Chap 17 & 18 Practice quiz

Chap 17 & 18 Practice quiz - Accounting 230 Chapter...

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Accounting 230 Chapter 17/18 Practice Quiz 1. The first-in, first-out method computes unit costs by: A. dividing total units by units completed this period. B. confining equivalent units to the work completed during the current period only. C. the standard-costing method. D. separately identifying the conversion costs of beginning and ending inventories. 2. Carnival Furniture had 60,000 foam cushions in process at May 1 (70% converted) and 40,000 cushions in process at May 31 (50% converted). All direct materials are added at the beginning of the production process. During the month, 140,000 cushions were transferred to finished goods. What are the equivalent units for material costs for May using the weighted-average method? A. 160,000 cushions B. 118,000 cushions C. 140,000 cushions D. 180,000 cushions 3. The “Loss from Abnormal Spoilage” account should appear: A. on the Balance Sheet B. as a detailed item in the Retained Earnings schedule of the Balance Sheet C. as a detailed item on the Income Statement
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This note was uploaded on 04/14/2009 for the course ACC 230 taught by Professor Jones during the Spring '08 term at Illinois State.

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Chap 17 & 18 Practice quiz - Accounting 230 Chapter...

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