Question 1

Like process costing,job order costing makes no attempt to track an individual product's costs,all the products have similar costs.

Accepted Answer

A) True 
 B)False

Question 2

Fill in the missing data ignore indirect materials

Accepted Answer

The answer of Fill in the missing data ignore indirect...

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

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?

Accepted Answer

A)  Raw materials inventory - mixing
B)  Work in process inventory - mixing
C)  Finished goods inventory - mixing
D)  Cost of goods sold

Question 5

The journal entries used to record cost flows in a process costing system differ from those used to record cost flows in a job order costing system.

Accepted Answer

A) True 
 B)False

Question 6

At the end of January,Monroe Industries had completed 65,000

Accepted Answer

A)  1,600
B)  6,400
C)  4,800
D)  8,000

Question 7

On December 31,Berry Company recorded the following information in the Mixing Department's Work in Process account:  Assume that the unfinished

Accepted Answer

A)  $5.18
B)  $5.23
C)  $5.44
D)  $5.55

Question 8

Equivalent units EU of production is based on the percentage of completion for work in process inventory at the end of the period.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A)  Companies that use a process costing system mass-produce identical products while companies that use a job order costing system produce many different types of products.
B)  Companies that use a process costing system accumulate product costs throughout the production process while companies that use a job order costing system accumulate product cost only at the end of the production process.
C)  Companies that use a process costing system accumulate direct material and manufacturing overhead,but not direct labor while companies that use a job order costing systems accumulate direct material,direct labor and manufacturing overhead.
D)  Companies that use a job order costing system do not accumulate manufacturing overhead as part of the cost of production while companies that use a process costing system do include manufacturing overhead in product cost.

Question 10

To determine the equivalent

Accepted Answer

A)  multiply the percentage of completion for each cost category by the number of physical units in the ending work in process inventory.
B)  divide the percentage of completion for each cost category by the number of physical units in the ending work in process inventory.
C)  add the cost of production to beginning work in process inventory and divide this total by the physical units transferred out.
D)  multiply the number of physical

Exam 14: Topic Focus: Process Costing

The journal entries used to record cost flows in a process costing system differ from those used to record cost flows in a job order costing system.

Correct Answer
verified

At the end of January,Monroe Industries had completed 65,000

Correct Answer
verified

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?

Correct Answer
verified

Equivalent units EU of production is based on the percentage of completion for work in process inventory at the end of the period.

Correct Answer
verified

On December 31,Berry Company recorded the following information in the Mixing Department's Work in Process account: Assume that the unfinished

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

Fill in the missing data ignore indirect materials

Correct Answer
verified

Like process costing,job order costing makes no attempt to track an individual product's costs,all the products have similar costs.

Correct Answer
verified

To determine the equivalent

Correct Answer
verified

Exam 14: Topic Focus: Process Costing

The journal entries used to record cost flows in a process costing system differ from those used to record cost flows in a job order costing system.

Correct AnswerverifiedShow Answer

At the end of January,Monroe Industries had completed 65,000

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

Equivalent units EU of production is based on the percentage of completion for work in process inventory at the end of the period.

Correct AnswerverifiedShow Answer

On December 31,Berry Company recorded the following information in the Mixing Department's Work in Process account: Assume that the unfinished

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Fill in the missing data ignore indirect materials

Correct AnswerverifiedShow Answer

Like process costing,job order costing makes no attempt to track an individual product's costs,all the products have similar costs.

Correct AnswerverifiedShow Answer

To determine the equivalent

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified