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Multiple Choice Quiz
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1
Which of the following is most likely to use process costing?
A)Custom cabinet maker
B)Print shop
C)Small motors repair shop
D)None of the above
2
How many different categories of units are found in a process cost system?
A)Two
B)Three
C)Four
D)Five
3
Consider the following:

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What were the equivalent units of conversion for the period?
A)112,750
B)112,000
C)110,750
D)97,250
4
Consider the following schedule of equivalent units and total costs for materials and conversion:

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What is the total cost of the units started and completed?
A)$17,500
B)$24,820
C)$34,748
D)$23,219
5
Consider the following schedule of equivalent units and total costs for materials and conversion:

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What is the total dollar value of the ending work in process inventory?
A)$2,482
B)$9,928
C)$11,232
D)$7,000
6
Fifteen thousand units of product were transferred from an Assembly Department to a Painting Department. The per-unit cost of each is $7, which consists of $1 for materials, $2 for labor, and $4 for overhead. The journal entry will include which of the following?
A)A debit to Work in Process: Painting Department for $105,000.
B)A credit to Materials Inventory for $15,000.
C)A credit to Manufacturing Overhead for $60,000.
D)A credit to Work in Process: Assembly Department for $90,000.
7
Consider the following schedule of equivalent units and total costs for materials and conversion:

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Calculate the total cost of the work completed during the period, assuming materials are added at the beginning of production.
A)$41,600
B)$39,500
C)$26,900
D)$28,600
8
The cost of production report illustrated in the chapter is based on which of the following?
A)An average cost flow assumption.
B)A LIFO cost flow assumption.
C)A FIFO cost flow assumption.
D)None of the above.
9
There were 1,000 units in beginning inventory, 30,000 units started, and 1,000 units in ending inventory. With regard to conversion, the beginning inventory was 60 percent complete and the ending inventory was 30 percent complete. What is the equivalent number of units for conversion?
A)29,600
B)28,900
C)29,700
D)30,400
10
There were 1,000 units in beginning inventory, 100 percent complete as to materials and 50 percent complete as to conversion. Eighty-six thousand units were started into process. There are 2,000 units in ending inventory, 100 percent complete as to materials and 50 percent complete as to conversion.

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Complete Part II of the production cost report by calculating (A) and (B).
A)85,000 and 84,500, respectively
B)85,500 and 85,000, respectively
C)86,000 and 86,000, respectively
D)85,500 and 84,500, respectively





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