Question

Question 1 When direct materials are requisitioned, they flow directly into cost of goods sold. finished goods inventory. work in process inventory. manufacturing overhead. Question 2 The assignment of direct and indirect materials to cost objects reduces finished goods inventory. raw materials inventory. manufacturing overhead. work in process inventory. Question 3 A ________ is used to accumulate the costs of a job. labor time record materials inventory requisition form bill of materials job cost record Question 4 In the flow of costs, which of the following comes second? Cost of goods sold Finished goods inventory Work in process inventory Raw materials inventory Question 5 In the flow of costs, which of the following comes third? Finished goods inventory Cost of goods sold Raw materials inventory Work in process inventory Question 6 Which of the following items would appear first on a production cost report? Total costs accounted for Cost of goods finished for the month Total equivalent units Beginning WIP, if any Question 7 In a department, 26,000 units are completed and transferred out, and 7,400 remain in ending WIP at 65% complete. If an equivalent unit costs $9.00 for direct materials, what is the value of materials transferred out? $43,290 $167,400 $66,600 $234,000 Question 8 How is the cost per equivalent unit computed? Total equivalent units divided by total costs to account for Total costs to account for divided by total equivalent units Costs in beginning WIP inventory divided by equivalent units in beginning WIP Costs added to production during the month divided by equivalent units in ending WIP Question 9 Which of the following is the last step of the five-step process costing procedure? Summarize total costs to account for Assign total costs to units completed and to units in ending WIP inventory Compute the cost per equivalent unit Summarize the flow of physical units Question 10 What are the ending inventory equivalent units for materials if 15,500 units are completed and transferred out and 4,200 remain in ending WIP at 35% complete? 3,955 4,200 1,470 5,425

          Question 1
When direct materials are requisitioned, they flow directly into
cost of goods sold.
finished goods inventory.
work in process inventory.
manufacturing overhead.

Question 2
The assignment of direct and indirect materials to cost objects reduces
finished goods inventory.
raw materials inventory.
manufacturing overhead.
work in process inventory.

Question 3
A ________ is used to accumulate the costs of a job.
labor time record
materials inventory requisition form
bill of materials
job cost record

Question 4
In the flow of costs, which of the following comes second?
Cost of goods sold
Finished goods inventory
Work in process inventory
Raw materials inventory

Question 5
In the flow of costs, which of the following comes third?
Finished goods inventory
Cost of goods sold
Raw materials inventory
Work in process inventory

Question 6
Which of the following items would appear first on a production cost report?
Total costs accounted for
Cost of goods finished for the month
Total equivalent units
Beginning WIP, if any

Question 7
In a department, 26,000 units are completed and transferred out, and 7,400 remain in ending WIP at 65% complete. If an equivalent unit costs $9.00 for direct materials, what is the value of materials transferred out?
$43,290
$167,400
$66,600
$234,000

Question 8
How is the cost per equivalent unit computed?
Total equivalent units divided by total costs to account for
Total costs to account for divided by total equivalent units
Costs in beginning WIP inventory divided by equivalent units in beginning WIP
Costs added to production during the month divided by equivalent units in ending WIP

Question 9
Which of the following is the last step of the five-step process costing procedure?
Summarize total costs to account for
Assign total costs to units completed and to units in ending WIP inventory
Compute the cost per equivalent unit
Summarize the flow of physical units

Question 10
What are the ending inventory equivalent units for materials if 15,500 units are completed and transferred out and 4,200 remain in ending WIP at 35% complete?
3,955
4,200
1,470
5,425

Added by Jasmine G.

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