if the costs are: direct materials,... Problem 9MC: Which of the following lists contains only conversion costs for an inflatable raft manufacturing... Problem 10MC: Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the... Problem 11MC: Beginning inventory and direct material cost added during the month total $55,000. What is the value... Problem 12MC: The initial processing department had a beginning inventory of 750 units and an ending inventory of... Problem 13MC: There were 1,000 units in ending inventory after transferring 16,000 units to finished goods... Problem 14MC: The costs to be accounted for consist of which of the following? A. costs added during the period B.... Problem 15MC: Which of the following is the step in which materials, labor, and overhead are detailed? A.... Problem 16MC: The journal entry to record the $500 of work in process ending inventory that consists of $300 of... Problem 17MC: Assigning indirect costs to departments is completed by __________________________. applying the... Problem 18MC: In a process costing system, which account shows the overhead assigned to the department? A. cost of... Problem 19MC: In a process cost system, factory depreciation expense incurred is debited to _____________________.... Problem 1Q: Explain how process costing differs from job order costing. Problem 2Q: Would a pharmaceutical manufacturer use process or job order costing? Why? Problem 3Q: Which costs are assigned using the weighted-average method? Problem 4Q: What is the primary purpose of process costing? Problem 5Q: What is the difference between prime costs and conversion costs? Problem 6Q: Explain conversion costs using an example. Problem 7Q: Why are there conversion costs in both job order costing and process costing? Problem 8Q: What are equivalent units of production, and how are they used in process costing? Problem 9Q: How can there be a different number of equivalent units for materials as compared to conversion... Problem 10Q: Why is the number of equivalent units for materials only sometimes equal to the equivalent units for... Problem 11Q: What are the four steps involved in determining the cost of inventory transferred from one... Problem 12Q: What is the weighted-average method for computing the equivalent units of production? Problem 13Q: How does process costing treat the costs transferred in from another department? Problem 14Q: Why does each department have its own work in process inventory? Problem 15Q: March each term with its description. Problem 16Q: How is manufacturing overhead handled in a process cost system? Problem 17Q: How are predetermined overhead rates used in process costing? Problem 1EA: How many units were started into production in a period if there were zero units of beginning work... Problem 2EA: A company started a new product, and in the first month started 100,000 units. The ending work in... Problem 3EA: Given the following information, determine the equivalent units of ending work in process for... Problem 4EA: There were 1,700 units in beginning inventory that were 40% complete with regard to conversion.... Problem 5EA: A company has 1,500 units in ending work in process that are 30% complete after transferring out... Problem 6EA: There were 2,400 units in ending work in process inventory that were 100% complete with regard to... Problem 7EA: How many units must be in ending inventory if beginning inventory was 15,000 units, 55,000 Units... Problem 8EA: How many units must have been completed and transferred if beginning inventory was 75,000 units,... Problem 9EA: Using the weighted-average method, compute the equivalent units of production if the beginning... Problem 10EA: Using the weighted-average method, compute the equivalent units of production for a new company that... Problem 11EA: Mazomanie Farm completed 20,000 units during the quarter and has 2,500 units still in process. The... Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,... Problem 13EA: A company started the month with 8,329 units in work in process inventory. It started 23,142 unit... Problem 14EA: A production department within a company received materials of $10,000 and conversion costs of... Problem 15EA: Production data show 35,920 units were transferred out of a stage of production and 6,150 units... Problem 16EA: Overhead is assigned to the manufacturing department at the rate of $10 per machine hour. There were... Problem 17EA: Prepare the journal entry to record the factory wages of $28,000 incurred for a single production... Problem 18EA: Prepare the journal entry to record the transfer of 3,000 units from the packaging department to... Problem 19EA: Prepare the journal entry to record the sale of 2,000 units that cost $8 per unit and sold for $15... Problem 1EB: Given the following information, determine the equivalent units of ending work in process for... Problem 2EB: There were 2.000 units in beginning inventory that were 70% complete with regard to conversion.... Problem 3EB: A company has 100 units in ending work in process that are 40% complete after transferring out 750... Problem 4EB: There were 1,500 units in ending work in process inventory that were 100% complete with regard to... Problem 5EB: Using the weighted-average method, compute the equivalent units of production if the beginning... Problem 6EB: What are the total costs to account for if a companys beginning inventory had $23,432 in materials... Problem 7EB: A company started the month with 4,519 units in work in process inventory. It started 15,295 units... Problem 8EB: A production department within a company received materials of $7,000 and conversion costs of $5,000... Problem 9EB: Production data show 15,200 units were transferred out of a stage of production and 3,500 units... Problem 10EB: Overhead is assigned to the manufacturing department at the rate of $5 per machine hour. There were... Problem 11EB: Prepare the journal entry to record the factory wages of $25,000 incurred in the processing... Problem 12EB: Prepare the journal entry to record the transfer of 3,500 units from the separation department to... Problem 13EB: Prepare the journal entry to record the sale of 700 units that cost $5 per unit and sold for $15 per... Problem 1PA: The following product Costs are available for Haworth Company on the production of chairs: direct... Problem 2PA: The following product costs are available for Arrez Company on the production of DVD cases: direct... Problem 3PA: Pant Risers manufactures bands for self-dressing assistive devices for mobility-impaired... Problem 4PA: During March, the following costs were charged to the manufacturing department: $14886 for... Problem 5PA: Materials are added at the beginning of a production process, and ending work in process inventory... Problem 6PA: Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in... Problem 7PA: The following data show the units in beginning work in process inventory, the number of units... Problem 8PA: The finishing department started the month with 700 units in WIP inventory. It received 2.200 units... Problem 9PA: The packaging department began the month with 500 units that were 100% complete with regard to... Problem 10PA: Production information shows these costs and units for the smoothing department in August. All... Problem 11PA: Given the following information, prepare a production report with materials added at the beginning... Problem 12PA: Complete this production cost report: Problem 13PA: Selected information from Skylar Studios shows the following: Prepare journal entries to record the... Problem 14PA: Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units.... Problem 1PB: The following product costs are available for Stellis Company on the production of erasers: direct... Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:... Problem 3PB: Vexar manufactures nails. Manufacturing is a one-step process where the nails are forged. This is... Problem 4PB: During March, the following costs were charged to the manufacturing department: $22,500 for... Problem 5PB: Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units... Problem 6PB: The following data show the units in beginning work in process inventory, the number of units... Problem 7PB: The following data show the units in beginning work in process inventory, the number of units... Problem 8PB: The following data show the units in beginning work in process inventory, the number of units... Problem 9PB: The finishing department started the month with 600 units in WIP inventory. Lt received 1,500 units... Problem 10PB: The packaging department began the month with 750 units that were 100% complete with regard to... Problem 11PB: Production information shows these costs and units for the smoothing department in August. What is... Problem 12PB: Given the following information, prepare a production report with materials added at the beginning... Problem 13PB: Selected information from Hernandez Corporation shows the following: Prepare journal entries to... Problem 14PB: Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units.... Problem 1TP: How would process costing exist in a service industry? Problem 2TP: Why are labor and manufacturing overhead grouped together as conversion costs? Problem 3TP: How is process costing for a single manufacturing department different from a manufacturing company... Problem 4TP: What is different between the journal entries for process costing and that of job order costing? Problem 1MC: Which of the following production characteristics is better suited for process costing and not job...
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Concept explainers
For process costing , which of the following statements is false ?
A.
The main document of process costing is called the production report.
B.
Process costing is used when there is a single homogeneous product.
C.
For each process, one work-in-process account is set up.
D.
The cost objects of process costing are two batches: complete units and ending work-in-process units.
E.
If either direct materials or conversion is 100% complete for a unit, the unit can be called complete.
Definition Definition Operation costing method employed to determine the value of a product at each process or stage of the production process, applicable where goods produced from a series of continuous operations or procedure. Process costing is employed by businesses that manufacture goods and where production is in repetitive inflow.
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