On the cost reconciliation part of the production report, the weighted-average method treats allunits transferred out in the same way. How does this differ from the FIFO method of handlingunits transferred out?

Q: The controller has asked you do determine what method you think would be the best approach to…

A: Weighted Average Cost Method: According to accounting principles, the Weighted Average Cost (WAC)…

Q: Which of the following is not relevant is not relevant in determining weighted average unit cost in…

A: Equivalent unit of production in beginning inventory is irrelevant because the total beginning…

Q: Describe the distinctive characteristic of weighted-average computations in assigning costs to units…

A: Weighted Average Method: Weighted average method is the method in which per-unit cost is calculated…

Q: Explain why a costing system that uses a volume-based rate is likely to produce distorted…

A: A traditional volume-based cost allocation systems that use only drivers tend to vary directly with…

Q: The average and FIFO process costing methods differ in that the average method: a. Can be used…

A: ANSWER : An average cost method of process costing differs from the FIFO method of process costing…

Q: Which one of the following activity shows semi-variable cost behaviour A. Unit level activity B.…

A: A semi-variable cost, also known as a semi-fixed cost or a mixed cost, is a cost composed of a…

Q: The gross-margin format is used for A. mixed costing income statement B. absorption costing income…

A: Gross  Margin In simple term gross margin is deduct the amount from the total revenue to cost of…

Q: Under full absorption costing, which of the following are included in product costs? Only variable…

A: The absorption costing system is also known as the full costing system. It is allowed to be used by…

Q: Under variable costing system only those costs of production that vary (variable) with production…

A: Variable costing is also called marginal costing. Under variable costing all variable cost that is…

Q: Which of the following statement is true under the Standared Costing System a. Standard cost is a…

A: Solution: Standard costing system is the system of cost estimation in the manufacturing process. It…

Q: Which method of process costing is almost always used in practice? Multiple Choice a) Weighted…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Compute predeterminedoverhead rates and explainwhy estimated overhead costs(r ather than actual…

A: Cost:   It is the economic value incurred by the business to manufacture a product or to render a…

Q: How do the cost flows in backflush costing systems differ from those in traditional costing systems?

A:

Q: Which of the following statement about Activity Based Costing is true? a)  Costs which change with…

A: In the activity level costing the indirect cost is allocated on the basis of their activity. for…

Q: What is the reason for pooling costs? O a. To shift costs from low-volume to high-volume products. O…

A: Cost mean different expenses incurred by the manufacturing concern to make a product available to…

Q: Explain how to prepare production cost report using the weighted average method.

A: Process cost summary: Process cost summary is prepared separately for each production department or…

Q: Of the following systems, which one is most likely to reduce cost distortion to a minimum?…

A: SOLUTION- ACTIVITY BASED COSTING- IT IS METHOD OF ALLOCATING THE COSTS TO THE ACTIVITIES INVOLVING…

Q: Provide a general discussion on the predetermined variable overhead criterion and its possible…

A: Please find the answer to the above question below:

Q: The primary difference between variable costing and absorption costing is in variable costing,…

A: Absorption Costing: “Absorption costing is a method that allocates “direct labor, direct materials,…

Q: Describe the differences in the ways that prior-period costs and output are treated under the…

A: Process costing is one of the costing technique which is used for products which has to go through…

Q: The first step in applying the average cost method when computing for the unit cost is to: a. Add…

A: The question is related to Process Costing method. The average cost method assigns  total cost of…

Q: Classify each cost element as either fixed, variable, or mixed

A: Variable Cost: variable cost is the cost that varies in total cost with change in the unit…

Q: Why should the accountant distinguish between transferred-in costs and additional direct material…

A: Cost: Cost refers to the expenses incurred by the business to earn revenue from sales, in other…

Q: A costing system where all product costs are recorded at standard cost while the products are being…

A:

Q: From the standpoint of cost control, why is the FIFO method superior to the weighted-averagemethod?…

A: FIFO method is First in First out method in which inventory which is purchased first will be sold…

Q: When materials costs differ significantly among products in a value stream, the valuestream product…

A: In contrast to traditional costing, value stream costing is an accounting technique for tracking…

Q: One of the primary uses of a cost of production report is to assist management in controlling…

A: Production Cost Report:   A production cost report is used by the firm to summarise the production…

Q: Explain why some production costs must be assigned to products through an allocation process.

A: Production costs: These are the costs incurred on product manufacturing or delivering services by…

Q: weighted average method of process costing

A: In weighted average method of process costing, we take the average costs of completed and in-process…

Q: Which statement is accurate concerning the FIFO method for assigning costs in a process costing…

A: FIFO method is basically used for calculating the value of inventory at the end of an accounting…

Q: its own predetermined variable overhead criterion.

A: Please find the answer to the above question below:

Q: Assuming beginning work in process is zero, the equivalent units of production computed using FIFO…

A: Weighted Average Method:Weighted average method is the method in which per unit cost is calculated…

Q: Under the weighted average method, the equivalent units used to compute the unit costs of ending…

A: Solution: 1. False, Under the weighted average method, the equivalent units used to compute the unit…

Q: What is  the difference between variable costing and absorption costing income statements? a.…

A: Cost accounting is widely used by cost accountants to determine the cost of the product produced in…

Q: COST ACCOUNTING - Process costing. Compute for the equivalent production of the following cases…

A: Process costing refers to an accounting system which is used by manufacturing companies who are…

Q: Classify each cost element as either fixed, variable or mixed Calculate: the variable production…

A: Using high low method, variable cost per unit is calculated as follows: Variable cost per unit=…

Q: Specify the advantage of the weighted-average method of process costing in contrast to the FIFO…

A: Process Costing: Process costing is a costing system of accounting methodology that accumulates…

Q: Equivalent units of production must be calculated before the unit production costs can be computed.…

A:

Q: Why should the accountant distinguish between transferred-in costs and additional direct materials…

A: Cost:  Cost refers to the expenses incurred by the business to earn revenue from sales, in other…

Q: In a standard cost bookkeeping system, when the actual material price exceeds the standard price,…

A: Material price variance is the difference between actual cost of materials and standard cost of…