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devry fin 505 week 2 quiz




Question;(TCO;F) Computing unit product costs involves averaging in;Job-Order;Costing;Process;Costing;A;Yes;No;B;Yes;Yes;C;No;Yes;D;No;No;Student Answer;Choice A.;Choice;b;Choice C.;Choice D.;Instructor Explanation;Chapter;3;r: Choice A. Choice B.;Choice C.;Choice D.;Question 2. Question;(TCO F) Process costing would be appropriate for each of the;following except;custom furniture manufacturing.;oil refining.;grain milling.;newsprint production.;Question 3. Question;(TCO F) Assume there was no beginning work in process;inventory and the ending work in process inventory is 70% complete with respect;to conversion costs. Under the weighted-average method, the number of;equivalent units of production with respect to conversion costs would be;the same as the units completed.;less than the units completed.;the same as the units started during the;period.;less than the units started during the period.;Question 4. Question;(TCO F) Which of the following accounts is debited when;direct labor is recorded?;Work in process;Salaries and wages expense;Salaries and wages payable;Manufacturing overhead;Question 5. Question;(TCO F) Stickles Corporation incurred $79,000 of actual;Manufacturing Overhead costs during August. During the same period, the;Manufacturing Overhead applied to Work in Process was $75,000. The journal;entry to record the incurrence of the actual Manufacturing Overhead costs would;include a;debit to Manufacturing Overhead of $79,000.;credit to Manufacturing Overhead of $79,000.;credit to Work in Process of $75,000.;debit to Work in Process of $75,000.;Question 6. Question;(TCO F) Wedd Corporation had $35,000 of raw materials on;hand on May 1. During the month, the company purchased an additional $68,000 of;raw materials. During May, $92,000 of raw materials were requisitioned from the;storeroom for use in production. These raw materials included both direct and;indirect materials. The indirect materials totaled $5,000. The debits to the;Work in Process account as a consequence of the raw materials transactions in;May total;$92,000.;$0.;$68,000.;$87,000.


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