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ACCT 505 Week 2 Quiz < >

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Question 1.;Question;(TCO F) For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system?;Options; A steel factory that processes iron ore into steel bars; A factory that processes sugar and other ingredients into black licorice; A costume maker that makes specialty costumes for figure skaters; All of these;Question 2.;Question;(TCO F) Process costing would be appropriate for each of the following except;Options; custom furniture manufacturing.;oil refining.; grain milling.;newsprint production.;Question 3.;Question;(TCO F) Unizat Corporation uses the weighted-average method in its process costing system. The following information pertains to one of the company's processing departments for a recent month;Units;Material Cost;Beginning work in process;30,000;$22,000;Started during the month;80,000;$72,000;Units completed;85,000;Ending work in process;25,000;All materials are added at the beginning of the process. The cost per equivalent unit for materials is closest to;Options; $0.86; $0.90; $1.10; $1.18;Question 4.;Question;(TCO F) The journal entry to record the incurrence of indirect labor costs is;Options; a;Wages Payable;XXX;Manufacturing Overhead;XXX; b;Work In Process;XXX;Wages Payable;XXX; c;Manufacturing Overhead;XXX;Wages Payable;XXX; d;Wages Payable;XXX;Work in Process;XXX;Question 5.;Question;(TCO F) During December at Ingrim Corporation, $74,000 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 $6,000. The journal entry to record the requisition from the storeroom would include a;Options; debit to Raw Materials of $74,000.; debit to Work in Process of $68,000.; credit to Manufacturing Overhead of $6,000.; debit to Work in Process of $74,000.; ;Question 6.;Question;(TCO F) During February, Degan Inc. transferred $60,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $65,000. The journal entries to record these transactions would include a;Student Answer;

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