Subject:- General Accounting The portion of whole units that were completed with respect toeither materials or conversion costs within a given accountingperiod is the definition of:A. units started and completedB. conversion costsC. ending work in processD. equivalent units

Option A is incorrect. Units started and completed will be 100% completed as to materials and…

Answered: The portion of whole units that were…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 15MC: Which of the following is the step in which materials, labor, and overhead are detailed? A....

See similar textbooks

Similar questions

Transferred-in goods are treated by the receiving department as a. units started for the period. b. a material added at the beginning of the process. c. a category of materials separate from conversion costs. d. All of these. e. None of these.
Which is nor needed to compute equivalent units of production? A. the percentage of completion for inventory still in process B. the number of units transferred out C. the number of units started and completed D. the material cost per unit
The costs transferred from a prior process to a subsequent process are a. treated as another type of materials cost for the receiving department. b. referred to as transferred-in costs (for the receiving department). c. referred to as the cost of goods transferred out (for the transferring department). d. All of these. e. None of these.
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
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
A cost received by a subsequent process from a prior process is referred to as a: Select one: a. transferred-in cost. b. cost of goods transferred out. c. cost of ending work-in-process. d. cost of beginning work-in-process.
Under either weighted average or FIFO, when materials are added at the beginning of a process, rather than being added uniformly throughout the process, a unit cost should be calculated for the a.materials category only b.labor category only c.materials and conversion categories d.conversion category only
Management Accounting Required: a. Calculate the cost per equivalent unit for direct materials and conversion costs. b. Determine the dollar value of units completed (and transferred out) and the dollar value of units in ending work in process.
Riverbed Company has gathered the following information. Units in beginning work in process inventory Units started into production Units in ending work in process inventory Percent complete for conversion costs in ending work in process inventory Costs incurred: Direct materials Direct labor Overhead 0 57,240 10,600 60% $ 171.720 $99.640 $138.860
The four steps necessary to complete a cost of production report in a process cost system are 1. allocate costs to units transferred out and partially completed units 2. determine the units to be assigned costs 3. determine the cost per equivalent unit 4. compute equivalent units of production The correct ordering of the steps is Oa. 2,4, 3, 1 ОБ. 2,3, 1, 4 Oc. 2,3, 4, 1 Od. 4,2, 3, 1
What units (whole vs equivalent) are complete with respect to materials or conversion and what units are the number of units in production during a period whether complete or not?
Indicate which of the following phrases correctly completesthis sentence: “Equivalent units of production . . .” (Indicateall correct answers.)a. Are a measure of productive activity.b. Represent work done on units still in process, as well asthose completed during the period.c. Are used as the basis for computing per-unit costs inmost process cost accounting systems. d. Are computed separately for each significant input con-sumed in the production process.

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

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

Publisher:

Cengage Learning

Principles of Cost Accounting

Accounting

ISBN:

9781305087408

Author:

Edward J. Vanderbeck, Maria R. Mitchell

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

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

Publisher:

Cengage Learning

Principles of Cost Accounting

Accounting

ISBN:

9781305087408

Author:

Edward J. Vanderbeck, Maria R. Mitchell

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

The portion of whole units that were completed with respect to either materials or conversion costs within a given accounting period is the definition of: A. units started and completed B. conversion costs C. ending work in process D. equivalent units