ACCT344 Devry Cost Accounting: Week 2 Quiz (Version 4)
Reminder: There are other versions of this week’s quiz questions so please make sure you compare and review your questions to the ones posted on the website and/or the questions in this tutorial. Thank you. ACCT344 Devry Cost Accounting Week 2 Quiz (Version 4) 1. The appropriate cost accounting system to use when inventory items are produced on an assembly line is weighted average. job-order costing. process costing. perpetual method. 2. As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in cost of goods sold. work-in-process. materials. finished goods. 3. The whole units that could have been produced in a period given the amount of manufacturing inputs used are called FIFO costing. transferred-in cost. weighted average cost. equivalent units of output. 4. 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) How many units were completed? 600 300 200 100 None of the above 5. Which is NOT a difference between the job-order costing system and the process costing system? 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. Keller Inc. manufactures office chairs. The following data were provided for production results for the current month. 0 Units, beginning work-in-process 8,000 Units started ? Units completed 3,000 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? 8,000 5,000 2,000 16,000 None of the above 7. The unit-costing method that excludes prior-period work and costs in computing current-period unit work and costs is called the transferred-in cost method. FIFO costing method. weighted average method. equivalent units method. 8. 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 4,000. 1,000. 2,800. 1,200. 9. The following information was provided by Sally Company. % complete Units Beginning work-in-process 25% 25,000 Units transferred in 75,000 Ending work-in-process 50% 15,000 How many equivalent units for materials would there be using the weighted average method? 100,000 115,000 75,000 82,500 10. The material cost per equivalent unit using the weighted average method is calculated as total material costs to account for / equivalent units for materials. material costs added during the period / equivalent units for materials. total material costs to account for / number of partially completed units for materials. material costs added during the period / number of partially completed units for materials.
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