Homework answers / question archive / Question 1 2 / 2 pts A process costing system is most likely used by which of the following?    a paper manufacturing company    a hospital    an accounting firm specializing in tax returns    airplane manufacturing     Question 2 0 / 2 pts Which of the following is a prime cost?    work in process inventory    administrative labor     direct labor     factory maintenance expenses     Question 3 2 / 2 pts Which of the following is a conversion cost?   direct labor     raw materials     sales commissions     direct material used     Question 4 2 / 2 pts What is the conversion cost to manufacture insulated travel cups if the costs are: direct materials, $17,000; direct labor, $33,000; and manufacturing overhead, $70,000?    $16,000    $120,000    $103,000    $50,000     Question 5 2 / 2 pts Which is not needed to compute equivalent units of production?    the material cost per unit     the number of units transferred out     the number of units started and completed     the percentage of completion for inventory still in process     Question 6 2 / 2 pts During production, how are the costs in process costing accumulated?    to cost of goods sold    to manufacturing overhead     to each individual department     to each individual product     Question 7 2 / 2 pts The initial processing department had a beginning inventory of 750 units and an ending inventory of 1,350 units, and it started 9,500 units into production

Question 1 2 / 2 pts A process costing system is most likely used by which of the following?    a paper manufacturing company    a hospital    an accounting firm specializing in tax returns    airplane manufacturing     Question 2 0 / 2 pts Which of the following is a prime cost?    work in process inventory    administrative labor     direct labor     factory maintenance expenses     Question 3 2 / 2 pts Which of the following is a conversion cost?   direct labor     raw materials     sales commissions     direct material used     Question 4 2 / 2 pts What is the conversion cost to manufacture insulated travel cups if the costs are: direct materials, $17,000; direct labor, $33,000; and manufacturing overhead, $70,000?    $16,000    $120,000    $103,000    $50,000     Question 5 2 / 2 pts Which is not needed to compute equivalent units of production?    the material cost per unit     the number of units transferred out     the number of units started and completed     the percentage of completion for inventory still in process     Question 6 2 / 2 pts During production, how are the costs in process costing accumulated?    to cost of goods sold    to manufacturing overhead     to each individual department     to each individual product     Question 7 2 / 2 pts The initial processing department had a beginning inventory of 750 units and an ending inventory of 1,350 units, and it started 9,500 units into production

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Question 1

2 / 2 pts

A process costing system is most likely used by which of the following?

  

a paper manufacturing company

  

a hospital

  

an accounting firm specializing in tax returns

  

airplane manufacturing

 

 

Question 2

0 / 2 pts

Which of the following is a prime cost?

  

work in process inventory

  

administrative labor

   

direct labor

   

factory maintenance expenses

 

 

Question 3

2 / 2 pts

Which of the following is a conversion cost?

 

direct labor

   

raw materials

   

sales commissions

   

direct material used

 

 

Question 4

2 / 2 pts

What is the conversion cost to manufacture insulated travel cups if the costs are: direct materials, $17,000; direct labor, $33,000; and manufacturing overhead, $70,000?

  

$16,000

  

$120,000

  

$103,000

  

$50,000

 

 

Question 5

2 / 2 pts

Which is not needed to compute equivalent units of production?

  

the material cost per unit

   

the number of units transferred out

   

the number of units started and completed

   

the percentage of completion for inventory still in process

 

 

Question 6

2 / 2 pts

During production, how are the costs in process costing accumulated?

  

to cost of goods sold

  

to manufacturing overhead

   

to each individual department

   

to each individual product

 

 

Question 7

2 / 2 pts

The initial processing department had a beginning inventory of 750 units and an ending inventory of 1,350 units, and it started 9,500 units into production. How many were transferred out to the next department?

  

750

  

8,900

 

Beginning Inv + Units Started in Production - Ending Inv = Units Transferred Out

750 + 9,500 - 1,350 = 8,900 units

  

10,250

   

1,350

 

 

Question 8

2 / 2 pts

There were 1,000 units in ending inventory after transferring 16,000 units to finished goods inventory. If the beginning inventory was 2,000 units, how many units were started in process?

  

2,000

  

17,000

   

15,000

 

Ending Inv + Unit Trans Out - Beginning Inv = Units Started in Production

1,000 + 16,000 - 2,000 = 15,000 units

  

1,000

 

 

Question 9

2 / 2 pts

The costs to be accounted for consist of which of the following?

  

costs in the beginning inventory and costs added during the period

   

costs added during the period

  

costs started and transferred during the period

   

costs of the units in ending inventory

 

 

Question 10

2 / 2 pts

In a process costing system, which account shows the overhead applied to the department?

  

raw material inventory

  

finished goods inventory

   

work in process inventory

   

cost of goods sold