You are watching: Which of the following is false concerning process costing?
QC5-2Conversion costs consist ofA. Straight materials + straight labor.B. Direct materials + production overhead.C. Straight labor + production overhead.D. Straight materials + straight labor + manufacturing overhead.
QC5-3Which of the following is true?A. FIFO is always used for procedure costing.B. Systems in finishing WIP room expressed in state of equivalent units.C. The weighted-average method is constantly used for process costing.D. A partly completed product whose straight materials are included at the start of the procedure would be 0% complete with respect to direct materials.
QC5-4Which the the adhering to is the first step in completing the five-step process costing procedure?A. Summarize full costs to account for.B. Summarize the flow of physics units.C. Compute the expense per indistinguishable unit.D. Compute calculation in terms of tantamount units.
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QC5-5Assume 1,000 devices were completed and transferred out during the period. The 80 systems left in ending WIP room 20% complete with respect to conversion costs. The total equivalent devices for conversion prices would beA. 16B. 1000C. 1016D. 1080
QC5-6The journal entry required to record straight labor provided in the Finishing Department during the month would beA. Debit Wages Payable; credit transaction Finished products InventoryB. Debit WIP-Finishing Dept.; Credit earnings PayableC. Debit Wages Payable; Credit WIP-Finishing Dept.D. Debit finished Goods Inventory; Credit wages Payable
QC5-7A firm has two sequential processing departments: Mixing and Forming. In the Mixing Department, action 5 of the procedure costing procedure assigned $10,000 to units in finishing WIP and $80,000 to units completed and transferred out. What journal entry is needed as a result of these calculations?A. Debit WIP-Mixing Department: $80,000; credit WIPlong dash—Forming Department: $80,000B. Debit WIP-Mixing Department: $10,000; credit transaction WIPlong dash—Forming Department: $10,000C. Debit WIP-Forming Department: $10,000; credit WIPlong dash—Mixing Department: $10,000D. Debit WIP-Forming Department: $80,000; credit WIPlong dash—Mixing Department: $80,000
QC5-8In the 2nd processing department, the percentage of completion assigned come units moved in is always:A. 100%.B. 0%.C. Dependent on the percent of completion at month end.D. No one of the above
QC5-9The schedule offered to summarize the entire five-step procedure costing procedure is dubbed aA. Production expense report.B. Processing report.C. Job price record.D. Procedure costing schedule.
QC5-10A firm sells every unit the its product for $109. The last department confirmed the following costs per equivalent unit: $49 transferred-in, $ 20$20 direct materials, $16 conversion. What is the gross benefit on every unit offered by the company?A. $109B. $85C. $24D. $83
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