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ACCT344 Devry Cost Accounting: Week 2 Quiz (Version 3)

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Question;Reminder: There are other;versions of this week?s quiz questions so please make sure you compare and;review your questions to the ones posted on the website and/or the questions in;this tutorial. Thank you.;ACCT344 Devry Cost Accounting;Week 2 Quiz (Version 3);1. (TCO 3) Which system would a manufacturer of unique special orders;or batch processes most likely use to accumulate costs? (Points: 3);Contract costing;Variable costing;Process costing;Job-order costing;2. (TCO 3) Which is NOT a feature of a process costing system? (Points;3);Standardized products pass through standardized processes.;Each unit is treated uniquely in receiving a process.;Manufacturing costs are accumulated by a process for a given time;period.;Unit costs are calculated for each department.;3. (TCO 3) The whole units that could have been produced in a period;given the amount of manufacturing inputs used are called (Points: 3);FIFO costing.;transferred-in cost.;weighted average cost.;equivalent units of output.;4. (TCO 3) Holly Inc. manufactures dolls. The following data were;provided for production results for the current month.;0 Units, beginning work-in-process;300 Units started;? Units completed;100 Units, ending work-in-process (40% complete);Which are the equivalent units using the weighted average method?;(Points: 3);300;240;260;200;None of the above;5. (TCO 3) Which is NOT a difference between the job-order costing;system and the process costing system? (Points: 3);They accumulate their costs to different cost objectives.;The number of work-in-process accounts is different.;One does not use the finished goods account.;All of the above;6. (TCO 3) Keller Inc. manufactures office chairs. The following data;were provided for production results for the current month.;0 Units, beginning work-in-process;10,000 Units started;? Units completed;5,000 Units, ending work-in-process;$440,000 Cost of direct materials;$64,000 Cost of conversion;Ending inventory is 100% complete for materials and 20% complete for;conversion.;How many units were started and completed? (Points: 3);10,000;0;5,000;20,000;None of the above;7. (TCO 3) Unit cost of materials for a department using the FIFO;method of process costing is found by taking the total cost of materials issued;to the department during the year divided by (Points: 3);units in process.;units started and completed.;total units manufactured.;equivalent units of output.;8. (TCO 3) Abby Corp. adds raw materials to production at the beginning;of the process in the Assembly Dept. Materials data for this department for the;current month are as follows.;Costs;Units Materials Conversion;Beginning work-in-process 10,000;$70,750 $175,350;Started during month 65,000;$250,000 $736,350;Ending work-in-process 6,000;Beginning inventory was 70% complete.;Ending inventory was 40% complete.;If beginning inventory contained 4,000 units of product that were;judged to be 70% complete as to labor, the equivalent;units of production for labor during the current period under the FIFO method for these 4,000;units are (Points: 3);4,000.;1,000.;2,800.;1,200.;9. (TCO 2) The following information was provided by Sally Company.;%;complete Units;Beginning work-in-process 30% 15,000;Units transferred in 40,000;Ending work-in-process 60% 13,000;Materials are added at the beginning of the process.;How many equivalent units for;materials would there be using the weighted;average method? (Points: 3);68,000;40,000;47,800;55,000;10. (TCO 3) The costs included in the cost per equivalent unit using;the weighted average method are (Points: 3);current costs.;beginning work in process.;ending work in process.;Both A and B

 

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