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Chap004 - Chapter 04 System Design Process Costing Chapter...

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Chapter 04 - System Design: Process Costing Chapter 04 System Design: Process Costing True / False Questions 1. The following journal entry would be made in a process costing system when units that have been completed in the final processing department are transferred to the finished goods warehouse: True False 2. In a process costing system, overhead is allocated to departments before being applied to units of product. True False 3. In order to use process costing, the output of a processing department should be homogeneous. True False 4. In process costing, the same equivalent units figure is used for both materials and conversion costs. True False 5. The "costs to be accounted for" portion of the cost reconciliation report includes the cost of beginning work in process inventory and the cost of ending work in process inventory. True False 6. The "costs accounted for" portion of the cost reconciliation report includes the cost of ending work in process inventory and the cost of units transferred out. True False 4-1
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Chapter 04 - System Design: Process Costing Multiple Choice Questions 7. Process costing would be appropriate for each of the following except: A. custom furniture manufacturing. B. oil refining. C. grain milling. D. newsprint production. 8. An operation costing system is: 9. Assume there is no beginning work in process inventory and the ending work in process inventory is 100% complete with respect to materials costs. The number of equivalent units with respect to materials costs under the weighted-average method is: 10. Assume there was no beginning work in process inventory and the ending work in process inventory is 70% complete with respect to conversion costs. Under the weighted-average method, the number of equivalent units of production with respect to conversion costs would be: 4-2
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Chapter 04 - System Design: Process Costing
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