This document appears to be a summary of exam questions and answers related to process costing. It includes 10 multiple choice questions testing concepts like FIFO and weighted average costing methods, equivalent units of production, and calculating costs per equivalent unit. The majority of the questions were answered correctly.
This document appears to be a summary of exam questions and answers related to process costing. It includes 10 multiple choice questions testing concepts like FIFO and weighted average costing methods, equivalent units of production, and calculating costs per equivalent unit. The majority of the questions were answered correctly.
This document appears to be a summary of exam questions and answers related to process costing. It includes 10 multiple choice questions testing concepts like FIFO and weighted average costing methods, equivalent units of production, and calculating costs per equivalent unit. The majority of the questions were answered correctly.
This document appears to be a summary of exam questions and answers related to process costing. It includes 10 multiple choice questions testing concepts like FIFO and weighted average costing methods, equivalent units of production, and calculating costs per equivalent unit. The majority of the questions were answered correctly.
State Finished Completed on Monday, 11 March 2024, 9:49 PM Time taken 11 mins 44 secs Marks 8.00/10.00 Grade 80.00 out of 100.00
Question 1
Incorrect
Mark 0.00 out of 1.00
Referring to the preceding problem, determine the cost of ending work in process inventory.
Select one:
a. Materials Conversion
$6,912 $5,616
b. Materials Conversion
$10,100 $10,100
c. Materials Conversion
$10,820 $10,260
d. Materials Conversion
$6,768 $3,186
Your answer is incorrect.
Question 2
Correct
Mark 1.00 out of 1.00
Process costing is most appropriate when manufacturing large batches of homogenous products
Select one:
True
False Question 3
Correct
Mark 1.00 out of 1.00
The FIFO costing method assumes that units in beginning inventory are the first units transferred.
Select one:
True
False
Question 4
Incorrect
Mark 0.00 out of 1.00
Referring to the preceding problem, determine the costs per equivalent unit.
Select one:
a. Materials Conversion
$103.87 $360.13
b. Materials Conversion
$10.82 $10.26
c. Materials Conversion
$9.60 $35.10
d. Materials Conversion
$6.77 $31.86
Your answer is incorrect.
Question 5
Correct
Mark 1.00 out of 1.00
The numerator in the formula for equivalent units includes all beginning inventory costs when using the weighted average costing assumption.
Select one:
True
False Question 6
Correct
Mark 1.00 out of 1.00
The FIFO method separates beginning inventory and current production to compute cost per unit of production
Select one:
True
False
Question 7
Correct
Mark 1.00 out of 1.00
To compute equivalent units of production using the FIFO method of process costing, work for the current period must be stated in units completed from beginning inventory, units started and completed during the period, and units partially completed in ending inventory.
Select one:
True
False
Question 8
Correct
Mark 1.00 out of 1.00
Referring to the preceding problem, assume that weighted average process costing is used. What is the cost per equivalent unit for material?
Select one:
a. P1.05 b. P1.31
c. P0.55
d. P1.83 Question 9
Correct
Mark 1.00 out of 1.00
To compute equivalent units of production using the FIFO method of process costing, work for the current period must be stated in units processed during the period and units completed during the period.
Select one:
True
False
Question 10
Correct
Mark 1.00 out of 1.00
The difference between EUP calculated using FIFO and EUP calculated using weighted average is the equivalent units residing uncompleted in Work in Process Inventory
