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MANAGERIAL ACCOUNTING 1. All of the following statements are correct when referring to process costing except A) Process costing would be appropriate for a jeweler

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MANAGERIAL ACCOUNTING 1. All of the following statements are correct when referring to process costing except A) Process costing would be appropriate for a jeweler who makes custom jewelry to order 8) A process costing system has the same basic purposes as a job order costing system C) Units produced are indistinguishable from each other D) Costs are accumulated by department 2. Which of the following types of companies would typically use process costing rather than job order costing? A) A small appliance repair shop. 8) A manufacturer of commercial passenger aircraft C) A specialty equipment manufacturer D) A breakfast cereal manufacturer 3. The Assembly Department started the month with 24,000 units in its beginning work in process inventory. An additional 309,000 units were transferred in during the month. There were 29,000 units in the ending work in process inventory. How many units were transferred to the next processing department during the month? A) 333,000 B) 362,000 C) 314,000 D) 304,000 4. The Assembly Department started the month with 2,000 units in its beginning work in process inventory. An additional 61,000 units were transferred in during the month. There were process inventory that were 60% complete with respect to conversion costs 18,000 units in the ending work in What were the equivalent units for conversion costs for the month? A) 45,000 B) 55,800 C) 54,400 D) 77,000 5. The Welding Department started the month with 18,000 units in its beginning work in process inventory which had conversion cost of $16,200. An additional 84,000 units were started into production during the month. There were 17,000 units in the ending work in process inventory that were 70% complete with respect to conversion costs. A total of $836,880 in conversion costs were during the month The cost per equivalent unit for conversion costs for the month is closest to: A) $8.29 B) $9.00 C) $8.80 D) $9.96

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