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ACCT212 Chapter 5 Exam Questions And Answers (Guaranteed A+)
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ACCT212 Chapter 5 Exam Questions And Answers (Guaranteed A+) Cost-volume-profit analysis helps managers predict how changes in and levels affect income. - AnswerBlank 1: cost or costs Blank 2: sales A cost remains unchanged when the volume of activity changes within the relevant range. - Answ...

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  • January 10, 2025
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ACCT212 Week 3-4 Exam Questions And
Answers (Guaranteed A+)


A process cost report summarizes the following process costing steps: (Check all that apply). -
Answer✔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): - Answer✔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. - Answer✔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. - Answer✔250
The journal entry to record the transfer of units from Process 1 to the Process 2 in process
costing is: - Answer✔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.) - Answer✔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: -
Answer✔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 $ - Answer✔3

, ©EVERLY 2024/2025 ALL RIGHTS RESERVED.


A system that contains features of both process and job order operations is called a(n) costing
system. - Answer✔hybrid
The journal entry to record the transfer of partially completed work in process to the next process
in process costing is a(n): - Answer✔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 $. -
Answer✔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 . - Answer✔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? - Answer✔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 $. - Answer✔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
$. - Answer✔
The cost object of the cost assignment under the plantwide overhead rate method is the -
Answer✔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? - Answer✔$2.50
The overhead rate method which uses a different overhead rate for each department is the -
Answer✔departmental method
Which of the following are a type of overhead allocation method? (Check all that apply). -
Answer✔activity-based costing method
departmental overhead rate method

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