Question
1, Which of the following production characteristics is better suited for process costing and not job order costing? Click the correct box below to load
1, Which of the following production characteristics is better suited for process costing and not job order costing?
Click the correct box below to load your answer.
A. Each product batch is distinguishable from the prior batch.
B. The costs are easily traced to a specific product.
C Costs are accumulated by department.
D. The value of work in process is the direct material used, the direct labor incurred, and the overhead applied to the job in process.
2. A process costing system is most likely used by which of the following?
A. airplane manufacturing
B. a paper manufacturing company
C. an accounting firm specializing in tax returns
D. hospital
3. Which of the following is a prime cost
A. direct labor
B. work in process inventory
C. administrative labor
D. factory maintenance expenses
4. Which of the following is a conversion cost?
A. raw materials
B. direct labor
C. sales commissions
D. direct material used
5. During production, how are the costs in process costing accumulated?
A. to cost of goods sold
B. to each individual product
C. to manufacturing overhead
D. to each individual department
6. Which is not needed to compute equivalent units of production?
A. the percentage of completion for inventory still in process
B. the number of units transferred out
C. the number of units started and completed
D. the material cost per unit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started