ACCT 505 Week 1 Quiz - New 2016
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1. Question : (TCO B) Assume there was no beginning work in process inventory and the ending work in process inventory is 70% complete with respect to conversion costs. Under the weighted average method, the number of equivalent units of production with respect to conversion costs would be
the same as the units completed.
less than the units started during the period.
the same as the units started during the period.
less than the units completed.
Question 2. Question : (TCO B) Process costing would be appropriate for each of the following except
oil refining.
pharmaceutical production.
grain milling.
custom homebuilding.
Question 3. Question : (TCO B) 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. Materials are 100% complete with respect to beginning and ending work in process inventory. Information concerning operations in the forming department in October follows.
What was the materials cost of work in process on October 31?
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
Question 4. Question : (TCO B) In a job-order costing system, the use of direct materials that have been previously purchased is recorded as a debit to
raw materials.
finished goods.
work in process.
manufacturing overhead.
Question 5. Question : (TCO B) 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...