Cost Accounting, Accounting

Cost Accounting

Question: Whic of the following item is not a characteristic of a process cost system?
A
Once production begins,it continuous untill the finished product energes.

B
The products produced are hetegenous in nature.

C
The focus is on continually producing homogeneous products.

D
When the same amount of materials labor and overhead.

Note: Not available
1. Report
Question: Indicate which of the following statement is not correct?
A
Both a job order and a process cost system track the same three manufacturing cost element - direct materials, direct labor and manufacturing overhead.

B
In a job order cost system, only one work in process accounting is used, whereas in a process cost system, multiple work in process cost system.

C
Manufacturing costs are accumulated the same way if a job order and in a process cost system.

D
Manufacturing costs are assigned the same way in a job order and in a process cost system.

Note: Not available
1. Report
Question: In the process cost system, costs are assigned only:
A
to one work in process accounting.

B
to work in process and finished goods inventory.

C
to work in process finished goods and cost of goods sold.

D
to work in process accounts.

Note: Not available
1. Report
Question: In marketing the journal entry to assign raw materials costs:
A
the debit is to Finished Goods Inventory.

B
the debit is often to two or more work in purpose accounting.

C
the credit is generally to two or more work in process accounts.

D
the credit is to Finished Goods Inventory.

Note: Not available
1. Report
Question: The Maxing Department's output during the period consists of 20,000 units completed and transferred out, and 5000 units in ending work in process 60% complete as to materials and conversion costs. Beginning inventory is 1000 units, 40% complete as to materials and conversion costs. The equivalent units of production are:
A
22,600

B
23,000

C
24,000

D
25,000

Note: Not available
1. Report
Question: In RYZ Company has 2000 units in beginning work in process. 20% complete as toa conversion costs, 23,000 units transferred out to finished goods, and 3000 units in ending work in process 33.50% complete as to conversion costs. The beginnings and ending inventory is fully complete as to materials costs. Equivalent units for materials and conversion costs are respectively.
A
22000, 24000

B
24000, 26000

C
26000, 24000

D
26000,26000

Note: Not available
1. Report
Question: Fortner Company has no beginning work in process; 9000 units are transferred out and 3000 units in ending work in process are one-third finished as to conversion costs and fully complete as to materials cost. If total materials cost is $60,000, the unit materials cost is:
A
$5.00

B
$5.45 rounded

C
$6.00

D
None

Note: Not available
1. Report
Question: Largo Company has unit costs of $10 for materials and $30 for conversion costs. If there are 2,500 units in ending work in process, 40% complete as to conversion costs, and fully complete as to materials cost, the total cost assignable to the ending to the ending work porcess inventory is:
A
$45,000.

B
$75,000

C
$55,000.

D
$100,000

Note: Not available
1. Report
Question: Largo Company has unit costs of $10 for materials and $30 for conversion costs. If there are 2,500 units in ending work in process, 40% complete as to conversion costs, and fully complete as to materials cost, the total cost assignable to the ending to the ending work porcess inventory is:
A
$45,000.

B
$75,000

C
$55,000.

D
$100,000

Note: Not available
1. Report
Question: A production cost report
A
is an external report.

B
show cost charged to department and costs accounted for.

C
shows equivalent units of production but not physical units.

D
contains six sections.

Note: Not available
1. Report

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Question: Whic of the following item is not a characteristic of a process cost system?

Question: Indicate which of the following statement is not correct?

Question: In the process cost system, costs are assigned only:

Question: In marketing the journal entry to assign raw materials costs:

Question: Fortner Company has no beginning work in process; 9000 units are transferred out and 3000 units in ending work in process are one-third finished as to conversion costs and fully complete as to materials cost. If total materials cost is $60,000, the unit materials cost is:

Question: Largo Company has unit costs of $10 for materials and $30 for conversion costs. If there are 2,500 units in ending work in process, 40% complete as to conversion costs, and fully complete as to materials cost, the total cost assignable to the ending to the ending work porcess inventory is:

Question: Largo Company has unit costs of $10 for materials and $30 for conversion costs. If there are 2,500 units in ending work in process, 40% complete as to conversion costs, and fully complete as to materials cost, the total cost assignable to the ending to the ending work porcess inventory is:

Question: A production cost report