1. During one month, 3,000 units of a product were completed and 800 units were 20 percent complete and still in process. The equivalent production for the month is : a) 3800. b)4000 c)3040 d)3160

2.

Process cost accounting is most appropriate :

a) when there is continuous production on a single product.

b)	when a company produces more than one product in batches rather than on a continuous basis.

C)for companies with either continuous or batch processing of different products.

fD) or all manufacturing companies.

3.

A firm had a beginning work in process inventory totaling $4,000 and current period costs of $22,500. Equivalent production was 5,000 units, and 3,000 units were completed and transferred to the finished goods inventory. Inventory costs would be determined using a unit cost of

$8.83.

$5.30.

$4.50.

$7.50.

Equivalent production units may be computed

for labor only.

for labor and materials only.

for labor, materials, and manufacturing overhead.

for materials and manufacturing overhead only.

In a process cost accounting system, the average unit cost of a product is determined by dividing the appropriate costs by

the number of units placed in production during the period.

the number of units transferred to another department.

the equivalent production units.

the number of units transferred to the finished goods inventory.

The current department costs categories are

work in processbeginning costs, started in production costs, and transferred in costs.

materials costs, labor costs, and manufacturing overhead costs.

work in processbeginning costs, transferred out to next department costs, and work in processending costs.

started in production costs, transferred in from prior department costs, and transferred out to next department costs.

The total accounted for consists of

the units started in production.

the units transferred out and the units in ending work in process.

the units started and the units transferred out.

. the units transferred out and the units completed.

the two sections of the cost of production report are

the total to be accounted for and the total accounted for.

the costs assigned to the goods transferred out and the costs assigned to the goods still in process

he summary of quantities and the summary of costs.

beginning inventory plus goods started and goods transferred out and ending inventory.

When finished goods are sold, the entry to record the cost of goods sold includes

a debit to Finished Goods Inventory and a credit to Cost of Goods Sold.

a debit to Cost of Goods Sold and a credit to Sales.

a debit to Cost of Goods Sold and a credit to Finished Goods Inventory.

a debit to Finished Goods Inventory and a credit to Sales.