Question
15. On the last date of the accounting period, the total of all job cost sheets related to unfinished jobs will equal the ending balance
15. On the last date of the accounting period, the total of all job cost sheets related to unfinished jobs will equal the ending balance in the Work-in-Process Inventory account.
Group of answer choices
True
False
16. From the following, which would not be an appropriate allocation base for assigning utility costs for heating three separate product line production departments?
Group of answer choices
sales generated by each department
kilowatt hours used by each department
machine hours used by each department
square footage used by each department
18. The journal entry in a job order system to record the requisition of direct materials into production would be
Group of answer choices
debit to Materials Inventory and credit to Accounts Payable
debit to Materials Inventory and credit to Work-in-Process Inventory
debit to Work-in-Process Inventory and credit to Accounts Payable
debit to Work-in-Process Inventory and credit to Materials Inventory
debit to Overhead and credit to Materials Inventory
19. A journal entry with a credit made to the Finished Goods account for a Job Order systems represents:
Group of answer choices
the total sales price of items sold during the period
the cost transferred from Work-in-Process Inventory during the period
the total cost of items sold during the period
the cost of goods manufactured for the period
21. A company should use process costing techniques in assigning costs to products
Group of answer choices
when production is customized to individual customer's requests.
if the products are manufactured on the basis of each order received.
when production is only partially completed during the accounting period.
if the products are composed of mass-produced, homogeneous units.
24. Equivalent units are exactly the same under the FIFO Costing method and the weighted average costing method when there is no
Group of answer choices
beginning finished goods inventory
ending work-in-process inventory
beginning work-in-process inventory
ending finished goods inventory
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