acct1bexam2sample - Name: _ Class: _ Date: _ ID: A ACCT 1B...

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Name: ________________________ Class: ___________________ Date: __________ ID: A 1 ACCT 1B - Sample Exam 2 Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. The two categories of cost comprising conversion costs are: a. direct labor and indirect labor b. direct labor and factory overhead c. factory overhead and direct materials d. direct labor and direct materials ____ 2. The four steps necessary to determine the cost of goods completed and the ending inventory valuation in a process cost system are: 1. allocate costs to transferred and partially completed units 2. determine the units to be assigned costs 3. determine the cost per equivalent unit 4. calculate equivalent units of production The correct ordering of the steps is: a. 2, 4, 3, 1 b. 4, 2, 3, 1 c. 2, 3, 4, 1 d. 2, 3, 1, 4 ____ 3. Which of the following costs incurred by a paper manufacturer would be included in the group of costs referred to as conversion costs? a. Advertising costs b. Raw lumber (direct materials) c. Machine operator's wages (direct labor) d. Sales salaries ____ 4. If Department K had 2,000 units, 45% completed, in process at the beginning of the period, 12,000 units were completed during the period, and 1,200 units were 40% completed at the end of the period, what was the number of equivalent units of production for the period if the first-in, first-out method is used to cost inventories? a. 11,580 b. 11,280 c. 13,680 d. 10,000
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Name: ________________________ ID: A 2 ____ 5. Department G had 3,600 units, one-third completed at the beginning of the period, 12,000 units were completed during the period, 2,000 units were one-fifth completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period: Work in process, beginning of period $30,000 Costs added during period: Direct materials (10,400 at $8) 83,200 Direct labor 62,000 Factory overhead 24,800 Assuming that all direct materials are placed in process at the beginning of production and that the first-in, first-out method of inventory costing is used, what is the total cost of the departmental work in process inventory at the end of the period? a. $19,100 b. $26,000 c. $23,200 d. $12,000 ____ 6. Department G had 3,600 units, one-third completed at the beginning of the period, 12,000 units were completed during the period, 2,000 units were one-fifth completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period: Work in process, beginning of period $30,000 Costs added during period: Direct materials (10,400 at $8) 83,200 Direct labor 62,000 Factory overhead 24,800 Assuming that all direct materials are placed in process at the beginning of production and that the first-in, first-out method of inventory costing is used, what is the total cost of 3,600 units of beginning inventory which were completed during the period? a.
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acct1bexam2sample - Name: _ Class: _ Date: _ ID: A ACCT 1B...

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