Question
Question 1 When direct materials are requisitioned, they flow directly into cost of goods sold. finished goods inventory. work in process inventory. manufacturing overhead. Question
Question
1
When direct materials are requisitioned, they flow directly into
cost of goods sold. | |
finished goods inventory. | |
work in process inventory. | |
manufacturing overhead. |
Question
2
The assignment of direct and indirect materials to cost objects reduces
finished goods inventory. | |
raw materials inventory. | |
manufacturing overhead. | |
work in process inventory. |
Question
3
A ________ is used to accumulate the costs of a job.
labor time record | |
materials inventory requisition form | |
bill of materials | |
job cost record |
Question
4
In the flow of costs, which of the following comes second?
Cost of goods sold | |
Finished goods inventory | |
Work in process inventory | |
Raw materials inventory |
Question
5
In the flow of costs, which of the following comes third?
Finished goods inventory | |
Cost of goods sold | |
Raw materials inventory | |
Work in process inventory |
Question
6
Which of the following items would appear first on a production cost report?
Total costs accounted for | |
Cost of goods finished for the month | |
Total equivalent units | |
Beginning WIP, if any |
Question
7
In a department, 26,000 units are completed and transferred out, and 7,400 remain in ending WIP at 65% complete. If an equivalent unit costs $9.00 for direct materials, what is the value of materials transferred out?
$43,290 | |
$167,400 | |
$66,600 | |
$234,000 |
Question
8
How is the cost per equivalent unit computed?
Total equivalent units divided by total costs to account for | |
Total costs to account for divided by total equivalent units | |
Costs in beginning WIP inventory divided by equivalent units in beginning WIP | |
Costs added to production during the month divided by equivalent units in ending WIP |
Question
9
Which of the following is the last step of the five-step process costing procedure?
Summarize total costs to account for | |
Assign total costs to units completed and to units in ending WIP inventory | |
Compute the cost per equivalent unit | |
Summarize the flow of physical units |
Question
10
What are the ending inventory equivalent units for materials if 15,500 units are completed and transferred out and 4,200 remain in ending WIP at 35% complete?
3,955 | |
4,200 | |
1,470 | |
5,425 |
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