ACCT344 Devry Cost Accounting: Week 2 Quiz (Version 3)

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ACCT344 Devry Cost Accounting
Week 2 Quiz (Version 3)

1. (TCO 3) Which system would a manufacturer of unique special orders or batch processes most likely use to accumulate costs? (Points : 3)
Contract costing
Variable costing
Process costing
Job-order costing

2. (TCO 3) Which is NOT a feature of a process costing system? (Points : 3)
Standardized products pass through standardized processes.
Each unit is treated uniquely in receiving a process.
Manufacturing costs are accumulated by a process for a given time period.
Unit costs are calculated for each department.

3. (TCO 3) The whole units that could have been produced in a period given the amount of manufacturing inputs used are called (Points : 3)
FIFO costing.
transferred-in cost.
weighted average cost.
equivalent units of output.

4. (TCO 3) Holly Inc. manufactures dolls. The following data were provided for production results for the current month.
0 Units, beginning work-in-process
300 Units started
? Units completed
100 Units, ending work-in-process (40% complete)

Which are the equivalent units using the weighted average method? (Points : 3)
300
240
260
200
None of the above

5. (TCO 3) Which is NOT a difference between the job-order costing system and the process costing system? (Points : 3)
They accumulate their costs to different cost objectives.
The number of work-in-process accounts is different.
One does not use the finished goods account.
All of the above

6. (TCO 3) Keller Inc. manufactures office chairs. The following data were provided for production results for the current month.
0 Units, beginning work-in-process
10,000 Units started
? Units completed
5,000 Units, ending work-in-process

$440,000 Cost of direct materials
$64,000 Cost of conversion
Ending inventory is 100% complete for materials and 20% complete for conversion.

How many units were started and completed? (Points : 3)
10,000
0
5,000
20,000
None of the above

7. (TCO 3) Unit cost of materials for a department using the FIFO method of process costing is found by taking the total cost of materials issued to the department during the year divided by (Points : 3)
units in process.
units started and completed.
total units manufactured.
equivalent units of output.

8. (TCO 3) Abby Corp. adds raw materials to production at the beginning of the process in the Assembly Dept. Materials data for this department for the current month are as follows.
Costs
Units Materials Conversion
Beginning work-in-process 10,000 $70,750 $175,350
Started during month 65,000 $250,000 $736,350
Ending work-in-process 6,000

Beginning inventory was 70% complete.
Ending inventory was 40% complete.

If beginning inventory contained 4,000 units of product that were judged to be 70% complete as to labor, the equivalent units of production for labor during the current period under the FIFO method for these 4,000 units are (Points : 3)
4,000.
1,000.
2,800.
1,200.

9. (TCO 2) The following information was provided by Sally Company.
% complete Units
Beginning work-in-process 30% 15,000
Units transferred in 40,000
Ending work-in-process 60% 13,000

Materials are added at the beginning of the process.
How many equivalent units for materials would there be using the weighted average method? (Points : 3)
68,000
40,000
47,800
55,000

10. (TCO 3) The costs included in the cost per equivalent unit using the weighted average method are (Points : 3)
current costs.
beginning work in process.
ending work in process.
Both A and B
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