Question
Please kindly answer the following questions: Please be accurate 1) In a manufacturing process costing setting, each unit receives the same or similar amounts of
Please kindly answer the following questions: Please be accurate
1) In a manufacturing process costing setting, each unit receives the same or similar amounts of direct material cost, direct manufacturing labor cost, and indirect manufacturing costs. True/False.
2) The common metric that managerial accountants use to compare work completed in each category and to obtain the measure of work completed is
A. Partially- assembled unit. B. Fully- assembled unit. C. Physical unit. D. equivalent unit. E. matrix-assembled unit.
3) Managerial accountants realize that a distinct feature of the first-in first- out (FIFO) process costing method is that:
A. it keeps work done on beginnig inventory blended with work done during the current period in the calculation of equivalent units.
B. It keeps separate work completed on beginning inventory before the current period from work completed in the current period.
C. it is really the same as the weighted-average process- costing method.
D. work done on ending inventory is kept separate from the work during calculation of equivalent units and is usually not included in the calculation.
E. managerial accountants fail to assign the costs of the previous accounting period's equivalnt units in beginning work-in process inventory.
Thank you
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