Notes This preview shows page 4 - 7 out of 252 pages. 18.In process costing, a separate work in process account is kept for each:A)individual order.B)equivalent unit.C)processing department.D)cost category (i.e., materials, conversion cost).Ans: CAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: ReportingLO: 1Level: Easy 19.The weighted-average method of process costing differs from the FIFO method ofprocess costing in that the weighted-average method:AACSB: AnalyticAICPA BB: Critical ThinkingAICPA FN: ReportingAppendix: 4ALO: 2,3,5,6Level: Hard Get answer to your question and much more 4-10Garrison/Noreen/Brewer, Managerial Accounting, Twelfth Edition We have textbook solutions for you! The document you are viewing contains questions related to this textbook. Chapter 4Systems Design: Process Costing20.Which of the following are needed to compute equivalent units for conversion costsunder the weighted-average method of process costing?AACSB: Reflective ThinkingAICPA BB: Critical Thinking Get answer to your question and much more AICPA FN: ReportingLO: 2Level: Easy21.Malcolm Company uses a weighted-average process costing system. All materials atMalcolm are added at the beginning of the production process. The equivalent unitsfor materials at Malcolm would be the sum of:AACSB: AnalyticAICPA BB: Critical Thinking Get answer to your question and much more AICPA FN: ReportingLO: 2Level: Hard22.In the computation of costs per equivalent unit, the weighted-average method ofprocess costing considers:A)costs incurred during the current period only.B)costs incurred during the current period plus cost of ending work in processinventory.C)costs incurred during the current period plus cost of beginning work in processinventory.D)costs incurred during the current period less cost of beginning work in processinventory.Ans: CAACSB: Reflective ThinkingAICPA BB: Critical Thinking AICPA FN: ReportingLO: 3Level: EasySource: CPA, adaptedGarrison/Noreen/Brewer, Managerial Accounting, Twelfth Edition4-11 Chapter 4Systems Design: Process Costing 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 252 pages? Upload your study docs or become a Course Hero member to access this document We have textbook solutions for you!The document you are viewing contains questions related to this textbook. The document you are viewing contains questions related to this textbook. Expert Verified When using process costing a separate account is maintained for each processing department?A separate Work in Process account is maintained for each processing department. Material, labor, and overhead costs transferred from one department's Work in Process account to another department's Work in Process account are called transferred-in costs.
When using process costing Which of the following can be added in any department?Materials, labor, and/or manufacturing overhead can be added in any processing department. Transferred in costs are accounting for as direct materials, direct labor and overhead. Units are always 100% complete for transferred in costs.
Which document is used in process costing system? Process costing uses a fundamental document called a department production report, while job-order costing uses the job cost sheet.
What are the two methods used in process costing?There are three different kinds of process costing: weighted average costs, standard costs, and First-in First-out (FIFO). There is no Last-in, Last-out (LIFO) method of process costing, as the basic principle of process costing is that the first unit produced is the first unit used.
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When using process costing a separate blank account is maintained for each processing department?
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