ACCT 505 Quiz 1
Grading Summary
These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.
Date Taken:
1/16/2015
Time Spent:
1 h , 45 min , 15 secs
Points Received:
73 / 90 (81.1%)
Question Type:
# Of Questions:
# Correct:
Multiple Choice
6
3
Essay
4
N/A
Grade Details - All Questions
Page:
1 2
Question 1.
Question :
(TCO F) Computing unit product costs involves averaging in
Job-Order Costing
Process Costing
A
Yes
No
B
Yes
Yes C
No
Yes D
No
No
Student Answer:
Choice A.
Choice B.
Choice C.
Choice D. Instructor Explanation:
Chapter 3
Points Received:
0 of 5 Comments:
Question 2.
Question :
(TCO F) Which of the following companies would be most likely to use a job-order costing system rather than a process costing system?
Student Answer:
Fast-food restaurant
Ship building
Crude oil refining
Candy making Instructor Explanation:
Chapter 3
Points Received:
5 of 5 Comments:
Question 3.
Question :
(TCO F) Unizat Corporation uses the weighted-average method in its process costing system. The following information pertains to one of the company's processing departments for a recent month.
Units
Material Cost
Beginning work in process
30,000
$22,000
Started during the month
80,000
$72,000
Units completed
85,000
Ending work in process
25,000
All materials are added at the beginning of the process. The cost per equivalent unit for materials is closest to
Student Answer:
$0.86.
$0.90.
$1.10.
$1.18. Instructor Explanation:
To solve for ending work in process + Work in process, beginning
30,000
+ Units started into production during the month
80,000
- Units completed and transferred out during the month
85,000
= Work in process, ending
25,000
Equivalent Units of Production
Materials
Transferred to next department
85,000
Ending work in process
These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.
Date Taken:
1/16/2015
Time Spent:
1 h , 45 min , 15 secs
Points Received:
73 / 90 (81.1%)
Question Type:
# Of Questions:
# Correct:
Multiple Choice
6
3
Essay
4
N/A
Grade Details - All Questions
Page:
1 2
Question 1.
Question :
(TCO F) Computing unit product costs involves averaging in
Job-Order Costing
Process Costing
A
Yes
No
B
Yes
Yes C
No
Yes D
No
No
Student Answer:
Choice A.
Choice B.
Choice C.
Choice D. Instructor Explanation:
Chapter 3
Points Received:
0 of 5 Comments:
Question 2.
Question :
(TCO F) Which of the following companies would be most likely to use a job-order costing system rather than a process costing system?
Student Answer:
Fast-food restaurant
Ship building
Crude oil refining
Candy making Instructor Explanation:
Chapter 3
Points Received:
5 of 5 Comments:
Question 3.
Question :
(TCO F) Unizat Corporation uses the weighted-average method in its process costing system. The following information pertains to one of the company's processing departments for a recent month.
Units
Material Cost
Beginning work in process
30,000
$22,000
Started during the month
80,000
$72,000
Units completed
85,000
Ending work in process
25,000
All materials are added at the beginning of the process. The cost per equivalent unit for materials is closest to
Student Answer:
$0.86.
$0.90.
$1.10.
$1.18. Instructor Explanation:
To solve for ending work in process + Work in process, beginning
30,000
+ Units started into production during the month
80,000
- Units completed and transferred out during the month
85,000
= Work in process, ending
25,000
Equivalent Units of Production
Materials
Transferred to next department
85,000
Ending work in process