Multiple choice, need all of the following questions answered. 1. The methods of
ID: 2460668 • Letter: M
Question
Multiple choice, need all of the following questions answered.
1. The methods of allocating joint costs are for the purpose of
a. Inventory Costing
b. Management planning and control
c. Determining what inventory method to use
d. None of these
2. When a product emerges from a joint process, the decision to process it further depends partly upon
a. The size of the joint costs
b. The portion of joint costs assigned to the product
c. The sales value of the product when processed further.
d. None of these
3. Which of the following components of production are allocable as joint costs when a single manufacturing process produces several salable products?
a. Materials, labor and overhead
b. Materials and Labor only
c. Labor and overhead only
d. Overhead and materials only
4. Joint costs of the joint products are
a. All the costs necessary to prepare the products for sale
b. All the costs following the split-off point
c. All the costs prior to the split-off point
d.None of these
5. Joint products are
a. Products manufactured by a multi-product firm
b. Products produced in batches in a job-order cost system
c. Products produced simultaneously from a single set of inputs
d. A product produced from several raw material inputs
a. Materials, labor and overhead
b. Materials and Labor only
c. Labor and overhead only
d. Overhead and materials only
4. Joint costs of the joint products are
a. All the costs necessary to prepare the products for sale
b. All the costs following the split-off point
c. All the costs prior to the split-off point
d.None of these
5. Joint products are
a. Products manufactured by a multi-product firm
b. Products produced in batches in a job-order cost system
c. Products produced simultaneously from a single set of inputs
d. A product produced from several raw material inputs
Explanation / Answer
1)
D. None of these.
Allocating joint costs using sales value at splitoff may be the most effective method for planning and budgeting for joint costs.
2)
c. The sales value of the product when processed further.
3)
a. Materials, labor and overhead
4)
c. All the costs prior to the split-off point
5)
c. Products produced simultaneously from a single set of inputs
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.