TOPIC 9 PROCESS COSTING

Process costing is applied when

• small number of different products are manufactured

• large number of different products are manufactured

• large number of identical products are manufactured

• small number of customized made to order product

which of the following does NOT use process costing

• oil refining

• canned drinks

• sugar

• air -craft manufacturing

beginning WIP units + started in production unit - Ending WIP units =?

(a)  

conversion cost are the sum of

• fixed and variable overhead

• labour cost and overhead cost

• direct material and overhead

• direct labour and indirect labour

type of product job order costing

• heterogenous

• homogenous

cost accumulation for process costing

• each job

• each process

in a process cost system, the flow of cost is

• work in process, cost of good sold ,finished good

• finished good, cost of good sold, work in process

• work in process, finished good, cost of good sold

in process costing, cost is accumulated on time basis

• true

• false

transferred in only on

(a)  

which step in preparing a production cost report

• compute a physical unit flow

• compute equivalent units of production

• compute completed and transferred out cost

• prepare a cost reconciliation schedule

• compute units production costs