QUESTION 19

Prepares reports whenever needed

1. A.Financial Accounting
2. B.Managerial Accounting

QUESTION 20

Product costs appear on the income statement in the form of

1. A.cost of goods sold.
2. B.materials inventory.
3. C.none of these. Product costs do not appear on the income statement.
4. D.sales commissions.

QUESTION 21

Equivalent units of production usually are determined for

1. A.direct materials and direct labor costs only.
2. B.direct materials costs only.
3. C.direct materials and conversion costs.
4. D.conversion costs only.

QUESTION 22

Which of the following entities probably would use a process costing system?

1. A.A doctor's office
2. B.An oil refinery
3. C.A custom furniture company
4. D.A yacht builder

QUESTION 23

Plum, Inc., uses the FIFO process costing method to determine the product unit cost of manufacturing. The company began the period with 2,400 units in beginning inventory. During the period 24,000 units were started and completed. There were 6,000 units in ending inventory at the end of the period. If all materials are added at the beginning of the process, the number of equivalent units for materials for the period is

1. A.24,000.
2. B.30,000.
3. C.32,400.
4. D.26,400.