MCQs & Explanatory

1.         (TCO F) Computing unit product costs involves averaging in

2.         (TCO F) Luft Company uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below:

3.         (TCO F) Assume there was no beginning work in process inventory and the ending work in process inventory is 70% complete with respect to conversion costs. Under the weighted-average method, the number of equivalent units of production with respect to conversion costs would be: (Points : 5)

4.         (TCO F) Which of the following accounts is debited when direct labor is recorded? (Points : 5)

5.         (TCO F) During December at Ingrim Corporation, $74,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the requisition from the storeroom would include a: (Points : 5)

6.         (TCO F) Wedd Corporation had $35,000 of raw materials on hand on May 1. During the month, the company purchased an additional $68,000 of raw materials. During May, $92,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $5,000. The debits to the Work in Process account as a consequence of the raw materials transactions in May total: (Points : 5)

7.         (TCO F) Whether a company uses process costing or job-order costing depends on its industry. A number of companies in different industries are listed below:

8.         (TCO F) Job 728 was recently completed. The following data have been recorded on its job cost sheet:

9.         (TCO F) Harmon Company uses the weighted-average method in its process costing system. The Curing Department of Harmon Company reported the following information for the month of November.

10.       (TCO F) Weisinger Corporation has provided the following data for the month of January:..Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form(Points : 15)

 

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