1. (TCO F) Computing unit product costs involves averaging in:
Job-Order Costing Process Costing
A Yes No
B Yes Yes
C No Yes
D No No
(Points : 5)
2. (TCO F) Process costing would be appropriate for each of the following except: (Points : 5)
custom furniture manufacturing.
3. (TCO F) Unizat Corporation uses the weighted-average method in its process costing system. The following information pertains to one of the companys processing departments for a recent month:
Units Material Cost
Beginning work in process 30,000 $22,000
Started during the month 80,000 $72,000
Units completed 85,000
Ending work in process 25,000
All materials are aIDed at the beginning of the process. The cost per equivalent unit for materials is closest to: (Points : 5)
4. (TCO F) Which of the following accounts is debited when direct labor is recorded? (Points : 5)
Work in process
Salaries and wages expense
Salaries and wages payable
5. (TCO F) Stickles Corporation incurred $79,000 of actual Manufacturing Overhead costs during August. During the same period, the Manufacturing Overhead applied to Work in Process was $75,000. The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a: (Points : 5)
debit to Manufacturing Overhead of $79,000.
credit to Manufacturing Overhead of $79,000.
credit to Work in Process of $75,000.
debit to Work in Process of $75,000.
6. (TCO F) WeID Corporation had $35,000 of raw materials on hand on May 1. During the month, the company purchased an aIDitional $68,000 of raw materials. During May, $92,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $5,000. The debits to the Work in Process account as a consequence of the raw materials transactions in May total: (Points : 5)