ACCT344 Devry Cost Accounting: Week 2 Quiz (Version 1)

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 1)

1. (TCO 3) The appropriate cost accounting system to use when inventory items are produced on an assembly line is (Points: 3)
Weighted average
Job-order costing
Process costing
Perpetual method

2. (TCO 3) As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in (Points: 3)
Cost of goods sold
Work in process
Materials
Finished goods

3. (TCO 3) “Equivalent units” expresses all activity of the period in terms of (Points: 3)
Direct labor hours
Partially completed units
Fully completed units
Units of input

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) When products and their costs are moved from one process to the next process, these costs are referred to as (Points : 3)
unit costs.
transferred-in costs.
WIP inventory costs.
equivalent unit costs.

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
6,000 Units started
? Units completed
2,000 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)
4,000
2,000
6,000
12,000
None of the above

7. (TCO 3) The two methods used to determine equivalent units of production are
weighted average and FIFO.
weighted average and LIFO.
FIFO and LIFO.
FIFO and specific identification.

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 3) 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? (Points : 3)
100,000
115,000
75,000
82,500

10. (TCO 3) 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.
Powered by