Process Costing - Equivalent Production

In Process costing , abnormal loss is ______

• Controllable

• Percentage of Input

• Percentage of output

• Unavoidable

_______ occurs when expected output exceeds actual output

• Abnormal loss

• Abnormal gain

• Normal Loss

• Normal gain

Equivalent units are ___________________

• notional quantity of completes units 

• equal units

• equal units to input

• equal units to output

Nominal Loss is equal to  ____________

• Normal Output-Actual Output

• Normal Output-Actual input

• Input × % of Normal Loss

• Input- Normal Loss

Continuous costing is also called _______

• Uniform costing system

• Contract Costing

• Process costing

• Job costing 

_________ is calculated by dividing equivalent cost by equivalent quantity

• Variable cost per unit

• Fixed cost per unit

• Equivalent cost per unit

• Marginal cost per unit

Equivalent cost per unit is calculated by dividing equivalent cost by ________.

• Sales quantity

• Purchase quantity

• Equivalent quantity

• Marginal quantity

Valuation of WIP is done by calculation of ______________

• % of input

• % of completion 

• % of output

• % Of Gross Profit

In process costing method, when work done in current accounting period and beginning inventory before current accounting period, isn't classified then it is  ______

• First-in, first-out method

• Last-in, first-out method

• Current period inventory method

• Weighted Average cost method

Which of the following is considered as normal loss of material?

• Loss due to accident

• Loss due to careless handling of material

• Material distributed as free samples

• Pilferage