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Question 1 of 20
If the amount of "Cost of goods manufactured" during a period exceeds the amount of "Total manufacturing costs" for the period, then
A. Ending work in process inventory is greater than or equal to the amount of the beginning work in process inventory.
B. Ending work in process is greater than the amount of the beginning work in process inventory.
C. Ending work in process is equal to the cost of goods manufactured.
D. Ending work in process is less than the amount of the beginning work in process inventory.
Question 2 of 20
Which of the following would be accounted for using a job order cost system?
A. The production of personal computers.
B. The production of automobiles.
C. The refining of petroleum.
D. The construction of a new campus building.
Question 3 of 20
All of the following would be entries in assigning accumulated costs to the Work In Process Inventory except:
A. The purchase of raw materials.
B. Raw materials are used.
C. Overhead is applied.
D. Factory labor is used.
Question 4 of 20
Process costing is used when
A. The production process is continuous
B. Production is aimed at filling a specific customer order
C. Dissimilar products are involved
D. Costs are to be assigned to specific jobs.
Question 5 of 20
Process costing is not used when
A. Similar goods are being produced
B. Large volumes are produced
C.jobs have distinguishing characteristics
D. A series of connected manufacturing processes is necessary.
Question 6 of 20
Which of the following manufacturing cost elements occurs in a process cost system?
A. Direct materials.
B. Direct labor.
C. Manufacturing overhead.
D. All of these.
Question 7 of 20
In a process cost system, units to be accounted for in a department are equal to the
A. Number of units started or transferred into the department.
B. Number of units transferred out of the department.
C. Units in the beginning inventory plus the units started or transferred into the department.
D. Ending inventory plus the units started or transferred into the department.