To compute an equivalent unit of production one must

This preview shows page 42 - 47 out of 80 pages.

102. To compute an equivalent unit of production, one must be able to reasonably estimate:A.The percentage of completion.B.Units completed.C.Units started and completed.D.Direct labor cost.E.Materials cost.
AACSB: AnalyticAICPA BB: IndustryAICPA FN: MeasurementDifficulty: MediumLearning Objective: P420-42
We have textbook solutions for you!
/Financial-and-Managerial-Accounting-Using-Excel-for-Success-1st-Edition-9781111535223-720/
The document you are viewing contains questions related to this textbook.
Chapter 18 / Exercise PE 18-1B
Financial and Managerial Accounting Using Excel for Success
Reeve/Warren
Expert Verified
Chapter 020 Process Cost Accounting103. The following is an account for a production department, showing its costs for onemonth:Assume that materials are added at the beginning of the production process and that directlabor and overhead are applied uniformly. If the units in ending goods in process inventorycost $4,590, and the started and completed units cost $41,850, what was the cost ofcompleting the units in the beginning goods in process inventory?
AACSB: AnalyticAICPA BB: Critical ThinkingAICPA FN: MeasurementDifficulty: HardLearning Objective: P520-43
Chapter 020 Process Cost Accounting104. Que Corporation uses a process cost accounting system. The company manufacturedcertain goods at a cost of $800 and sold them on credit to Are Corporation for $1,075. Thecomplete journal entry to be made by Que at the time of this sale is:
AACSB: AnalyticAICPA BB: IndustryAICPA FN: MeasurementDifficulty: MediumLearning Objective: P620-44
Chapter 020 Process Cost AccountingMatching Questions105. Match the following terms with the definitions.1. MaterialsconsumptionreportNumber of units that would be completed if all effortduring a period had been applied to units that were startedand finished.72. HybridmanufacturingsystemCosting system to determine the cost of producing eachjob or job lot.43. ProcessmanufacturingsystemA manufacturing system that contains features of bothprocess and job order systems.24. Job order costaccounting systemProcess of products in a continuous flow of steps.35. Process costsummarySystem of assigning direct materials, direct labor, andoverhead to specific processes; total costs associated witheach process are then divided by the number of units.passing through that process to determine cost perequivalent unit.66. Process costaccounting systemDocument that summarizes the materials a departmentuses during a reporting period; replaces materialsrequisition.17. Equivalent unitsof production.Report of costs charged to a department, its equivalentunits of production achieved, even the costs assigned to itsoutput.5AACSB: AnalyticAICPA BB: IndustryAICPA FN: MeasurementDifficulty: MediumLearning Objective: A1Learning Objective: A2Learning Objective: C2Learning Objective: C4Learning Objective: P120-45
Chapter 020 Process Cost AccountingShort Answer Questions

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 80 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Spring
Professor
Cook
Tags
Accounting, Cost Accounting, Production Department, Finished Goods, process cost accounting, MedMed
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Financial and Managerial Accounting Using Excel for Success
The document you are viewing contains questions related to this textbook.
Chapter 18 / Exercise PE 18–1B
Financial and Managerial Accounting Using Excel for Success
Reeve/Warren
Expert Verified

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture