Multiple Choice Quiz_Chapter8 - MultipleChoiceQuiz...

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Multiple Choice Quiz (See related pages) 1 A five-step process is used to assign costs to products in a process costing system. The five steps, in random  order, are:  I. Assign product cost to batches of work.  II. Compute the equivalent units of production.  III. Identify the product costs for which to account.  IV. Measure the physical flow of resources.  V. Compute the costs per equivalent unit. The correct order in which these steps should be taken is: A) II, IV, I, III, V B) IV, II, III, V, I C) III, II, V, I, IV D) V, IV, II, I, III E) None of the above 2 Use the following information to answer questions 2 and 3:  Greenwood Petroleum had 26,000 barrels of crude oil in beginning work-in-process (60% complete with  respect to conversion costs). The company started 67,000 barrels this period and had 15,000 gallons (40%  complete with respect to conversion costs) in ending work-in-process.  How many barrels were completed and transferred out of work-in-process this period? A) 67,000 B) 78,000 C) 82,000 D) 93,000 E) None of the above 3 Using a weighted-average cost flow assumption, calculate the equivalent units of production. A) 78,000 B) 82,000 C) 84,000 D) 92,000 E) None of the above
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4 The "costs to account for" include: A) the manufacturing costs added this period only. B) costs associated with beginning WIP plus the manufacturing costs added this period. C) costs associated with ending WIP and beginning WIP, plus the manufacturing costs added this  period. D) costs associated with ending WIP plus the manufacturing costs added this period. E)
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This note was uploaded on 04/10/2010 for the course HOA SEN 1234 taught by Professor Vananh during the Spring '10 term at Haaga - Helia University of Applied Sciences.

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Multiple Choice Quiz_Chapter8 - MultipleChoiceQuiz...

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