1. Which type of cost accounting system is likely to be used by companies that produce large amounts of identical products through a uniform series of processes?

Group of answer choices

Relevant costing

Job order costing

Activity costing

Process costing

2. Process costing does which of the following?

Group of answer choices

includes period costs in job costs sheet

accumulates production costs by job

accumulates production costs by department or process

does not use a work-in-process ledger account

3. Under process costing, the costs incurred by each department are reported in which of the following?

Group of answer choices

The Cost of Goods Sold account

A production cost report

A job cost sheet

The Finished Goods Inventory account

4. In a process costing system, the purpose of a production cost report is to allocate production costs incurred in a process to which of the following?

Group of answer choices

To finished goods inventory

To the units provided and transferred to the next process and incomplete units left in the ending work-in-process inventory account

To individual jobs completed during a period

To direct costs and indirect costs

5. In a process costing system, the allocation of the production costs incurred in a process to the finish and incomplete products involves which of the following activities?

Group of answer choices

Assigning the costs using a pro rata based on the percentage of finish and incomplete units of product.

Determining the costs per equivalent units separately for units completed and ending work-in-process inventory.

Determining the costs per physical units.

Determining the costs per equivalent units for direct materials and conversion costs separately.