Job Order and Process Costing Systems - Quiz

1881 words 8 pages
1. | Question : | (TCO F) Assume there is no beginning work in process inventory and the ending work in process inventory is 100% complete with respect to materials costs. The number of equivalent units with respect to materials costs under the weighted-average method is: | | | Student Answer: | x | the same as the number of units put into production. | | | | less than the number of units put into production. | | | | the same as the number of units completed. | | | | less than the number of units completed. | | Instructor Explanation: | Chapter 4 | | | | Points Received: | 5 of 5 | | Comments: | Great job | | |

2. | Question : | (TCO F) Process costing would be appropriate for
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These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the requisition from the storeroom would include a: | | | Student Answer: | | debit to Raw Materials of $74,000. | | | | debit to Work in Process of $68,000. | | x | | credit to Manufacturing Overhead of $6,000. | | | | debit to Work in Process of $74,000. | | Instructor Explanation: | Chapter 3 | | | | Points Received: | 5 of 5 | | Comments: | Great job | | |

6. | Question : | (TCO F) Wedd Corporation had $35,000 of raw materials on hand on May 1. During the month, the company purchased an additional $68,000 of raw materials. During May, $92,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $5,000. The debits to the Work in Process account as a consequence of the raw materials transactions in May total: | | | Student Answer: | | $92,000. | | | | $0. | | | | $68,000. | | x| | $87,000. | | Instructor Explanation: | Chapter 3 | | | | Points Received: | 5 of 5 | | Comments: | Great job | | | 1. | Question : | (TCO F) Some companies use process costing and some use job-order costing. Which method a company uses

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