Homework Answers
| Costs
incurred in a previous process that are carried forward as part of
the product's cost when it moves to the next department |
Transferred in costs |
| Costing system used by a company producing computer chips | Process costing |
| Measure
of the work done during a production period, expressed in terms of
fully complete units of output |
Equivalent units |
| Summary of the activity in a processing department for a specific period | Cost of production report |
| Prime costs | Direct labor and direct materials |
| A
process costing method that costs each period's equivalent units of
work with that period's costs per equivalent unit |
First-in, first-out method |
| Conversion costs | Direct labor and factory overhead |
| Costing system used by a company producing custom window treatments | Job order costing |
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Match each phrase that follows with the term (a-h) it describes. Clear All costs incurred in...
Match each phrase that follows with the term (a-h) it describes. Clear All costs incurred in...
Match each phrase that follows with the term (a-h) it describes. Clear All costs incurred in a previous process that are carried forward as part of the product's cost when it moves to the next department first-in, first-out method costing system used by a company producing computer chips transferred in costs measure of the work done during a production period, expressed in terms of fully complete units of output cost of production report summary of the activity in a processing...
TRUE/FALSE. Write 'T' if the statement is true and 'F if the statement is false. 1)...
TRUE/FALSE. Write 'T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 2) Conversion costs include direct labor and direct materials. 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units. 4) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a five step...
TRUE/FALSE. Write T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods woul...
TRUE/FALSE. Write T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 1) 2) Conversion costs include direct labor and direct materials. 2) 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units 3) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a...
correct answer TRUE/FALSE. Write T' if the statement is true and 'F if the statement is...
correct answer
TRUE/FALSE. Write T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system. 1) 2) Conversion costs include direct labor and direct materials 2) 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units 3) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department...
correct answer TRUE FALSE. Write T if the statement is true and F if the statement...
correct answer
TRUE FALSE. Write T if the statement is true and F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 2) Conversion costs include direct labor and direct materials 3) in a process costing system, the cost per equivalent unit is computed after computing equivalent units 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a...
Match the following terms to their definitions. (Match each definition with the letter of its corresponding...
Match the following terms to their definitions. (Match each definition with the letter of its corresponding term. Abbreviation used: EUP=equivalent units of production) (Click on the icon to view the definitions.) 1 Definitions "osts, 1. Direct labor plus manufacturing overhead 2. Prepared by department for EUP, production costs, and assignment of costs 3. Equivalent units of production 4. Process costing system 5. Transferred in costs 6. Weighted-average method a. b. c. d. e. 1. Expresses partially completed units in terms...
12clin addi During the period, labor costs incurred on account amoun to $250,000 for production orders...
12clin addi During the period, labor costs incurred on account amoun to $250,000 for production orders and 50,000 for general factory use. In addition, factory overhead Select the to production. a. b. applied to production was $23,000 appropriate journal entry to record the factory overhead applied Deb it Work-in-Process $23,000; Credit Factory Overhead $23,000 Debit Work-in-Process $50,000; Credit Factory Overhead $50,000. Debit Factory Overhead $23,000; Credit Work-in-Process $23,000. Debit Factory Overhead $50,000; Credit Work-in-Process $50,000. C. d. Department W had...
Which of the following best describes transferred-in costs? A) they are the cost of transferring products...
Which of the following best describes transferred-in costs? A) they are the cost of transferring products from a vendor B) they are value-added costs that are only considered in the first-in,first out process costing system C) costs incurred in a previous department or process that are carried forward as the product's cost as that product moves to another department or process in the production cycle D) they are the shipping costs related to finished goods that are transported to a...
7. Which of the following describes the differences between job-order and process costing? A. Job-order costing...
7. Which of the following describes the differences between job-order and process costing? A. Job-order costing is used in financial accounting while process costing is used in managerial accounting. B. Job-order costing can only be used by manufacturers; service enterprises must use process costing. Job-order costing is voluntary while process costing is mandatory. D. Job-order costing traces costs to jobs while process costing traces costs to departments and averages the costs among the units worked on during the...
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c)...
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c) Direct labor & overhead d) Direct material & indirect material e) Direct Labor & period costs Units Use the following to answer questions # 2.3.4 The information below was obtained from the records of the first processing department of Christine Corporation for the month of July. The company uses the weighted average method in its process costing system. Labor and Overhead Percent Completed Work...
Match each phrase that follows with the term (a-h) it describes. Clear All costs incurred in a previous process that are carried forward as part of the product's cost when it moves to the next department first-in, first-out method costing system used by a company producing computer chips transferred in costs measure of the work done during a production period, expressed in terms of fully complete units of output cost of production report summary of the activity in a processing...
TRUE/FALSE. Write 'T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 2) Conversion costs include direct labor and direct materials. 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units. 4) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a five step...
TRUE/FALSE. Write T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 1) 2) Conversion costs include direct labor and direct materials. 2) 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units 3) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a...
correct answer
TRUE/FALSE. Write T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system. 1) 2) Conversion costs include direct labor and direct materials 2) 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units 3) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department...
correct answer
TRUE FALSE. Write T if the statement is true and F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 2) Conversion costs include direct labor and direct materials 3) in a process costing system, the cost per equivalent unit is computed after computing equivalent units 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a...
Match the following terms to their definitions. (Match each definition with the letter of its corresponding term. Abbreviation used: EUP=equivalent units of production) (Click on the icon to view the definitions.) 1 Definitions "osts, 1. Direct labor plus manufacturing overhead 2. Prepared by department for EUP, production costs, and assignment of costs 3. Equivalent units of production 4. Process costing system 5. Transferred in costs 6. Weighted-average method a. b. c. d. e. 1. Expresses partially completed units in terms...
12clin addi During the period, labor costs incurred on account amoun to $250,000 for production orders and 50,000 for general factory use. In addition, factory overhead Select the to production. a. b. applied to production was $23,000 appropriate journal entry to record the factory overhead applied Deb it Work-in-Process $23,000; Credit Factory Overhead $23,000 Debit Work-in-Process $50,000; Credit Factory Overhead $50,000. Debit Factory Overhead $23,000; Credit Work-in-Process $23,000. Debit Factory Overhead $50,000; Credit Work-in-Process $50,000. C. d. Department W had...
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c) Direct labor & overhead d) Direct material & indirect material e) Direct Labor & period costs Units Use the following to answer questions # 2.3.4 The information below was obtained from the records of the first processing department of Christine Corporation for the month of July. The company uses the weighted average method in its process costing system. Labor and Overhead Percent Completed Work...
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