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1
Which of the following terms would be used in a process costing system and not in a job order cost system?
A)Materials requisition
B)Job order cost sheet
C)Equivalent units
D)Cost of goods available
2
A characteristic that job-order systems, process cost systems, and hybrid systems have in common is:
A)that cost systems require the use of some form of cost averaging.
B)the type of product manufactured by a company does not influence the type of accounting system used.
C)the manufacturing process does not influence the type of accounting system used by a company.
D)that managers rely upon the cost system to provide information based only upon actual costs.
3
Clayton Corporation reports the following:
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What is the amount of work-in-process ending inventory?
A)$2,000,000
B)$2,132,000
C)$2,682,000
D)$4,430,000
4
Clayton Corporation reports the following:
<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078025656/862044/ch12_4.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (24.0K)</a>
What is the amount of cost of goods manufactured?
A)$6,416,000
B)$4,430,000
C)$2,682,000
D)$7,102,000
5
Clayton Corporation reports the following:
<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078025656/862044/ch12_5.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (23.0K)</a>
What is the total expense reported on the income statement for Job 101?
A)$0
B)$2,682,000
C)$2,782,000
D)You cannot tell from the information given.
6
Clayton Corporation reports the following:
<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078025656/862044/ch12_6.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (24.0K)</a>
What is the amount of over/under applied overhead for the period?
A)$100,000 overapplied
B)$100,000 underapplied
C)$200,000 overapplied
D)$200,000 underapplied
7
If under/over applied overhead is considered to be significant, which account(s) should it be allocated to?
A)Cost of goods sold
B)Work-in-process, cost of goods sold
C)Work-in-process, finished goods, cost of goods sold
D)Work-in-process, finished goods
8
Ajax started 400,000 units and completed 300,000 units. The uncompleted units are 60% complete. What is the total number of equivalent units completed during the period?
A)300,000
B)340,000
C)360,000
D)400,000
9
Andrew Company has the following balances:
<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078025656/862044/ch12_9.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (11.0K)</a>
Assume all material was used in production. What is gross margin, if all production was sold for $260,200?
A)$3,450
B)$80,000
C)$82,650
D)$86,650
10
Andrew Company has the following balances:
<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078025656/862043/ch12_10.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (12.0K)</a>
If the over/under applied overhead is insignificant, what is the impact on cost of goods sold?
A)Decrease cost of goods sold $200
B)Increase cost of goods sold $200
C)Decrease cost of goods sold $250
D)Increase cost of goods sold $250
11
In a process cost system, which is the best description of cost flows?
A)The output of one department gets transferred in and accounted for as finished goods.
B)The output of one department gets accounted for as the transferred in cost that is similar to the raw materials in the next department.
C)The output of one department gets accounted for as the transferred in cost that is accounted for in the raw materials account in the next department.
D)The output of one department gets accounted for as the transferred in cost that is accounted for in the finished goods account in the next department.
12
A job cost sheet:
A)accumulates detailed cost information on the product.
B)accumulates all costs required to make and sell the product.
C)accumulates upstream costs required to produce the product.
D)accumulates the actual costs of the product as required by GAAP.
13
Sadie Electronics purchased $12,000 worth of material on account and used $14,000 worth of materials in production. The time ticket indicated 60 hours worked at $12 per hour. Sadie paid cash for $1,230 worth of sales and administrative expenses. Sadie sold $4,000 worth of goods for $7,280. Sadie applied overhead at the rate of $ 0.50 per direct material dollar used. Actual overhead for the period was $6,000.
Which of the following is a true statement?
A)Net income from operations is $4,050.
B)Cost of production decreases $3,050.
C)Net income from operations is $2,050.
D)Cost of production increases $4,050.
14
The FIFO method of determining the number of equivalent units:
A)assumes that the physical flow matches the cost flow.
B)is more difficult to apply but more accurate.
C)ignores partially completed beginning inventory.
D)assumes that income matches cost flow.
15
Plaxil Pharmaceuticals transferred $18,000 worth of material to production, paid workers$1,300 (100 hours) and applied overhead at the rate of $20 per direct labor dollar. Plaxil transferred $16,000 to finished goods.
What is the balance of the work in process account?
A)$5,300
B)$5,800
C)$19,300
D)$20,800





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