Order ID: DHT6H23GDHY82HD Delivery: 3 HOURS & ABOVE Writer Classification: PHD-PROFICIENT Formatting Style: APA/HARVARD/MLA Plagiarism Grading: 0-0.3% Quality Standard: 99.999% Sources: 3-7 Course Level: UNIVERSITY/COLLEGE Revision Request: ALLOWED
1. Which of the following items is not characteristic of a
process cost system?
(a) Once production begins, it continues until the
fi nished product emerges.
(b) The products produced are heterogeneous in
(c) The focus is on continually producing homogeneous products.
(d) When the fi nished product emerges, all units
have precisely the same amount of materials,
labor, and overhead.
2. Indicate which of the following statements is not
(a) Both a job order and a process cost system track
the same three manufacturing cost elements—
direct materials, direct labor, and manufacturing
(b) A job order cost system uses only one work in
process account, whereas a process cost system
uses multiple work in process accounts.
(c) Manufacturing costs are accumulated the same
way in a job order and in a process cost system.
(d) Manufacturing costs are assigned the same way
in a job order and in a process cost system.
Self-Test, Brief Exercises, Exercises, Problem Set A, and many more resources are available
for practice in WileyPLUS.
8 Compute equivalent units using the FIFO method.
Equivalent units under the FIFO method are the sum of
the work performed to: (1) Finish the units of beginning
work in process inventory, if any; (2) complete the units
started into production during the period; and (3) start,
but only partially complete, the units in ending work in
SUMMARY OF LEARNING OBJECTIVE FOR APPENDIX 17A ✔ The Navigator
Conversion costs The sum of labor costs and overhead
costs. (p. 861).
Cost reconciliation schedule A schedule that shows
that the total costs accounted for equal the total costs to
be accounted for. (p. 866).
Equivalent units of production A measure of the work
done during the period, expressed in fully completed
units. (p. 860).
Operations costing A combination of a process cost
and a job order cost system, in which products are manufactured primarily by standardized methods, with some
customization. (p. 868).
Physical units Actual units to be accounted for during a
period, irrespective of any work performed. (p. 864).
Process cost system An accounting system used to
apply costs to similar products that are mass-produced in
a continuous fashion. (p. 854).
Production cost report An internal report for management that shows both production quantity and cost data
for a production department. (p. 863).
Total units (costs) accounted for The sum of the units
(costs) transferred out during the period plus the units
(costs) in process at the end of the period. (p. 864).
Total units (costs) to be accounted for The sum of
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|NEATNESS AND OTHERS
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