ACCT 505 Quiz 1

Topics: Inventory, Supply chain management terms, Costs, Cost accounting, Manufacturing, Material / Pages: 18 (1499 words) / Published: Jul 29th, 2015
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

You May Also Find These Documents Helpful