GCU ACC650 quiz 2 100% correct

GCU ACC650 quiz 2 100% correct

GCU ACC650 quiz 2 100% correct

Question

• Equivalent-unit
calculations are necessary to allocate manufacturing costs between:

cost of goods manufactured and beginning work in process.

units sold and ending work in process.

beginning work in process and units completed.

cost of goods manufactured and cost of goods sold.

units completed and ending work in process.

• Which of
the following is true concerning cost drivers for the predetermined overhead
rate in a process-costing system?

Cost drivers are irrelevant in process-costing systems.

If direct labor hours is the cost driver, direct labor and
manufacturing overhead may be combined into the single element of conversion
cost.

If direct material cost is the cost driver, direct labor and
direct materials may be combined into the single element of prime cost.

Predetermined overhead rates are not used in a
process-costing system.

If direct labor cost is the cost driver, direct labor and
manufacturing overhead may be combined into the single element of conversion
cost.

• Process
costing would likely be used in all of the following industries except:

chemicals.

automobile repair.

wood pulp production.

petroleum refining.

truck tire manufacturing.

• Corrigan,
Inc. overstated the percentage of work completed with respect to conversion
cost on the ending work-in-process inventory. What is the effect of this
overstatement on conversion-cost equivalent units and physical units
manufactured, respectively?

Overstated, none.

Overstated, understated.

None, none.

None, overstated.

Overstated, overstated.

• Hornsby
has a single production department, and uses a process-costing system. The
balance in its Work-in-Process account on January 1 was $68,000. The account
was charged with direct materials, direct labor, and manufacturing overhead of
$450,000 throughout the year. If a review of the accounting records determined
that $86,000 of goods were still in production at year-end, Hornsby should make
a journal entry on December 31 that includes:

a credit to Work-in-Process Inventory for $86,000.

a debit to Cost of Goods Sold for $432,000.

a debit to Work-in-Process Inventory for $432,000.

a debit to Finished-Goods Inventory for $86,000.

a debit to Finished-Goods Inventory for $432,000.

• Oxford,
Inc., which uses a process-cost accounting system, began operations on January
1 of the current year. The company incurs conversion cost evenly throughout
manufacturing. If Oxford started work on 3,000 units during the period and
these units were 70% of the way through manufacturing, it would be correct to
say that the company has:

2,100 completed units.

900 equivalent units of production.

3,000 equivalent units of production.

3,000 physical units in production.

900 in-process units.

• Harrington
Industries, which uses a process-costing system, had a balance in its
Work-in-Process account of $68,000 on January 1. The account was charged with
direct materials, direct labor, and manufacturing overhead of $450,000
throughout the year. If a review of the accounting records determined that
$86,000 of goods were still in production at year-end, Harrington should make a
journal entry on December 31 that includes:

a credit to Work-in-Process Inventory for $86,000.

a credit to Work-in-Process Inventory for $432,000.

a debit to Cost of Goods Sold for $432,000.

a credit to Finished-Goods Inventory for $432,000.

a debit to Finished-Goods Inventory for $86,000.

• Bratton
Corporation had 6,500 units of work in process on April 1. During April, 19,100
units were completed and as of April 30, 5,100 units remained in production.
How many units were started during April?

None of the answers is correct.

17,700.

30,700.

11,600.

20,500.

• Mulligan,
Inc., which uses a process-cost accounting system, passes completed production
from Department A to Department B for further manufacturing. The journal entry
to record completed production in Department A requires:

a debit to Work-in-Process Inventory: Department A and a
credit to Work-in-Process Inventory: Department B.

a debit to Finished-Goods Inventory and a credit to
Work-in-Process Inventory.

a debit to Work-in-Process Inventory and a credit to
Finished-Goods Inventory.

a debit to Finished-Goods Inventory and a credit to
Work-in-Process Inventory: Department A.

a debit to Work-in-Process Inventory: Department B and a
credit to Work-in-Process Inventory: Department A.

• All of
the following statements about an operation-costing system are true except:

direct-material cost is traced to each batch produced.

conversion costs are applied to products on a departmental
basis using a predetermined application rate.

conversion activities are similar across product lines but
direct materials differ significantly.

batches of product pass sequentially through the same
processes.

direct material and conversion costs are traced to each
batch of product produced.

• When
calculating unit costs under the weighted-average process-costing method, the
unit cost is based on:

only costs in the period’s beginning work-in-process
inventory.

a summation of the costs in the beginning work-in-process
inventory plus costs incurred in the current period.

only the current period’s manufacturing costs.

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