12. Which of the following statements is true regarding process costing? A) All

Question

12. Which of the following statements is true regarding process costing? A) All costs must be assigned to individual jobs or production runs. B) All products must follow the same path through production to reach the Finished Inventory All products in a particular batch are homogenous. Good:s C) use the weighted average cost-flow assumption in tracking the ending balance in cach Work in Process Inventory account. All of these statements are truc. E) 13. Which of the following best describes the weighted average cost flow assum ption? A) B) Direct materials are added evenly throughout the process Equivalent units of production for conversion costs do not match the physical flow of units C) Inventory cost layers are kept separate based on the period of production D) Cost per equivalent unit is calculated by combining costs from both the current and previous periods None of the above E) 14. Which of the following are steps in process costing? A) B) C) D) E) Visualize the physical flow of units Calculate the equivalent units Determine the per-unit costs Calculate the Cost of Goods Manufactured and the Ending WIP Inventory All of the above

Explanation / Answer

Question Answer Explanation Q12 C Process Costing is used when there is mass production of Similar kinds. Q13 D Weighted Average method consider Opening WIP and Current Units as equivalent and alike Q14 E Weighted Average method follows the set of Steps given

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