Question 26In process costing, a separate work in process account is kept for each:individual order.cost category (i.e., materials, conversion cost).processing department.O equivalent unit.

Name: Question 26In process costing, a separate work in process account is
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Description: Question 26In process costing, a separate work in process account is kept for each:individual order.cost category (i.e., materials, conversion cost).processing department.O equivalent unit.

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Business

Accounting

rocess costing, a separate work in process account individual order. cost category (i.e., materials, conversion cost). processing department.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 5MC: During production, how are the costs in process costing accumulated? A. to cost of goods sold B. to...

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During production, how are the costs in process costing accumulated? A. to cost of goods sold B. to each individual product C. to manufacturing overhead D. to each individual department
Which of the following product situations is better suited to job order costing than to process costing? A. Each product batch is exactly the same as the prior batch. B. The costs are easily traced to a specific product. C. Costs are accumulated by department. D. The value of work in process is based on assigning standard costs.
Which of the following production characteristics is better suited for process costing and not job order costing? Each product batch is distinguishable from the prior batch. The costs are easily traced to a specific product. Costs are accumulated by department. The value of work in process is the direct material used, the direct labor incurred, and the overhead applied to the job in process.
In a process costing system, which account shows the overhead assigned to the department? A. cost of goods sold B. finished goods inventory C. raw material inventory D. work in process inventory
Job order versus process costing Which of the following industries would typically use job order costing, and which would typically use process costing?
To record the transfer of costs from a prior process to a subsequent process, the following entry would be made: a. debit Finished Goods and credit Work in Process. b. debit Work in Process (subsequent department) and credit Transferred-In Materials. c. debit Work in Process (prior department) and credit Work in Process (subsequent department). d. debit Work in Process (subsequent department) and credit Work in Process (prior department) e. None of these.
Assigning indirect costs to departments is completed by __________________________. applying the predetermined overhead rate debiting the manufacturing costs incurred applying the costs to manufacturing overhead applying the costs to work in process inventory
QUESTION 48 For a given process/department, if there is no beginning work-in-process, both the weighted average and first-in first out (FIFO) methods of process costing result in the same amount for which of the following? I. Equivalent units of production for materials II. Cost per equivalent unit for conversion III. Cost of completed units IV. Cost of ending work-in-process A. I and III B. II and IV C. I and II D. I, II, III, and IV E. I, III, IV
Problem 2.30 Systems Concepts, Traditional versus Activity-Based Cost AccountingSystemsThe following items are associated with a traditional cost accounting information system, anactivity-based cost accounting information system, or both (that is, some elements are commonto the two systems):a. Usage of direct materialsb. Direct materials cost assigned to products using direct tracingc. Direct labor cost incurrenced. Direct labor cost assigned to products using direct tracinge. Setup cost incurrencef. Setup cost assigned using number of setups as the activity driverg. Setup cost assigned using direct labor hours as the activity driverh. Cost accounting personneli. Submission of a bid, using product cost plus 25 percentj. Purchasing cost incurrencek. Purchasing cost assigned to products using direct labor hours as the activity driverl. Purchasing cost assigned to products using number of orders as the activity driverm. Materials handling cost incurrencen. Materials handling cost assigned…
4. Requirement 1. Compute the equivalent units of production for direct materials and for conversion costs for the mixing Department. Complete the partial production cost report below for the mixing Department, showing the equivalent units of production for direct materials and for conversion costs.
15. Cost of each manufacturing process is ascertained under: a. Process costing b. Contract costing c. Departmental costing d. Batch costing
2. Which of the following statements about a process costing system is incorrect? a) In a process costing system, there is a work-in-progress account for each processing department. b) In a process costing system, equivalent units are separately computed for materials and for conversion costs. c) In a process costing system, overhead can be under or overapplied, just as in job-order costing. d) In a process costing system, materials costs are traced to units of products.