ACCT 505 Week 2 Quiz Job Order and Process Costing Systems

ACCT 505 Week 2 Quiz Job Order and Process Costing Systems

ACCT 505 Week 2 Quiz Job Order and Process Costing Systems
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1.Question :(TCO F) For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs
rather than a process costing system?
2.Question :(TCO F) Process costing would be appropriate for each of the following except:
3.Question :(TCO F) Lucas Company uses the weighted-average method in its process costing system. The company adds materials at the beginning
of the process in the Forming Department, which is the first of two stages in its production process. Information concerning operations in the Forming Department in October follows:
Units
Material Cost
Work in process on October 1
6,000
$3,000
Units started in October
50,000
$25,560
Units completed and transferred to next Department during October
44,000
What was the materials cost of work in process at on October 31?
4.Question :(TCO F) In a job-order costing system, the use of direct materials that have been previously purchased is recorded as a debit to:
5.Question :(TCO F) During December at Ingrim Corporation, $74,000 of raw materials were requisitioned from the storeroom for use in production.
These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the requisition from the storeroom would include a:
6.Question :(TCO F) Valles Corporation had $22,000 of raw materials on hand on February 1. During the month, the company purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw materials would include a:
1.Question :(TCO F) Whether a company uses process costing or job-order costing depends on its industry. A number of companies in different industries are listed below:
i. Brick manufacturer
ii. Contract...

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