In a process cost system, the amount of work in process inventory is valued by Oa. a. multiplying units in ending inventory by the direct materials cost per unit Ob. finding the sum of all completed jobs Oc. allocating departmental costs between completed and partially completed units Od. finding the sum of all open job costs

In a process cost system, the amount of work in process inventory is valued by Oa. a. multiplying units in ending inventory by the direct materials cost per unit Ob. finding the sum of all completed jobs Oc. allocating departmental costs between completed and partially completed units Od. finding the sum of all open job costs

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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1.The overhead absorption rate used to allocate manufacturing overhead is calculated by: Select one: a.dividing the total estimated manufacturing overhead costs by the total estimated quantity of the allocation base b.dividing the total estimated manufacturing overhead by the total actual quantity of the cost driver c.dividing the total actual manufacturing overhead costs by the total estimated quantity of the cost driver d.dividing the total estimated quantity of the cost driver by the total estimated manufacturing overhead costs
In a job-order costing system, manufacturing overhead applied is recorded as a credit to: O a. None of the given answer is correct O b. Manufacturing Overhead. Work in Process inventory. O d. Finished Goods inventory. Fi е. Cost of Goods Sold.
Which one of the following is considered a basic similarity between job order cost and process cost systems? • Tracking costs through a series of processes of departments. • Unit cost computations. O The flow of costs through the accounts. O The point at which costs are totaled.
Under process costing, the costs incurred by each department are reported in which of the following? Group of answer choices A job cost sheet The Cost of Goods Sold account The Finished Goods Inventory account A production cost report
The process of assigning overhead costs to the jobs that are worked on is commonly called: O A. Overhead cost distribution B. Overhead cost apportionment C. Service department cost allocation D. Overhead application
During production, how are the costs in process costing accumulated?A. to cost of goods soldB. to each individual productC. to manufacturing overheadD. to each individual department
The appropriate cost accounting system to use when inventory items are produced on an assembly line is a. perpetual method. b. job-order costing. c. weighted average. d. process costing.
Which of the following is a characteristic of the process costing method? a. Work in process inventory is restated in terms of completed units b. Costs are accumulated by order c. It is used by companies manufacturing custom machineries d. Standard cost is not applicable
As production takes place, all manufacturing costs are added to the: A. Manufacturing Overhead Account B. Cost of Goods Sold Account O C. Finished Goods Inventory D. Work in Process Inventory Account
In a process costing system, the purpose of a production cost report is to allocate production costs incurred in a process to which of the following? Group of answer choices To finished goods inventory To the units completed and transferred to the next process and incomplete units left in the ending work-in-process inventory account To direct costs and indirect costs To individual jobs completed during a period
In a process cost system, factory depreciation expense incurred is debited to ________.A. finished goods inventoryB. work in process inventoryC. manufacturing overheadD. cost of goods sold
An operations costing system: Multiple Choice O O assigns materials equally to each operation. assigns conversion costs equally to each operation. assigns conversion costs separately to jobs. assigns materials and conversion costs in the same manner.