Chapter 16

Medina Corp. had the following information available for the year: Beginning inventory of goods in process (40% complete, $2,500)- 340 units Ending inventory of goods in process (80% complete)- 680 units Total units started during the year- 8,800 units The number of units transferred to finished goods during the year is:

Firms should use a process costing system when they produce products that:

Which of the following companies would be most likely to use a process costing system?

A department had 21,500 units that were 20% complete in beginning Goods in Process Inventory. During the current period 103,200 units were transferred in. Ending Goods in Process Inventory was 25,800 units that were 70% complete. Assume this company uses the weighted-average method of process costing and direct material is added uniformly throughout the process. What are the equivalent units produced with respect to direct material?

Equivalent units of production are equal to:

Medina Corp. had the following information available for the year: Beginning inventory of goods in process (40% complete, $3,100)- 400 units Ending inventory of goods in process (80% complete)- 800 units Total units started during the year- 11,200 units If the weighted-average inventory method were used, the equivalent units for the year would be:

A company's beginning work in process inventory consisted of 22,000 units that were 1/5 complete with respect to direct labor. These beginning units were completed and another 102,000 units were started during the current period. Of those started, 66,000 were finished and the remaining 36,000 were one-third complete at the end of the period. Using the weighted-average method, the equivalent units of production were:

At the beginning of the recent period, there were 1,020 units of product in a department, one-third completed. These units were finished and an additional 5,500 units were started and completed during the period. 840 units were still in process at the end of the period, one-fourth completed. Using the weighted-average valuation method, the equivalent units produced by the department were:

During a period, Department A finished and transferred 60,000 units to Department B. Of the 60,000 units, 12,000 were one-fifth complete with respect to direct labor at the beginning of the period and 37,500 were started and completed during the period. Also, during the period, 12,500 units were started but brought only to a stage of being three-fifths completed. Using the weighted-average inventory valuation method, the number of equivalent units of labor added by the end of the period was:

An expression of the activity of a process as the number of units that would have been processed during a period if all effort had been applied to units that were started and finished during the period is called:

Which of the following characteristics applies to process cost accounting and not to job order cost accounting?

A company that applies process costing is most frequently characterized by:

Direct material costs are recorded:

Which of the following pair of journal entries correctly records the current month's activity where $125,000 of raw material was purchased for cash, and $75,000 of direct material and $30,000 of indirect materials were used in the production process?

After posting all actual factory overhead and applying factory overhead to production departments in a process costing system:

To compute an equivalent unit of production, one must be able to reasonably estimate:

Product costing in a manufacturing firm is the process of:

A typical job-cost record would provide information about all of the following items related to an order except:

Manufacturing overhead:

Sting Corporation debited Cost of Goods Sold and credited Manufacturing Overhead at year-end. On the basis of this information, one can conclude that: