Quiz _Q - Afivestepprocess isusedtoassign coststoproducts...

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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  equivalen t units of  productio n.  III. Identify  the  product  costs for  which to  account.  IV. Measure  the  physical  flow of  resources V. Compute  the costs  per  equivalen t 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
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None of the above 2 5 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 5 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 4 5 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 11/23/2011 for the course MANAGEMENT 101 taught by Professor Nguyen during the Spring '11 term at Troy.

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Quiz _Q - Afivestepprocess isusedtoassign coststoproducts...

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