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Exam 14: Topic Focus: Process Costing

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Question 31

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The mixing department of the Glasson Company started the month with 20,000 units in its beginning work in process inventory. An additional 309,000 units were transferred into the mixing department during the month. At the end of the month 29,000 units were in ending work in process inventory in the mixing department. How many units were transferred out of the mixing department during the period? A ) 280,000 B) 300,000 C) 318,000 D) 329,000

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Question 32

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Which of the following costs are incurred in a process costing system?

A) Direct material
B) Direct labor
C) Manufacturing overhead
D) All of these ans choices are correct

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Question 33

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The soft drink bottler Dr.Pepper is an example of a company that would use a process costing system.

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

Both the process costing and job order costing systems accumulate product costs throughout the production process and assign those costs to individual units of production.

Identify which costing method is more likely to be used to accumulate costs for the following products or services by marking an "X" in the appropriate column.

When work is in process at the end of an accounting period,cost accumulation and reporting is extremely easy under process costing,as the product costs are simply added up and divided evenly among the products produced.

Which of the following is a difference between job order costing and process costing systems?

Companies that mass-produce similar products or employ a continuous production process typically use which of the following costing systems?

In a process costing system, all product costs for the period are accumulated and divided evenly over all units produced during the period.

The inventories used in a process costing system include work-in-process and finished goods,but $\textbf{ not }$ raw materials.

Identify which costing method is described in the statements below by marking an "X" in the appropriate column some items may apply to both.

In a process costing system,when raw materials are moved into the mixing department,in which of the following balance sheet accounts is it recorded?

The accounting firm PriceWaterhouseCoopers is an example of a company that would use a process costing system.

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

Which of the following is a similarity between job order costing and process costing systems?

Companies that mass produce similar products or employ a continuous production process typically use a job order system.

In a job order costing system, all product costs for the period are accumulated and divided evenly over all units produced during the period.

When there is no work in process inventory at the end of a period,cost accumulation and reporting is extremely easy under process costing,as the product costs are simply added up and divided evenly among the products produced.

On December 31,Berry Company recorded the following information in the Mixing Department's Work in Process account: Assume that the unfinished units in ending inventory are 60% complete for both materials and conversion. What is the cost per equivalent unit? A) $5.18 B) $5.23 C) $5.44 D) $5.55