SE_Ch06 - SAMPLE EXAM QUESTIONS: CHAPTER 6 *SEE SOLUTION AT...

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SAMPLE EXAM QUESTIONS: CHAPTER 6 ***SEE SOLUTION AT END OF FILE*** 1. When should process costing techniques be used in assigning costs to products? a. Any time production is only partially completed during the accounting period. b. If the product is composed of mass-produced homogenous products and production is not always completed as to all elements of production during the accounting period. c. If the product is manufactured according to customer specifications. d. All of the above. 2. For March 1998, the Acme Company had a beginning work-in process inventory of 10,000 units with the following characteristics: Material -- 100% complete $14,350 Labor and factory overhead -- 25% complete $16,760 During the month, 200,000 units were completed and transferred to finished goods and the ending inventory of work-in-process consisted of 15,000 units with the following characteristics: Material -- 100% complete Labor and factory overhead 80% complete Costs incurred during the month included $287,000 for materials and $356,150 for labor and factory overhead. Use the weighted-average method to determine the cost per equivalent unit for direct labor and factory overhead combined for the period. a. $1.68 b. $1.70 c. $1.76 d. $1.78 e. $1.87
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3. Concord Company uses a weighted average process cost system. A department has 40 units 40% completed at the beginning of a month and 30 units 70% completed at the end of the month. If 200 units were started in process during the month, how many units were completed during the period. a.
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This note was uploaded on 11/22/2011 for the course ACCT 230 taught by Professor Allen during the Fall '08 term at Texas A&M.

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SE_Ch06 - SAMPLE EXAM QUESTIONS: CHAPTER 6 *SEE SOLUTION AT...

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