Accounting Chapter 4 Smartbook

The two common methods for determining unit product costs are ______ costing.

When many different jobs or products are worked on each period, the most likely costing system used is ______.

Process costing produces ______ units.;

True or false: The flow of costs through manufacturing accounts is basically the same for job-order costing and process costing.

Process costing accumulates costs by

Work is performed on products, and materials, labor, and overhead costs are added to products in a ___ department.

Job-order costing is used for ______.

The activity in a processing department is performed ______.

When using process costing, a separate ______ account is maintained for each processing department.

Similarities between job-order costing and process costing include the ______.

A product requires processing in two departments, A and B. Products start in Dept. A. Costs transferred out of Dept. A will be transferred to ______.

Differences between job-order and process costing include that process costing ______.

True or false: When using process costing, labor and overhead can be added in any department, but materials can only be added in the first processing department.

A processing department is an organization unit ______.

The journal entry to record direct materials costs in processing Department #1 is debit ______.

In a processing department, all units of output are

The journal entry to record labor cost in the first department is ____ Wages payable and ____ Work in process-Department #1.

when using process costing, each processing department has a separate _____ _____ ____ account.

in process costing, manufacturing overhead costs are distributed to each department

When production is completed in the last processing department, units are transferred to the ____ ____ account.

the journal entry to apply overhead cost to processing department 1 is to debit

The journal entry to record the transfer of partially completed products from processing Department #1 to processing Department #2 is to debit Work in Process Department ______.

The journal entry to record material cost in the second department includes a ____ to Work in Process-Department #2.

The journal entry to record the transfer of completed units to finished goods is _____ finished goods and ____ work in process

In process costing, manufacturing overhead costs are ______.

When a customer's order is filled and units are sold, there is a ______ to Finished Goods and a ______ to Cost of Goods Sold.

the correct journal entry to apply manufacturing costs to processing dept 1 is ____ manufacturing overhead and _____ work in process dept 1

weighted average method

FIFO method

Recording the transfer of partially completed products from one processing department to another, requires a journal entry that affects the ______ account of both processing departments.

conversion cost

To report ending inventory, partially completed units are translated into ____ number of partially completed units x percentage completion

If ending work in process contains 300 units that are 40% complete the number of equivalent units is ______.

Methods to calculate departmental unit costs include ______.

Equivalent units of production under the weighted-average method equal ______.

A company's beginning work in process contained 200 units that were 20% complete. Those units were completed and transferred to finished goods. During the period 4,300 units were started. Of the units started, 4,000 were transferred to finished goods. The 300 units in ending work in process were 30% complete. Using the weighted-average method, the equivalent units of production equals ______.

The formula for the cost per equivalent unit using the weighted-average method is ______.

When ending work in process contains 500 units that are 34% completed, there are ____ equivalent units.

Which of the following equations is correct?

Equivalent units of production equals the number of units transferred to the next department (or finished goods) plus equivalent units in ending work in process under which method(s) of costing?

True or false: The equivalent units of production computed under the weighted-average method does not take into account the percentage completed of the beginning inventory.

A company transferred 150 units to finished goods and has 215 units in ending work in process inventory that are 60% complete. Using weighted-average costing, the number of equivalent units is ______.

The weighted-average method includes costs for ______.

Canners Company uses weighted-average costing. Beginning work in process inventory had $3,650 of material costs. During the period, $5,000 of materials and $9,250 in conversion costs were added. If there are 250 equivalent units of production for materials, the cost per equivalent unit for materials is ______.

Costs per equivalent unit are used to value ______.

When computing the equivalent units of production under the weighted-average method, partially completed ______ inventory is ignored.

When unit costs are transferred from Department A to Department B, Department B will treat the costs as ______.

Which of the following is not a characteristic of operation costing?

Costs in beginning work in process inventory was $4,500 and $37,800 in costs were added during the period. If there are 7,050 equivalent units, the cost per equivalent unit under the weighted-average method is $

Operations costing is similar to process costing because ______.

Products such as clothing that are produced in batches by can vary considerably from model to model may use ____ costing.

the equivalent units completed are valued the same as units ___ for purposes of determining the cost per unit

Costs transferred in from Department A to Department B ______.

When products have both similar and individual characteristics, ______ costing is used.

Operations costing is similar to job-order costing because ______.

examples of products that may use operation costing include