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Process Costing Quiz 1 (25 MCQs)

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1. In a FIFO process costing system, which of the following are assumed to be completed first in the current period?
2. Which of the following would not appear as a debit in the Work in Process Inventory account of a second department in a two stage production process?
3. Department 1 of a two department production process shows: Units Beginning Work in Process 10, 000Ending Work in Process 50, 000Total units to be accounted for 180, 000How many units were transferred out to Department 2?
4. Under process costing, the costs incurred in each department are reported in:
5. Known: 150,000 units went into production and there were no units in beginning inventory. At the end of the period there are 50,000 units in final process, how many units were completed for the period?
6. Units put into production are 8, 000, ending units are 3, 000, units completed and transferred out are 10, 000. Beginning units are _____ ?
7. A PROCESS COSTING system would be used for all of the following products except _____
8. FIFO assumes that units in beginning work in process are completed last
9. If 150, 000 units are started into production there was no beginning work in process, and 50, 000 units are in process at the end of the period, how many units were completed and transferred out?
10. If beginning work in process is 2, 000 units, ending work in process is 1, 000 units, and the units accounted for equals 5, 000 units, what are the units completed and transferred out?
11. In a process cost system, the flow of cost is:
12. Scrap value of _____ is credited to process A/c.
13. A unit cost calculated in costing system, by assigning total costs incurred to many similar units is categorized as _____
14. Completed and transferred-out cost from previous department will become _____ cost for current department.
15. _____ is the excess of actual output over normal output.
16. In process costing, the cost of units finished in the last department will be transferred from work in process to
17. Which of the following statements is/are correct? (i) A by-product is a product produced at the same time as other products which has a relatively low volume compared with the other products
18. Which of the following methods uses costs and work of beginning work in process?
19. In process costing questions, you will need to:
20. Which of the following is not a necessary step in preparing a production cost report?
21. A process cost system would be used for all of the following products except
22. BONUS!!!Where was Ko Hadi born?
23. What is the difference between calculating equivalent units using the FIFO method and the weighted average method?
24. Beginning inventory:200 units300 units transferred in150 units transferred outHow many units to account for?
25. The costs transferred from a prior process to a subsequent process are referred to as transferred-in costs.
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