Question 1 When direct materials are requisitioned, they flow directly into Ques

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Question

1

When direct materials are requisitioned, they flow directly into

Question

2

The assignment of direct and indirect materials to cost objects reduces

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3

A ________ is used to accumulate the costs of a job.

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4

In the flow of costs, which of the following comes second?

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5

In the flow of costs, which of the following comes third?

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6

Which of the following items would appear first on a production cost report?

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7

In a department, 26,000 units are completed and transferred out, and 7,400 remain in ending WIP at 65% complete. If an equivalent unit costs $9.00 for direct materials, what is the value of materials transferred out?

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8

How is the cost per equivalent unit computed?

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9

Which of the following is the last step of the five-step process costing procedure?

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10

What are the ending inventory equivalent units for materials if 15,500 units are completed and transferred out and 4,200 remain in ending WIP at 35% complete?

cost of goods sold. finished goods inventory. work in process inventory. manufacturing overhead.

Explanation / Answer

Ans : 1) work in process inventory

Ans 2) Manufacturing overhead

Ans 3) Job Cost record

Ans 4) work in process inventory

Ans 5) Finished goods inventory

Ans 6) Beginning WIP, if any

Ans 7) 26000*9= 234000

Ans 8) Total costs to account for divided by total equivalent units

Ans 9) Assign total costs to units completed and to units in ending WIP inventory

Ans 10)4200*35%= 1470

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