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Acctg 305 Fall 2010 Practice Test Ch6-7

Acctg 305 Fall 2010 Practice Test Ch6-7 - Accounting 305...

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Accounting 305 – Cost Accounting Name School of Management Date Fall 2010 Chapters 6 & 7 Practice Test Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. What system would a manufacturer of unique special orders or batch processes most likely use to accumulate costs? a. process costing b. contract costing c. variable costing d. job-order costing ____ 2. _______________ is used when products are produced in a continuous production process. ____ 3. The production report is: 3/12/12 Acctg 305 Fall 2010 Practice Test Ch6-7.rtf Page 1 of 30
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Figure 6-1 Allen Company has the following information for the Assembly Department for October 2010: Materials purchased $ 40,000 Materials used 44,000 Direct labor 30,000 Actual manufacturing overhead 56,000 Cost of goods completed and transferred to the Finishing Dept. 120,000 Overhead rate is 200 percent of direct labor costs. Allen Company uses a process costing system for the Assembly Department. ____ 4. Refer to Figure 6-1. The journal entry to record materials purchased would include a ____ 5. Refer to Figure 6-1. What is the total amount of debits to Work in Process-Assembly Department for October? a. $120,000 b. $126,000 c. $134,000 d. cannot be determined ____ 6. Refer to Figure 6-1. The journal entry to record goods completed and transferred out of the Assembly Department would include a ____ 7. JIT manufacturing emphasizes 3/12/12 Acctg 305 Fall 2010 Practice Test Ch6-7.rtf Page 2 of 30
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____ 8. Equivalent units expresses all activity of the period in terms of ____
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