Question :
81. The following journal entry would be made to record : 1256520
81. The following journal entry would be made to record the transfer of completed goods from Shoving to the finished goods inventory for this period:
Finished Goods Inventory
525,000
Goods in Process Inventory, Shoving Dept
525,000
Multiple Choice Questions
82. Which of the following five types of products is least likely to be produced in a process manufacturing system? A. Compact disks.B. Slacks for casual wear.C. Baseball hats.D. Calculators.E. Oil paintings.
83. Which of the following characteristics does not usually apply to process manufacturing systems?A. Each unit of product is separately identifiable.B. Partially completed products are transferred between processes.C. Different managers are responsible for different processes.D. The output of all processes except the final process is an input to the next process.E. In a multistep process, there will be multiple Goods in Process accounts.
84. 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:A. Manufacturing overhead.B. Units in process.C. A job cost sheet.D. Equivalent units of production.E. Process cost summary.
85. Equivalent units of production are equal to:A. The number of units that could have been completed if all effort had been applied to units that were started and completed that period.B. The number of finished units actually produced that period.C. The number of units introduced into the process that period.D. The number of units still in process that period.E. Physical units that were completed this period from all effort being applied to them.
86. Which of the following is not one of the four steps in accounting for production activity in a period?A. Determine over- or underapplied overhead.B. Analyze the physical flow of units.C. Analyze equivalent units.D. Determine cost per equivalent unit.E. Prepare a cost reconciliation.
87. Which of the following is true when computing cost per equivalent unit in a FIFO process costing system?A. Prior period costs are combined with costs incurred in the current period and then divided by the equivalent units of production.B. Costs incurred in the current period are divided by the equivalent units of production.C. Total cost to account for is divided by the equivalent units of production.D. Equivalent units of production are divided by costs incurred in the current period. E. Equivalent units of production are divided by cost to account for.
88. A department had 12,500 units that were 20% complete in beginning Goods in Process Inventory. During the current period 60,000 units were transferred in. Ending Goods in Process Inventory was 15,000 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?A. 65,500 B. 57,500C. 37,000D. 47,500
E. 68,000
89. A department had 12,500 units that were 20% complete in beginning Goods in Process Inventory. During the current period 60,000 units were transferred in. Ending Goods in Process Inventory was 15,000 units that were 70% complete. Assume this company uses the FIFO method of process costing and direct material is added uniformly throughout the process. What are the equivalent units produced with respect to direct material?A. 65,500 B. 57,500C. 37,000D. 47,500
E. 68,000
90. A system of accounting in which the costs of each process are accumulated separately and then assigned to the units of product that passed through the process is a:A. General cost accounting system. B. Process cost accounting system. C. Job order cost accounting system. D. Manufacturing cost accounting system.E. Goods in process accounting system.
