(TCO 2) Manufacturers producing unique or customized products would employ a(n)
(Points : 5)
process costing system.
job-costing system.
homogeneous costing system.
All of the above
2.
(TCO 2) If Overhead is under-applied, that mean
(Points : 5)
|
actual overhead costs exceed overhead applied.
applied overhead costs exceed actual overhead.
actual overhead has not been closed to cost of goods sold.
None of the above
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3.
(TCO 2) Which of the following costs is NOT a period cost?
(Points : 5)
|
Steel used in steel railings
Receptionist’s salary
Depreciation on sales staff’s cars
Sales commission
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4.
(TCO 3) The FIFO process costing method assumes
(Points : 5)
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beginning inventory costs should be treated as if they belong to the current period.
that units in beginning work in process units are completed first, before any new units are started.
prior period costs are merged with the current period output and manufacturing costs.
that current period manufacturing costs are added to the beginning work in process costs.
|
5.
(TCO 3) The following information was provided by Joe’s Distribution Company:
|
% complete
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Units
|
|
Begninning Work-in-process
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25%
|
13,000
|
|
Units transferred in
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34,000
|
|
Ending Work-in=process
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50%
|
15,000
|
|
Materials added at start of process
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How many equivalent units for materials would there be using the weighted average method?
(Points : 5)
|
47,000
62,000
34,000
41,500
|
6.
(TCO 8) A(n) _____ method first assigns costs to a department and then to products.
(Points : 5)
|
direct costing
absorption costing
unit-based costing
indirect costing
|
|
Assembly
Scheduling
Finishing
All of these are value-added activities.
|
|
currently attainable standards.
ideal usage standards.
cycle time.
the value added.
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10.
(TCO 2) Conversion product costs include
(Points : 5)
|
order-producing costs.
order-filling costs.
order-getting costs.
All of the above are period costs.
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