R2 Process

R2 Process

University

15 Qs

quiz-placeholder

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R2 Process

R2 Process

Assessment

Quiz

Other

University

Practice Problem

Hard

Created by

Princess Cruz

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When materials are purchased in a process costing system, a work in process account is debited with the cost of the materials.

TRUE

FALSE

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Any difference in the equivalent units calculated under the weighted-average and the FIFO methods is due to the units in the ending work in process inventory.

TRUE

FALSE

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The equivalent units in beginning work in process inventory plus the equivalent units for the work done during the period equals the units transferred out plus the equivalent units in ending work in process inventory.

TRUE

FALSE

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

There is no difference in the unit costs computed under the weighted-average and FIFO methods of process costing if there are no beginning work in process inventories.

TRUE

FALSE

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under the weighted-average method of process costing, costs from the prior period are averaged with those of the current period in computing unit costs.

TRUE

FALSE

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a process costing production report, the “Cost to be accounted for” will be the same whether the weighted-average or the FIFO method is used.

TRUE

FALSE

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under the FIFO method of product costing, equivalent units of production consider units in the beginning inventory as if they were started and completed during the current period.

TRUE

FALSE

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