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ch11 - ch11 Student 1 Firms should use a process costing...

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ch11 Student: ___________________________________________________________________________ 1. Firms should use a process costing system when they produce products that: A. Are homogeneous. B. Pass through a series of similar processes. C. Pass through a series of similar departments. D. Answers A, B and C are all correct. 2. In process costing, unit product cost is calculated by dividing process cost in each department by the equivalent units produced: A. Less beginning inventory. B. Plus beginning inventory. C. In the prior period. D. In the following period. E. During the period. 3. In calculating unit cost in a process costing system, "conversion cost" is defined as the sum of: 4. The first step in determining process costs is: 5. The fifth and final step in determining process costs is: 6. The weighted-average method of process costing makes no distinction between the cost incurred prior to the current period and the cost incurred in: A. A future period. B. The current period. C. Either a future period or the current period. D. Both a future period and the current period. E. The operational process. 1
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7. The key difference between weighted-average and FIFO process costing methods is the handling of the partially completed: 8. The advantage of the weighted-average method is its: 9. Which of the statements below is correct?
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