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    Advanced Multiple Choice Quiz

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    fgaushiya
    This document contains a 10 question multiple choice quiz on process costing and the use of weighted average and FIFO methods. The questions cover topics such as calculating equivalent units, determining costs per equivalent unit, computing costs transferred between departments, and identifying key aspects of using weighted average and FIFO methods.

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    Download as PDF, TXT or read online from Scribd

    Advanced Multiple Choice Quiz

    Uploaded by

    fgaushiya
    353 views3 pages
    This document contains a 10 question multiple choice quiz on process costing and the use of weighted average and FIFO methods. The questions cover topics such as calculating equivalent units, determining costs per equivalent unit, computing costs transferred between departments, and identifying key aspects of using weighted average and FIFO methods.

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    This document contains a 10 question multiple choice quiz on process costing and the use of weighted average and FIFO methods. The questions cover topics such as calculating equivalent units, determining costs per equivalent unit, computing costs transferred between departments, and identifying key aspects of using weighted average and FIFO methods.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    353 views3 pages

    Advanced Multiple Choice Quiz

    Uploaded by

    fgaushiya
    This document contains a 10 question multiple choice quiz on process costing and the use of weighted average and FIFO methods. The questions cover topics such as calculating equivalent units, determining costs per equivalent unit, computing costs transferred between departments, and identifying key aspects of using weighted average and FIFO methods.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Advanced Multiple Choice Quiz

    http://highered.mcgraw-hill.com/sites/0077121643/student_view0/chapte...

    Advanced Multiple Choice Quiz


    (See related pages)

    A company has two processing departments: X and Y. Which of the following entries or of journal entries would be used to record the transfer between processing department and from the final processing department to finished goods? (Learning Objective 1 Ch4) A) DR Work in Process Y CR Work in Process X DR Finished Goods CR Work in Process Y B) DR Finished Goods CR Work in Process X DR Finished Goods CR Work in Process Y C) DR Finished goods CR Work in Process D) DR Work in Process X CR Work in Process Y DR Finished Goods R Work in Process X

    Janner Company uses the weighted-average method in its process costing system. Operating data for the Painting Department for the month of April appear below:

    Ad MCQs Ch4 Q2 What were the equivalent units for conversion costs in the Painting Department for Ap (Learning Objective 2 Ch4) A) 93,760 B) 92,800 C) 91,360 D) 88,000

    Stover Company uses the weighted-average method in its process costing system. Information concerning Department A for the month of June follows:

    Ad MCQs Ch Q3 All materials are added at the beginning of the process. The cost per equivalent unit materials costs is closest to: (Learning Objective 4 Ch4) A) 0.83 B) 0.85 C) 0.97 D) 1.01

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    Darden Company uses the weighted-average method in its process costing system. The

    10/11/2012 8:11 AM

    Advanced Multiple Choice Quiz

    http://highered.mcgraw-hill.com/sites/0077121643/student_view0/chapte...

    Darden Company uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 18,000 un in its beginning work in process stock. These units were 10% complete with respect to conversion costs. The conversion cost in this beginning work in process stock was 16 An additional 84,000 units were started into production during the month. 17,000 unit were in the ending work in process stock of the Welding Department. These units were 70% complete with respect to conversion costs. A total of 836,880 in conversion cost were incurred in the department during the month. What would be the cost per equivale unit for conversion costs for the month? (Round off to three decimal places.) (Learning Objective 4 Ch4) A) 8.286 B) 9.000 C) 8.804 D) 9.963

    Saada Company uses the weighted-average method in its process costing system. The Fitting Department is the second department in its production process. The data below summarize the department's operations in March. Reference: [Saada Company]

    MCQs Ch4 Q5 The Fitting Department's production report indicates that the cost per equivalent uni conversion cost for March was 5.99. How much conversion cost was assigned to the units transferred out of the Fitting Department during March? (Learning Objective 5 Ch4) A) 332,445.00 B) 375,573.00 C) 328,012.40 D) 353,410.00

    The computation of equivalent units under the FIFO method: (Learning Objective 6 Ch4) A) treats units in the beginning work in process stock as if they were started and completed during the current period. B) treats units in the beginning work in process stock as if they represent a separat batch of goods distinct from goods started and completed during the current period. C) treats units in the ending work in process stock as if they were started and completed during the current period. D) ignores units in the beginning and ending work in process inventories.

    Jolly Company uses the FIFO method in its process costing system. Beginning stock in mixing processing centre consisted of 4,000 units, 75% complete with respect to conversion costs. Ending work in process stock consisted of 3,000 units, 60% complete respect to conversion costs. If 12,000 units were transferred to the next processing during the period, the equivalent units for conversion costs would be: (Learning Objective 6 Ch4) A) 13,200 units. 10,800 units.

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    10/11/2012 8:11 AM

    Advanced Multiple Choice Quiz

    http://highered.mcgraw-hill.com/sites/0077121643/student_view0/chapte...

    B) 10,800 units. C) 12,000 units. D) 13,000 units.

    The use of the FIFO method would result in the quantity schedule of a company's production report showing (Learning Objective 6 Ch4) A) units transferred out as one amount with no distinction made for beginning stock

    B) units transferred out as two amountsone for beginning stock and the other for units started and completed during the month. C) units transferred out as two amountsone for units completed during the period and one for ending stock. D) units transferred out as three amountsone for beginning stock, one for units started and completed during the period, and one for ending stock.

    Leeds Electronics uses the FIFO method in its process costing system. Data concerning first processing department for the most recent month is listed below:

    Ad MCQs Ch4 Q9 Note: Your answers may differ from those offered below due to rounding error. In all select the answer that is the closest to the answer you computed. The total cost transferred from the first processing department to the next processin department during the month is closest to: (Learning Objective 7 Ch4) A) 369,163 B) 317,194 C) 331,100 D) 340,000

    10 Under the FIFO method, the equivalent units of production relate only to work done du the current period.
    (Learning Objective 8 Ch4) A) True B) False

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