Process costing is most likely to be used by which company:

Select one:

a. An aircraft company that manufacturers unique and custom planes

b. A service company that ships out online orders

c. A dairy company that bottles and ships out various types of dairy products

d. A pencil manufacturer that mass produces the same type of wood used to make pencils

Assume that all direct materials are added at the beginning of the manufacturing process. If 72,100 units are completed and transferred in respect to direct materials, however, the process is 90% complete in respect to conversion costs, calculate the number of equivalent units in respect to direct materials.

Select one:

a. 64,890

b. 72,100

c. 7,210

d. None of the above

Assume that 72,100 units have been completed and transferred out. Ending inventory consists of 2,100 units that are 20% complete in terms of conversion costs. Calculate the number of equivalent units in respect to conversion costs.

Select one:

a. 72,100

b. 2,100

c. 74,200

d. 72,520

The calculation of equivalent units of production requires accountants to:

Select one:

a. Compute the units that were transferred-in last period and sold this period

b. Track the actual quantity of products at each stage of production

c. Estimate the average amount of work completed on each unit of product in terms of conversion costs and direct material costs

d. Both b and c are correct.

The major difference between the weighted average and FIFO cost flow assumption is that:

Select one:

a. Weighted average method mixes inventory layers, whereas the FIFO method keeps inventory layers based on the last ones added.

b. Weighted average method mixes inventory layers, whereas the FIFO method keeps inventory layers separate.

c. Both a and b are correct.

d. None of the above

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