Which of the complying with items is not characteristic the a process cost system?(a)Once manufacturing begins, it continues until the perfect product emerges.(b)The assets produced are heterogeneous in nature.(c)The emphasis is top top continually creating homogeneous products.(d)When the perfect product emerges, all systems have precisely the exact same amount of materials, labor, and overhead.

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Indicate which of the following statements is not correct.(a)Both a project order and a process cost device track the very same three manufacturing expense elements—direct materials, straight labor, and also manufacturing overhead.(b)A task order cost system uses only one work in process account, whereas a procedure cost system uses multiple work in procedure accounts.(c)Manufacturing prices are built up the same method in a job order and also in a process cost system.(d)Manufacturing prices are assigned the same means in a project order and in a procedure cost system.
In a process cost system, the circulation of prices is:(a)work in process, price of items sold, perfect goods.(b)finished goods, work in process, price of items sold.(c)finished goods, cost of goods sold, occupational in process.(d)work in process, perfect goods, cost of items sold.
In making newspaper entries to entrust raw materials costs, a firm using procedure costing:(a)debits Finished products Inventory.(b)often debits 2 or an ext work in procedure accounts.(c)generally credits 2 or an ext work in procedure accounts.(d)credits Finished products Inventory.
In a process cost system, manufacturing overhead:(a)is assigned come finished items at the end of each audit period.(b)is assigned to a job-related in process account for each job as the project is completed.(c)is assigned to a occupational in process account because that each manufacturing department ~ above the basis of a predetermined overhead rate.(d)is assigned come a job-related in process account for each production department together overhead prices are incurred.
(c)is assigned to a work in procedure account because that each manufacturing department ~ above the basis of a predetermined overhead rate.
Conversion prices are the amount of:(a)fixed and variable overhead costs.(b)labor costs and overhead costs.(c)direct material costs and also overhead costs.(d)direct labor and indirect labor costs.
The mixing Department"s output during the duration consists of 20,000 devices completed and transferred out, and 5,000 devices in ending work in procedure 60% complete as to materials and conversion costs. Beginning inventory is 1,000 units, 40% complete regarding materials and also conversion costs. The tantamount units of manufacturing are:(a)22,600.(b)23,000.(c)24,000.(d)25,000.
In RYZ Company, there space zero units in start work in process, 7,000 devices started right into production, and 500 systems in ending work in procedure 20% completed. The physical units to it is in accounted because that are:(a)7,000.(b)7,360.(c)7,500.(d)7,340.
Mora firm has 2,000 units in beginning work in process, 20% complete regarding conversion costs, 23,000 units moved out to finished goods, and also 3,000 devices in ending work in process 33.3% complete regarding conversion costs.The beginning and also ending perform is fully complete as to materials costs. Indistinguishable units for materials and conversion prices are, respectively:(a)22,000, 24,000.(b)24,000, 26,000.(c)26,000, 24,000.(d)26,000, 26,000.
Fortner company has no beginning work in process; 9,000 units space transferred out and also 3,000 devices in finishing work in procedure are one-third finished regarding conversion expenses and totally complete regarding materials cost. If total materials expense is $60,000, the unit materials price is:(a)$5.00.(b)$5.45 rounded.(c)$6.00.(d)No correct answer is given.
Largo company has unit expenses of $10 for materials and also $30 because that conversion costs. If there room 2,500 devices in finishing work in process, 40% complete regarding conversion costs, and totally complete regarding materials cost, the total cost assignable come the finishing work in procedure inventory is:(a)$45,000.(b)$55,000.(c)$75,000.(d)$100,000.
A production cost report:(a)is an outside report.(b)shows both the manufacturing quantity and also cost data pertained to a department.(c)shows identical units of production but not physics units.(d)contains six sections.
In a production expense report, systems to be accounted for room calculated as: (a) devices started into production + units in ending work in process(b) systems started right into production - systems in beginning work in process(c) Units transferred out + devices in beginning work in process(d) devices started into production + units in start work in process
Hollins company uses the FIFO an approach to compute indistinguishable units. It has 2,000 devices in start work in process, 20% complete regarding conversion costs, 25,000 systems started and completed, and also 3,000 units in finishing work in process, 30% complete as to conversion costs. All units space 100% complete regarding materials. Equivalent units because that materials and conversion prices are, respectively:(a)28,000 and also 26,600.(b)28,000 and also 27,500.(c)27,000 and also 26,200.(d)27,000 and 29,600.
KLM firm uses the FIFO method to compute indistinguishable units. It has no start work in process; 9,000 units are started and completed and also 3,000 units in ending work in process are one-third completed. All product is included at the beginning of the process. If total materials expense is $60,000, the unit materials price is:(a)$5.00.(b)$6.00.(c)$6.67 (rounded).(d)No correct answer is given.

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Toney agency uses the FIFO an approach to compute tantamount units. It has actually unit expenses of $10 for materials and $30 for conversion costs. If there space 2,500 units in ending work in process, 100% complete as to materials and 40% complete regarding conversion costs, the full cost assignable come the finishing work in process inventory is:(a)$45,000.(b)$55,000.(c)$75,000.(d)$100,000.
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