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. VI IV 2 III IV V VI VII hi V List separately any step that should not be included in the process. (You may select more than one answer. Single click the box with check mark for correct answers and double click to empty the box for the wrong answers 01

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. VI IV 2 III IV V VI VII hi V List separately any step that should not be included in the process. (You may select more than one answer. Single click the box with check mark for correct answers and double click to empty the box for the wrong answers 01

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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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.
A manufacturer reports three activities: assembling components into products; product design; and sales order processing. Determine whether each of the following cost drivers relates to assembly, design, or order processing. Cost Driver 1. Direct labor hours to assemble components 2. Number of design changes 3. Number of components assembled 4. Number of design hours 5. Number of shipments made 6. Number of sales orders processed Activity
In process costing, a separate work in process account is kept for each: O cost category (i.e., materials, conversion cost). O equivalent unit. Individual order. O processing department.
Please follow the directions seen in the picture.
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
When manufacturing overhead is applied to production, it is added toA. the cost of goods sold accountB. the raw materials accountC. the work in process accountD. the finished goods inventory account
In process costing, costs are accounted for by a. year. b. process. c. job. d. batch
What is the proper order of tasks in an ABC system? a.identify the cost pools, identify the cost drivers, calculate the overhead application rate for each cost pool, assign the costs to the products b.assign the costs to the products, identify the cost drivers, calculate the overhead application rate for each cost pool, identify the cost pools c.identify the cost drivers, identify the cost pools, calculate the overhead application rate for each cost pool, assign the costs to the products d.identify the cost drivers, assign the costs to the products, calculate the overhead application rate for each cost pool, identify the cost pools
How is activity-based cost allocation useful to management for control and evaluation of the performance of a department? List three points only and briefly discuss them. Why is it necessary for the cost accountant to determine the percentage of completion in the ending work in process inventory at the end of the period? Briefly explain.
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.