ACCT212 Week 3-4 Exam Questions and Correct Answers Latest Update 2025
A process cost report summarizes the following process costing steps: (Check all that apply). - Answers physical flow of units
equivalent units of production
costs per equivalent unit of production
The journal entry to reco...
A process cost report summarizes the following process costing steps: (Check all that apply). - Answers
physical flow of units
equivalent units of production
costs per equivalent unit of production
The journal entry to record the purchase of materials on account in process cost accounting is a(n): -
Answers increase in assets and an increase in liabilities
True or false: Using the weighted-average method, the computation of EUP separates units into direct
materials and conversion. - Answers True
Department A had a beginning inventory balance of 25 units. During the accounting period, the
department started an additional 275 units and had an ending balance of 50 units. units were
transferred out. - Answers 250
The journal entry to record the transfer of units from Process 1 to the Process 2 in process costing is: -
Answers debit Work in Process Inventory - 2 and credit Work in Process Inventory - 1
The parts of the process cost report include: (Check all that apply.) - Answers equivalent units of
production.
physical flow of units.
cost assignment and reconciliation.
The journal entry to record the purchase of materials on account in process cost accounting is: - Answers
debit Raw Materials Inventory and credit Accounts Payable
Department D had materials costs of $10,000 in beginning work in process inventory and added an
additional $50,000 in materials costs this period. If the department had 20,000 EUP for materials, the
cost per equivalent unit of production is $ - Answers 3
A system that contains features of both process and job order operations is called a(n) costing system. -
Answers hybrid
The journal entry to record the transfer of partially completed work in process to the next process in
process costing is a(n): - Answers decrease in one asset and an increase in another asset
Department A completed and transferred to finished goods a total of 60,000 units. Their ending
inventory consisted of 40,000 units which were 80% complete with respect to direct materials and 30%
complete with respect to conversion cost. The cost per EUP for direct materials is $4.00 and for
conversion is $3.50. The cost of ending work in process inventory is $. - Answers 170000
, Beginning work in process are 25,000 units and units started this period are 75,000 units. The total units
to account for using the FIFO method are . - Answers 100,000
Beginning work in progress Inventory + Units started this period
A system which uses both a process costing system and a job order system will most likely use which
type system? - Answers Hybrid
Department C had direct materials EUP cost of $4.00 and conversion EUP cost of $2.50. If the
department had 38,000 units completed and transferred to the next department, their cost of units
completed for direct materials is $. - Answers 152000
A manufacturing department completed and transferred to finished goods a total of 50,000 units. They
also had 2,500 units in ending work in process inventory. Of this ending inventory, direct materials were
60% complete and conversion costs were 20% complete. Their cost per EUP for direct materials is $5.75
and $1.25 for conversion cost. The cost of units completed this period is $. - Answers
The cost object of the cost assignment under the plantwide overhead rate method is the - Answers unit
of product
Landen Company uses a single plantwide overhead rate based on direct labor hours. Total budgeted
overhead costs are $200,000. Total budgeted direct materials are $50,000 and total budgeted direct
labor hours are 80,000. What is the plantwide overhead rate per direct labor hour? - Answers $2.50
The overhead rate method which uses a different overhead rate for each department is the - Answers
departmental method
Which of the following are a type of overhead allocation method? (Check all that apply). - Answers
activity-based costing method
departmental overhead rate method
plantwide overhead rate method
True or false: The cost object of the plantwide overhead rate method is the unit of product. - Answers
True
The basic principle of activity-based costing is that a(n) is what causes overhead cost to be incurred. -
Answers activity
Landen Company uses a single plantwide overhead rate of $100 per direct labor hour (DLH). Landen has
two products as follows: basic chairs which used 20 DLH and deluxe chairs which used 35 DLH. What is
the total amount allocated to these products?` - Answers $5,500
The overhead rate method uses a different overhead rate per production department. - Answers
departmental
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