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121_CH_13Qs - CHAPTER 13 PROCESS COSTING QUESTIONS 13-1 A...

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CHAPTER 13: PROCESS COSTING - QUESTIONS 13-1 A company that should use a process costing system typically has homogenous products, which pass through a series of similar processes or departments. These firms usually engage in continuous mass production of a few products . 13-2 Process costing is likely used in industries such as chemicals, oil refining, textiles, paints, flour, canneries, rubber, steel, glass, food processing, mining, automobile production lines, electronics, plastics, drugs, paper, lumber, leather goods, metal products, sporting goods, cement, and watches. 13-3 Differences between job and process costing: (1) accumulating costs by job vs. department, (2) collecting cost data using the job cost sheet vs. the production cost report, and (3) computing unit cost by job vs. department. 13-4 Equivalent units are the number of completed units that could have been produced given the amount of work actually performed on both complete and partially completed units.
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