Process costing systems are suitable for firms that produce:

i homogeneous products

ii heterogeneous products

iii individual products

iv repetitive products

Select one:

i and iii

i and iv

ii and iv

i and ii

Which of the following industries are likely to be using process costing?

i Petroleum

ii Computer manufacture

iii Sugar refining

iv Furniture manufacture

Select one:

i and ii

ii and iii

i and iii

ii and iv

Fairchild Pty Ltd began April with a finished goods inventory of $25 000. The cost of goods manufactured during the month was $40 000 and the cost of goods sold during April was $50 000. The inventory remaining in finished goods at the end of April was:

Select one:

$35 000

$25 000

$20 000

$15 000

Lenco Industries has cost of goods manufactured of $65 000 in May. The finished goods inventory at the end of May was $20 000 and the cost of goods sold during May was $75 000. The inventory in finished goods at the beginning of May was:

Select one:

$5 000

$30 000

$10 000

$20 000