Acct 2920 Ch 11 Quiz

The manufacturing of which products is most suited for process costing?

• Vehicles
• Toilet paper
• Notebook paper
• Custom birthday cakes
• Sugar

Process costing usually traces costs to _________.

Which of the following are acceptable methods for calculating equivalent units?

• FIFO
• LIFO
• Specific Identification
• Weighted-Average

Which method mixes costs from the prior period and current period?

• FIFO
• Weighted-Average

Which method accounts for prior period costs separately from current period costs?

• FIFO
• Weighted-Average

Which of the following describe the weighted-average method?

• Generally, the simpler method
• The most accurate method
• When there is inflation, the method that results in the highest profit
• Fits best when its difficult or impossible to separately identify units

What is in the numerator when calculating cost per equivalent unit using the FIFO method?

• Total costs for each cost category

• Total of all cost categories

• Costs added to the period for each cost category

• Costs added to the period for all cost categories

What account is debited when transferring partially completed units from the assembly department to the finishing department?

• WIP Inventory - Assembly
• WIP Inventory - Finishing
• MOH Control
• Cost of Goods Sold

What account(s) are debited when overhead is applied to the assembly and finishing departments?

• WIP Inventory - Assembly
• WIP Inventory - Finishing
• MOH Control
• Cost of Goods Sold

When calculating the finishing department's cost per equivalent unit, how is the cost of units transferred in to the finishing department from the assembly department treated?

• It is combined with the finishing department's materials cost.
• It is combined with the finishing department's beginning inventory.
• It is treated as a separate cost category.