4. The number of whole units that could have been completed during a period, given the amount of work that was performed:

		Standard production.
		Equivalent production.
		Total units.
		Manufactured units.

Question 5

Which of the following statements best describes a by-product?

		A product with a value that can easily and accurately be determined.
		A product that has a greater value than the main product.
		A product created along with the main product that has high production costs.
		A secondary product with relatively little value that is obtained in the process of manufacturing the primary product.

6, Indicate for each product listed below whether a job order cost system or a process cost system would most likely be used to account for the costs of production?

a) Lumber

b) Airplanes

c) Gasoline

d) Cereal

e) Jeans

10. An example of a process where all of the materials would be added at the beginning of the process would be:

A bakery where the ingredients for bread are combined and left to rise.

The second process of a snack factory where snack chips coming from the frying process are cooled and dried for an hour, then bagged.

A baker where the wet ingredients for a cake are added one-at-a-time after the dry ingredients have been thoroughly blended.

None of the above.

12, Anderson Compounds produces two industrial chemical compounds, Gorp and Gumm, from the same process, which last year, cost $240,000. Anderson produced 20,000 gallons of Gorp, which sells for $60 per gallon and 60,000 gallons of Gumm, which sells for $30 per gallon. After the split-off point, Gorp required additional processing costing $300,000 to make it salable. Using the adjusted sales method, how much of the joint cost should be allocated to Gorp?

Note: in calculating your answer, round the % of sales value two places past the decimal (example 16.66%). Your final answer will be close to one of the four answers below, but will not be exact.

		$60,000
		$160,000
		$80,000
		$96,000

13, Daniel LLC incurred costs of $43,000 for material; $26,000 for labor; and $23,000 for factory overhead. There was no beginning or ending work in process. 5,000 units were completed and transferred out. The total cost per unit is:

		$8.60
		$5.20
		$18.40
		$4.60