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. Manufacturers Ans. A. process costing system. l producing unique or customized products would employ a() B. job-costing system. C. homogeneous costing system. D. all

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. Manufacturers Ans. A. process costing system. l producing unique or customized products would employ a() B. job-costing system. C. homogeneous costing system. D. all of the above. 2. Ans Foramanufacturer,thethree inventory accounts ontheb lance sheetare - A. Materials, Finished Goods, and Cost of Goods Sold B. Materials, Overhead, and Cost of Goods Sold. C. Materials, Direct Labor, and Overhead. D. Materials, Work-in-Process, and Finished Goods 3. The whole units that could have been produced in a period given the amount of Ans. A. FIFO costing manufacturing inputs used is(are) called B. Transferred-in cost C. Weighted average cost D. Equivalent units of output 4. Fogel Flight Company uses a job-order costing system. The direct materials for Job #045391 were purchased in September and put into production in October. The job was not completed by the end of October. At the end of October, in what account would the direct material cost assigned to Job 045391 be located? Ans. A. Raw materials inventory B. Work-in-Process inventory. C. Finished goods inventory D. Cost of goods manufactured Underapplied overhead occurs when the balance in the Manufacturing Overhead Control account is: 5. Ans. A. greater than the balance in the Applied Manufacturing Overhead account. B. equal to the balance in the Applied Manufacturing Overhead account. C. less than the balance in the Applied Manufacturing Overhead account D. less than the balance in the Finished Goods Inventory account. 6. Which of the following organizations would most likely use a process costing system? Ans. A. Gasoline refinery B. Automobile retailer. C. Airplane manufacturer. D. Public accounting firm 7. Of the following process costing steps, which must be done last? Ans. A. Compute the equivalent units of production. B. Compute the costs per equivalent unit of production. C. Measure the physical flow of resources. D. Identify the product costs to account for

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