What aystem would a manufacturer of unique special orders or batch processes most likely use to a contract costing h variable costing process costing d. job-order costing in process costing, costs are accounted for by a. job. b. batch. c. process d. year 3 Which of the following is true of a production report prepared under a process-costing system? a. It provides information about the physical units processed in a department. b. It has a unit information section, a cost information section, and a revenue information section. c. It summarizes the manufacturing activity of a company only at the end of a reporting period. d. It is prepared at the final stage of a manufacturing activity. The Allen Company has the following information for the Assembly Department for the month of Octol Materials purchased Materials used Direct labor Actual manufacturing overhead Cost of goods completed and transferred to the Finishing Dept. Overhead rate is 200 percent of direct labor costs. 45,000 49,000 30,000 56,000 125,000 Allen Company uses a process costing system for the Assembly Department What is the total amount of debits to Work in Process-Assembly Department for October? a. $125,000 b. $131,000 c. $139,000 d. $109,000 he Allen Company has the following information for the Assembly Department for the month of October Xrect lab Acual Cost of gooxds Overhead rate is 200 percent of direct labor costs 45,000 49,000 30,000 56,000 125,000 completed and transferred to the Finishing Dept Allena entiry to d Goods The uses a process costing system for the Assembly Department. journal entry to record a. debit to Finished Goods Inventory for $125,000 b. credit to Materials Inventory for $125,000 c. debit to Work in Process-Assembly Department for $125,000 d. debit to Work in Process-Finishing Department for $125,000 would include a d goods completed and transferred out of the Assembly Department are moved from one process to the next process, these costs are referred to as a. unit costs. b. transferred-in costs. c. WIP inventory costs. d. equivalent unit costs. Which of the following is a difference between a job-order costing system and a process-costing system? a. A job-order costing system accumulates costs by department, while a process costing-system accumulates b. A job-order costing system is used only by manufacturing firms, while a process-costing system is used by c. A job-order costing system uses ing wrk-inrocessacount, while a process costing system has a work d. A job-order costing system uses cost-sheets for assigning labor costs, while a costs by job. both manufacturing firms and service firms. in-process account for every process. tickets for assigning labor costs to processes. 8Leandro Corp, raanufactures wooden desks. Production consists of three processes: cutting The following costs are given for April: Finishi Cutti $7 direct materials direct labor applied overhead 14 6,00 There were no work in process inventories and 1,000 podiums were produced What is the cost transferred out of the assembly department a. $43,000 b. $54,000 c. $29,000 oo Corp manatues wooden desks Production consists of three processes: cutting, assembly, and finishing 10,000 $3,00 3,00 wheal There Thou work i in process inventories and 1,000 podiums were produced entry to assign costs to the Assembly process would be Raw Materials 10,000 Payroll 14,000 Overhead Control 5,000 Work in Process-Assembly 29,000 b. Raw Materials 20,000 Payroll 19,000 Overhead Control 15,000 Work in Process-Assembly $4,000 c. Work in Process-Assembly 29,000 Raw Materials 10,000 Overhead Control 5,000 Raw Materials 20,000 Payroll 14,000 d. Work in Process-Assembly 54,000 Payroll 19,000 Overhead Control 15,000 lMoccasin Company produces 15,000 bars of chocolates and has the following cost data for the month of January Blending Molding Process Process Direct materials 12,000 S3,000 Direct labor Applied overhead Calculate the costs transferred out of the Molding Department for the month of January. Assume no work-in-process 9,000 3,500 6,000 2,500 inventories a. $24,500 b.$36,000 C. $11,500 d. $30,000 As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in a. cost of goods sold b. work in process c. materials d. finished goods and finishing, Corp manufactures wooden costs are given for April: ungAssembly Finishing $3,000 irect $7 3,000 4,000 epplied overhead 14,00 6,000 Recon the o work process i ventories ad 100 podiums were produced. v joumal entries to record the transfer of goods from process to process. a. Work in Process- Assembly 14,000 Work in Process-Cutting 14,000 Work in Process- Assembly 43,000 Work in Process-Finishing 54,000 Work in Process-Finishing 43,000 Finished Goods $4,000 b. Work in Process - Assembly 29,000 Work in Process-Cutting 29,000 Work in Process-Assembly 11,000 Work in Process-Finishing 54,000 Work in Process-Finishing 11,000 Finished Goods 54,000 Work in Process- Cutting 14,000 Work in Process- Assembly 29,000 Work in Process - Finishing 11,000 c. Raw Materials 14,000 Raw materials 29,000 Raw Materials 11,000 d. none of the above Which of the following refers to quantitative plans for the future, stated in either physical terms or or both? a. A statement of owner's equity b. An income statement c. A budget d. A balance sheet Which of the following is NOT a component of the master budget a. Sales Budget b. Capital Budget c. Cost of Goods Sold Budget d. Budget to Actual Variance Analysis r Which of the following statement is correct regarding a continuous budget? budgt is prepared for a one-year period that corresponds to the company's fiscal year A continuous budget is a monthly budget. c. As aluamonthperiod expires in the budget, an additional month/period in the future is added so the company always has a 12-month budget on hand d. None of these Control can be defined as whentevess of setting standards,receiving feedback on actual performance, and taking corrective action whenever actual performance deviates significantly from plan b, a quantification of plans, stated in either physical or financial terms, or both. c. identification of corporate objectives d. a comprehensive financial plan. 2Which of the following is the basis for all operating budgets and most financial budgets? a. A delivery forecast b. A sales forecast c. A technical forecast d. A labor forecast Which of the following is NOT an advantage of budgeting? a. It forces managers to plan. b. It provides resource information that can be used to improve decision making. c. It aids in the ise of rsources and enplothe evaluation of performance. The process of setting standards, receiving feedhack on acthual performance, and taking correctie actual performance deviates significantly from planned performance whneser a. Control b. Monitoring e. Eye balling d Comparing