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Exam 3: Process Costing and Analysis

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Question 21

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The FIFO method of process costing accounts for cost flow in a ______________ manner.

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Question 22

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A company uses a process cost accounting system.Its Sewing Department's beginning inventory consisted of 50,000 units (1/4 complete with respect to direct labor and overhead) .The Sewing Department started and finished 120,000 units this period.Its ending inventory consists of 40,000 units (1/4 complete with respect to direct labor and overhead) .All direct materials are added at the beginning of the process.Under FIFO what are the equivalent units of production for the Sewing Department for direct materials and for direct labor and overhead, respectively?

A) 210,000;120,000
B) 210,000; 180,000
C) 167,500; 167,500
D) 160,000; 162,500
E) 160,000; 167,500

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Question 23

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A company's beginning work in process inventory consisted of 20,000 units that were 1/5 complete with respect to direct labor.These beginning units were completed and another 90,000 units were started during the current period.Of those started, 60,000 were finished and the remaining 30,000 were one-third complete at the end of the period.Using the weighted-average method, the equivalent units of production were:

The _____________ method of process costing assigns costs to units assuming a first-in, first-out flow of product.

A production department is an organizational unit of a factory that has the responsibility for at least partially manufacturing or producing a product or service.

Which of the following is true when computing cost per equivalent unit in a FIFO process costing system?

A company that applies process costing is most frequently characterized by:

What are the four steps in accounting for production activity in a period?

Medina Corp. had the following information available for the year: -The number of units transferred to finished goods during the year is:

Process cost accounting systems are commonly used by companies that produce a large volume of standardized units on a continuous basis.

Describe the flow of overhead costs in a process cost accounting system, including accounts used.

Medina Corp. had the following information available for the year: -FIFO equivalent units of production for the year are:

Process manufacturing usually reflects a manufacturer that produces large quantities of identical products.

Job order manufacturing and process manufacturing are two major costing systems used in manufacturing.Briefly contrast the characteristics of these two systems.

In process costing, factory overhead incurred does not usually equal that applied, which yields either ____________________ or ___________________ overhead.

A process cost accounting system records all factory overhead costs directly in the Goods in Process Inventory accounts.

The FIFO method of process costing has slightly different objectives from the weighted-average method of process costing.

Describe the flow of materials in a process cost accounting system, including accounts used.

The FIFO method of process costing assigns costs to units assuming a first-in, first-out flow of product.

An expression of the activity of a process as the number of units that would have been processed during a period if all effort had been applied to units that were started and finished during the period is called: