Exam (elaborations)
ACCT 2302 Managerial Accounting: Quiz #4 & Ch 4 Homework
- Course
- ACCT 2302
- Institution
- Lonestar Community College
McGraw Hill ACCT 2302 - Garrison, Managerial Accounting, 17e Garrison, Managerial Accounting, 17e
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Quiz #41. Under the weighted-average method, the cost of units transferred out of a department is computed as
follows for a cost category:
a. Units transferred to the next department × Cost per equivalent unit
2. Assume there was no beginning work in process inventory and the ending work in process inventory is
70% complete with respect to conversion costs. Under the weighted-average method, the number of
equivalent units of production with respect to conversion costs would be:
a. less than the units started during the period.
3. A process costing system is employed in those situations where:
a. manufacturing involves a single, homogeneous product that flows evenly through the
production process on a continuous basis.
4. All of the following statements are correct when referring to process costing except:
a. Process costing would be appropriate for a jeweler who makes custom jewelry to order.
5. Which of the following journal entries would be used to record direct labor costs in a company having
two processing departments (Department A and Department B)?
a.
6. Which of the following types of companies would typically use process costing rather than job-order
costing?
a. A breakfast cereal manufacturer.
7. In the cost reconciliation report under the weighted-average method, the "Total cost accounted for"
equals:
a. Cost of ending work in process inventory + Cost of units transferred out
8. When computing the cost per equivalent unit, the weighted-average method of process costing
considers:
a. costs incurred during the current period plus cost of beginning work in process inventory.
9. Malcolm Company uses a weighted-average process costing system. All materials at Malcolm are
added at the beginning of the production process. The equivalent units for materials at Malcolm would
be the sum of:
a. units in beginning work in process and the units started.
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