Which Company Is Least Likely To Use A Process Costing System? ?

1. Which company is least likely to use a process costing system? a. Paper manufacturer b. Soft drink bottler c. Accounting firm d. Petroleum processor
2. Which characteristic is the same in both job order costing systems and process costing systems? a. Types of product costs b. Flow of costs through the accounts c. Number of Work-in-Process Inventory accounts d. Method of record keeping
3. Conversion costs are a. direct materials plus direct labor. b. direct labor plus manufacturing overhead. c. direct materials plus manufacturing overhead. d. indirect materials plus indirect labor.

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Use the following information for Questions 4-6:Burton Company uses the weighted-average method in its process costing system. The Packaging Department started the month with 200 units in process, started 1,500 units, and had 150 units in process at the end of the period. All materials are added at the beginning of the process, and conversion costs are incurred uniformly. The units in process at the end of the month are 20% complete with respect to conversion costs. The department incurred the following costs: Beginning WIP Added this month Total Direct Materials $200 $3,200 $3,400 Conversion Costs 500 5,820 6,320 Total $700 $9,020 $9,720 4. How many units were completed and transferred out? a. 150 units b. 1,500 units c. 1,350 units d. 1,550 units5. For conversion costs, the equivalent units of production are a. 1,700 units. b. 1,580 units. c. 1,500 units. d. 1,550 units. 6. The cost per equivalent unit for direct materials is a. $2.00. b. $4.00. c. $8.00. d. $14.00.

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7. The Assembly Department had 4,500 units of beginning inventory in September, and 6,000 units were transferred to it from the Cutting Department. The Assembly Department completed 3,000 units during the month and transferred them to the Packaging Department. Determine the total number of units to account for by the Assembly Department. a. 3,000 units b. 4,500 units c. 7,500 units d. 10,500 units
8. The Mixing Department incurred the following costs during the month: Direct Materials Direct Labor Manufacturing Overhead Allocated Beginning WIP $50 $25 $80 Added this month 225 150 500 Total $275 $175 $580 What is the journal entry to record the costs incurred during the month?(look at pg 1004)
9. Department 1 completed work on 500 units and transferred them to Department 2. The cost of the units was $750. What is the journal entry to record the transfer?(look at page 1005)
10. The manager of Gilbert Company used the production cost report to compare budgeted costs to actual costs and then based bonuses on the results. This is an example of using the reports to a. prepare financial statements. b. control costs. c. evaluate performance. d. identify profitable products.

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11A. Which statement is accurate concerning the FIFO method for assigning costs in a process costing system? a. FIFO method assumes the first costs incurred are transferred out. b. FIFO method merges costs from prior periods with costs from current periods. c. FIFO method assumes the first costs incurred are still in process. d. FIFO method treats units in process at the beginning of the period in the same manner as units in process at the end of the period.
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