1) To decide the cost of a product, managers use information about past and proj

Question

1) To decide the cost of a product, managers use information about past and projected product costing and customer preferences. (1pts) True
False 2) The following data were taken from the accounting records of a company that uses the FIFO method in its process costing system:
  
  Beginning work in process inventory:
   20,000 units (materials 100% complete, conversion costs 60% complete)
  Started in process during the period:
   80,000 units
  Ending work in process inventory:
   30,000 units (materials 100% complete, conversion costs 70% complete)
  
The equivalent units are (5pts) materials, 90,000 units; conversion costs, 89,000 units. materials, 100,000 units; conversion costs, 91,000 units. materials, 60,000 units; conversion costs, 53,000 units. materials, 80,000 units; conversion costs, 79,000 units. 3) Cloud Nine International uses a process costing system. Assume that direct materials are added at the beginning of the period and that direct labor and overhead are added continuously throughout the process. The company uses the average costing method. The following data are available for one of its accounting periods:

Units Beginning work in process 26,000 (70 percent complete for conversion costs) Units started 180,000 Units transferred out 191,000 Ending work in process 15,000 (60 percent complete for conversion costs)

Equivalent units for conversion costs of Cloud Nine International are (5pts) 207,800. 192,200. 181,800. 200,000. 4) In a process costing system, some of the increases to Department C's Work in Process Inventory account would come from Department B's (5pts) Finished Goods Inventory account. Materials Inventory account. Cost of Goods Sold account. Work in Process Inventory account. 5) Direct materials are most likely added at the beginning of the process. (1pts) True
False 6) Match the following with their meanings given below: (5pts) Process costing system Select OneCombination of direct labor and overheadMeasure of productive output of units expressed in terms of fully completed units producedMeasures costs to each department and assigns those costs to products produced in a particular timeUsed to track and analyze costs for a department   Conversion cost Select OneCombination of direct labor and overheadMeasure of productive output of units expressed in terms of fully completed units producedMeasures costs to each department and assigns those costs to products produced in a particular timeUsed to track and analyze costs for a department   Equivalent production Select OneCombination of direct labor and overheadMeasure of productive output of units expressed in terms of fully completed units producedMeasures costs to each department and assigns those costs to products produced in a particular timeUsed to track and analyze costs for a department   Process cost report Select OneCombination of direct labor and overheadMeasure of productive output of units expressed in terms of fully completed units producedMeasures costs to each department and assigns those costs to products produced in a particular timeUsed to track and analyze costs for a department   7) Because process costing is normally associated with a continuous production flow, products that are in process at the beginning of the period are assumed to be the first products completed during the current period. (1pts) True
False 8) Under the FIFO costing method, separate unit cost analyses are not used for each accounting period because costs of different periods are averaged. (1pts) True
False 9) In a process costing system, the amount of total costs to be accounted for is made up of direct materials and conversion costs incurred during the current period plus those costs included in the beginning Work in Process Inventory account. (1pts) True
False 10) In order to use a process costing system, products produced should be homogenous in nature. (1pts) True
False 11) Information for the current month for Process 5 is shown below.

Direct Materials Conversion Costs Beginning work in process $ 4,600 $ 2,060 Current month's costs 46,400 42,375 Equivalent units based on the
FIFO costing method 58,000 56,500 Units completed 1) To decide the cost of a product, managers use information about past and projected product costing and customer preferences. (1pts) True
False 1) To decide the cost of a product, managers use information about past and projected product costing and customer preferences. (1pts) True
False To decide the cost of a product, managers use information about past and projected product costing and customer preferences. To decide the cost of a product, managers use information about past and projected product costing and customer preferences. (1pts) True
False 2) The following data were taken from the accounting records of a company that uses the FIFO method in its process costing system:
  
  Beginning work in process inventory:
   20,000 units (materials 100% complete, conversion costs 60% complete)
  Started in process during the period:
   80,000 units
  Ending work in process inventory:
   30,000 units (materials 100% complete, conversion costs 70% complete)
  
The equivalent units are (5pts) materials, 90,000 units; conversion costs, 89,000 units. materials, 100,000 units; conversion costs, 91,000 units. materials, 60,000 units; conversion costs, 53,000 units. materials, 80,000 units; conversion costs, 79,000 units. 2) The following data were taken from the accounting records of a company that uses the FIFO method in its process costing system:
  
  Beginning work in process inventory:
   20,000 units (materials 100% complete, conversion costs 60% complete)
  Started in process during the period:
   80,000 units
  Ending work in process inventory:
   30,000 units (materials 100% complete, conversion costs 70% complete)
  
The equivalent units are (5pts) materials, 90,000 units; conversion costs, 89,000 units. materials, 100,000 units; conversion costs, 91,000 units. materials, 60,000 units; conversion costs, 53,000 units. materials, 80,000 units; conversion costs, 79,000 units. The following data were taken from the accounting records of a company that uses the FIFO method in its process costing system:
  
  Beginning work in process inventory:
   20,000 units (materials 100% complete, conversion costs 60% complete)
  Started in process during the period:
   80,000 units
  Ending work in process inventory:
   30,000 units (materials 100% complete, conversion costs 70% complete)
  
The equivalent units are The following data were taken from the accounting records of a company that uses the FIFO method in its process costing system:
  
  Beginning work in process inventory:
   20,000 units (materials 100% complete, conversion costs 60% complete)
  Started in process during the period:
   80,000 units
  Ending work in process inventory:
   30,000 units (materials 100% complete, conversion costs 70% complete)
  
The equivalent units are (5pts) materials, 90,000 units; conversion costs, 89,000 units. materials, 100,000 units; conversion costs, 91,000 units. materials, 60,000 units; conversion costs, 53,000 units. materials, 80,000 units; conversion costs, 79,000 units. materials, 90,000 units; conversion costs, 89,000 units. materials, 100,000 units; conversion costs, 91,000 units. materials, 60,000 units; conversion costs, 53,000 units. materials, 80,000 units; conversion costs, 79,000 units. materials, 90,000 units; conversion costs, 89,000 units. materials, 90,000 units; conversion costs, 89,000 units. materials, 90,000 units; conversion costs, 89,000 units. materials, 100,000 units; conversion costs, 91,000 units. materials, 100,000 units; conversion costs, 91,000 units. materials, 100,000 units; conversion costs, 91,000 units. materials, 60,000 units; conversion costs, 53,000 units. materials, 60,000 units; conversion costs, 53,000 units. materials, 60,000 units; conversion costs, 53,000 units. materials, 80,000 units; conversion costs, 79,000 units. materials, 80,000 units; conversion costs, 79,000 units. materials, 80,000 units; conversion costs, 79,000 units. 3) Cloud Nine International uses a process costing system. Assume that direct materials are added at the beginning of the period and that direct labor and overhead are added continuously throughout the process. The company uses the average costing method. The following data are available for one of its accounting periods:

Units Beginning work in process 26,000 (70 percent complete for conversion costs) Units started 180,000 Units transferred out 191,000 Ending work in process 15,000 (60 percent complete for conversion costs)

Equivalent units for conversion costs of Cloud Nine International are (5pts) 207,800. 192,200. 181,800. 200,000. 3) Cloud Nine International uses a process costing system. Assume that direct materials are added at the beginning of the period and that direct labor and overhead are added continuously throughout the process. The company uses the average costing method. The following data are available for one of its accounting periods:

Units Beginning work in process 26,000 (70 percent complete for conversion costs) Units started 180,000 Units transferred out 191,000 Ending work in process 15,000 (60 percent complete for conversion costs)

Equivalent units for conversion costs of Cloud Nine International are (5pts) 207,800. 192,200. 181,800. 200,000. Cloud Nine International uses a process costing system. Assume that direct materials are added at the beginning of the period and that direct labor and overhead are added continuously throughout the process. The company uses the average costing method. The following data are available for one of its accounting periods:

Units Beginning work in process 26,000 (70 percent complete for conversion costs) Units started 180,000 Units transferred out 191,000 Ending work in process 15,000 (60 percent complete for conversion costs)

Equivalent units for conversion costs of Cloud Nine International are Cloud Nine International uses a process costing system. Assume that direct materials are added at the beginning of the period and that direct labor and overhead are added continuously throughout the process. The company uses the average costing method. The following data are available for one of its accounting periods:

Units Beginning work in process 26,000 (70 percent complete for conversion costs) Units started 180,000 Units transferred out 191,000 Ending work in process 15,000 (60 percent complete for conversion costs)

Equivalent units for conversion costs of Cloud Nine International are Units 26,000 180,000 191,000 15,000 (5pts) 207,800. 192,200. 181,800. 200,000. 207,800. 192,200. 181,800. 200,000. 207,800. 207,800. 207,800. 192,200. 192,200. 192,200. 181,800. 181,800. 181,800. 200,000. 200,000. 200,000. 4) In a process costing system, some of the increases to Department C's Work in Process Inventory account would come from Department B's (5pts) Finished Goods Inventory account. Materials Inventory account. Cost of Goods Sold account. Work in Process Inventory account. 4) In a process costing system, some of the increases to Department C's Work in Process Inventory account would come from Department B's (5pts) Finished Goods Inventory account. Materials Inventory account. Cost of Goods Sold account. Work in Process Inventory account. In a process costing system, some of the increases to Department C's Work in Process Inventory account would come from Department B's In a process costing system, some of the increases to Department C's Work in Process Inventory account would come from Department B's (5pts) Finished Goods Inventory account. Materials Inventory account. Cost of Goods Sold account. Work in Process Inventory account. Finished Goods Inventory account. Materials Inventory account. Cost of Goods Sold account. Work in Process Inventory account. Finished Goods Inventory account. Finished Goods Inventory account. Finished Goods Inventory account. Materials Inventory account. Materials Inventory account. Materials Inventory account. Cost of Goods Sold account. Cost of Goods Sold account. Cost of Goods Sold account. Work in Process Inventory account. Work in Process Inventory account. Work in Process Inventory account. 5) Direct materials are most likely added at the beginning of the process. (1pts) True
False 5) Direct materials are most likely added at the beginning of the process. (1pts) True
False Direct materials are most likely added at the beginning of the process. Direct materials are most likely added at the beginning of the process. (1pts) True
False 6) Match the following with their meanings given below: (5pts) Process costing system Select OneCombination of direct labor and overheadMeasure of productive output of units expressed in terms of fully completed units producedMeasures costs to each department and assigns those costs to products produced in a particular timeUsed to track and analyze costs for a department   Conversion cost Select OneCombination of direct labor and overheadMeasure of productive output of units expressed in terms of fully completed units producedMeasures costs to each department and assigns those costs to products produced in a particular timeUsed to track and analyze costs for a department   Equivalent production Select OneCombination of direct labor and overheadMeasure of productive output of units expressed in terms of fully completed units producedMeasures costs to each department and assigns those costs to products produced in a particular timeUsed to track and analyze costs for a department   Process cost report Select OneCombination of direct labor and overheadMeasure of productive output of units expressed in terms of fully completed units producedMeasures costs to each department and assigns those costs to products produced in a particular timeUsed to track and analyze costs for a department   6) Match the following with their meanings given below: (5pts) Process costing system Select OneCombination of direct labor and overheadMeasure of productive output of units expressed in terms of fully completed units producedMeasures costs to each department and assigns those costs to products produced in a particular timeUsed to track and analyze costs for a department   Conversion cost Select OneCombination of direct labor and overheadMeasure of productive output of units expressed in terms of fully completed units producedMeasures costs to each department and assigns those costs to products produced in a particular timeUsed to track and analyze costs for a department   Equivalent production Select OneCombination of direct labor and overheadMeasure of productive output of units expressed in terms of fully completed units producedMeasures costs to each department and assigns those costs to products produced in a particular timeUsed to track and analyze costs for a department   Process cost report Select OneCombination of direct labor and overheadMeasure of productive output of units expressed in terms of fully completed units producedMeasures costs to each department and assigns those costs to products produced in a particular timeUsed to track and analyze costs for a department   Match the following with their meanings given below: Match the following with their meanings given below: (5pts) Process costing system Select OneCombination of direct labor and overheadMeasure of productive output of units expressed in terms of fully completed units producedMeasures costs to each department and assigns those costs to products produced in a particular timeUsed to track and analyze costs for a department   Conversion cost Select OneCombination of direct labor and overheadMeasure of productive output of units expressed in terms of fully completed units producedMeasures costs to each department and assigns those costs to products produced in a particular timeUsed to track and analyze costs for a department   Equivalent production Select OneCombination of direct labor and overheadMeasure of productive output of units expressed in terms of fully completed units producedMeasures costs to each department and assigns those costs to products produced in a particular timeUsed to track and analyze costs for a department   Process cost report Select OneCombination of direct labor and overheadMeasure of productive output of units expressed in terms of fully completed units producedMeasures costs to each department and assigns those costs to products produced in a particular timeUsed to track and analyze costs for a department   Process costing system Conversion cost Equivalent production Process cost report 7) Because process costing is normally associated with a continuous production flow, products that are in process at the beginning of the period are assumed to be the first products completed during the current period. (1pts) True
False 7) Because process costing is normally associated with a continuous production flow, products that are in process at the beginning of the period are assumed to be the first products completed during the current period. (1pts) True
False Because process costing is normally associated with a continuous production flow, products that are in process at the beginning of the period are assumed to be the first products completed during the current period. Because process costing is normally associated with a continuous production flow, products that are in process at the beginning of the period are assumed to be the first products completed during the current period. (1pts) True
False 8) Under the FIFO costing method, separate unit cost analyses are not used for each accounting period because costs of different periods are averaged. (1pts) True
False 8) Under the FIFO costing method, separate unit cost analyses are not used for each accounting period because costs of different periods are averaged. (1pts) True
False Under the FIFO costing method, separate unit cost analyses are not used for each accounting period because costs of different periods are averaged. Under the FIFO costing method, separate unit cost analyses are not used for each accounting period because costs of different periods are averaged. (1pts) True
False 9) In a process costing system, the amount of total costs to be accounted for is made up of direct materials and conversion costs incurred during the current period plus those costs included in the beginning Work in Process Inventory account. (1pts) True
False 9) In a process costing system, the amount of total costs to be accounted for is made up of direct materials and conversion costs incurred during the current period plus those costs included in the beginning Work in Process Inventory account. (1pts) True
False In a process costing system, the amount of total costs to be accounted for is made up of direct materials and conversion costs incurred during the current period plus those costs included in the beginning Work in Process Inventory account. In a process costing system, the amount of total costs to be accounted for is made up of direct materials and conversion costs incurred during the current period plus those costs included in the beginning Work in Process Inventory account. (1pts) True
False 10) In order to use a process costing system, products produced should be homogenous in nature. (1pts) True
False 10) In order to use a process costing system, products produced should be homogenous in nature. (1pts) True
False In order to use a process costing system, products produced should be homogenous in nature. In order to use a process costing system, products produced should be homogenous in nature. (1pts) True
False 11) Information for the current month for Process 5 is shown below.

Direct Materials Conversion Costs Beginning work in process $ 4,600 $ 2,060 Current month's costs 46,400 42,375 Equivalent units based on the
FIFO costing method 58,000 56,500 Units completed 11) Information for the current month for Process 5 is shown below.

Direct Materials Conversion Costs Beginning work in process $ 4,600 $ 2,060 Current month's costs 46,400 42,375 Equivalent units based on the
FIFO costing method 58,000 56,500 Units completed Information for the current month for Process 5 is shown below.

Direct Materials Conversion Costs Beginning work in process $ 4,600 $ 2,060 Current month's costs 46,400 42,375 Equivalent units based on the
FIFO costing method 58,000 56,500 Units completed Information for the current month for Process 5 is shown below.

Direct Materials Conversion Costs Beginning work in process $ 4,600 $ 2,060 Current month's costs 46,400 42,375 Equivalent units based on the
FIFO costing method 58,000 56,500 Units completed Direct Materials Conversion Costs $ 4,600 $ 2,060 46,400 42,375 58,000 56,500 Units Beginning work in process 26,000 (70 percent complete for conversion costs) Units started 180,000 Units transferred out 191,000 Ending work in process 15,000 (60 percent complete for conversion costs)

Explanation / Answer

False

materials, 80,000 units; conversion costs, 79,000 units.

181,800.

Work in Process Inventory account.

True

Process costing system

True

false

false

true

$4,650.

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