Accounting 202 - Chapter 5.3
Process costing is very different from job costing. While one is the accumulation of dingle costs throughout the process the other is an accumulation of all cost involved for a process. Do you believe you can distinguish the two? Take up the quiz below and find out. All the best!
- 1.Direct labor costs plus manufacturing overhead costs equal:
- A.
Prime costs.
- B.
Operating costs.
- C.
Equivalent costs.
- D.
Conversion costs.
- 2.A system for assigning costsfor products made in a continuous processis:
- A.
Job costing
- B.
Process costing
- C.
Equivalent units costing
- D.
Conversion cost costing
- 3.In a process costing system, manufacturing costs are usually combined into two categories:
- A.
Direct materials and conversion costs.
- B.
Direct labor and conversion costs.
- C.
Manufacturing overhead and conversion costs.
- D.
Direct materials and direct labor.
- 4.The cost per equivalent unit is computed as
- A.
Total costs to account for divided by total equivalent units
- B.
Total equivalent units divided by total costs to account for
- C.
Costs in beginning WIP inventory divided by equivalent units in beginning WIP
- D.
Costs added to production during the month divided by equivalent units in ending WIP
- 5.For which of the following do we prepare calculations for equivalent units?
- A.
Both direct labor and manufacturing overhead
- B.
Both direct labor and direct materials
- C.
Both direct materials and conversion costs
- D.
Neither direct materials nor conversion costs
- 6.A transfer of $24,000 from the assembly department to the packaging department would require the entry of a:
- A.
Debit to finished goods inventory
- B.
Debit to WIP inventory-assembly
- C.
Credit to raw materials inventory
- D.
Credit to WIP inventory-assembly
- 7.The entry to record actual manufacturing overhead costs incurred in a process department would include a:
- A.
Debit to manufacturing overhead
- B.
Debit to WIP inventory
- C.
Credit to manufacturing overhead
- D.
Credit WIP inventory
- 8.The entry to record the use of direct materials in production would include a:
- A.
Debit to WIP inventory
- B.
Debit to raw materials inventory
- C.
Debit to finished goods inventory
- D.
Credit to finished goods inventory
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