41

Under what conditions would it be appropriate to use a process costing system?

42

In what ways are job-order and process costing similar?

43

Why is cost accumulation simpler in a process costing system than it is in a job-order costing system?

44

How many Work in Process accounts are maintained in a company that uses process costing?

45

Assume that a company has two processing departmentsMixing followed by Firing. Prepare a journal entry to show a transfer of work in process from the Mixing Department to the Firing Department.

47

What is meant by the term equivalent units of production when the weighted-average method is used?

48

Watkins Trophies, Inc., produces thousands of medallions made of bronze, silver, and gold. The medallions are identical except for the materials used in their manufacture. What costing system would you advise the company to use?