When calculating unit costs under the weighted-average process-costing method, the unit cost is based on: only the current period's manufacturing costs. only costs in the period's beginning work-in-process inventory, a summation of the costs in the beginning work-in-process inventory plus costs incurred in the current period. only costs incurred in previous accounting periods. a summation of the costs in the beginning work-in-process inventory plus costs to be incurred in the upcoming period

When calculating unit costs under the weighted-average process-costing method, the unit cost is based on: only the current period's manufacturing costs. only costs in the period's beginning work-in-process inventory, a summation of the costs in the beginning work-in-process inventory plus costs incurred in the current period. only costs incurred in previous accounting periods. a summation of the costs in the beginning work-in-process inventory plus costs to be incurred in the upcoming period

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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Requirements: A. What is the total Equivalent production for Materials? B. What is the total Equivalent production for Conversion? C. What is the total Cost per unit to be used for allocation? D. What is the total cost of completed and transferred that will be carried to the next department/finished goods inventory? E. What is the total cost of in process ending for the period? F. What is the equivalent production of In process, end for Conversion? G. What is the equivalent production of competed and transferred for Materials? H. How much cost from losses will be added to completed and transferred?
1. Match one or more of the following terms with each definition below: Direct labour b. Direct materials Indirect labour d. Indirect materials e. Inventoriable product costs f. Manufacturing overhead g. Period costs а. с. i) Operating costs that are expensed in the period in which they are incurred Materials that become a physical part of a finished product and whose costs are traceable to the finished product iii) All manufacturing costs other than direct materials & direct labour iv) Labour costs that are difficult to trace to specific products v) ii) Materials whose costs cannot conveniently be directly traced to particular finished products vi) Product costs included in inventory, as required by GAAP vii) The compensation of employees who physically convert materials into the company's products; labour costs that are directly traceable to finished products
Explain how to prepare production cost report using the weighted average method.
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.
A(n)___________________ is also known as an inventoriable cost, because such costs gointo the Work in Process inventory account and then into the Finished Goods inventory account beforeappearing on the income statement as part of Cost of Goods Sold.
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
Describe the distinctive characteristic of weighted-average computations in assigning costs to units completed and to units in ending work in progress.
ABC Company borrowed $100,000 at a 6% interest rate on May 1, 20X1 for one year with interest and principal due on April 30, 20X2. How much is ABC's interest expense for the year ended December 31, 20X1? Group of answer choices $4,500 $6,000 $100,000 $4,000
The categories of manufacturing costs comprising the total cost of work in process inventory are which of the following? Group of answer choices Selling expenses Direct costs General and administrative expenses Direct labor, direct materials, and manufacturing overhead
A costing system where all product costs are recorded at standard cost while the products are being made is referred to as A.) standard costing B.) variable costing C.) normal costing D.) full costing
Predetermined overhead rates are calculated: a. first and then multiplied by total actual units of the allocation base to compute the applied manufacturing overhead costs. b. based on actual total manufacturing overhead costs C. by dividing total estimated manufacturing overhead cost by total actual units of the allocation base. d. none of the given answers is correct. e. at the end of the accounting period once the actual amount of manufacturing overhead is known.
In process costing, costs are accounted for by a. year. b. process. c. job. d. batch