1. Michaella inc uses a process costing system. A newly hired accountant identified the following procedures that must be performed by the end of close of business on Friday:
1-Calculation of equivalent units
2-Analysis of physical flows of units
3-assignemnt of cost to competed units still in process
4-calculation of unit cost
Which of the following choices correctly expresses the proper order of the preceding tasks?
1,2,34.
1,2,4,3.
1,4,3,2.
2,1,4,3
2,1,3,4

2.Peach Co uses a weighted average process costing system. Company records disclosed that the firm comp0leted 40,000 units during the month and had 10,000 units in process at the month end, 20% complete. Conversion cost associated with the beginning work in process inventory amounted to $231,000 and amounts that relate to the current month totaled $966,000. If conversion is incurred uniformly throughout manufacturing, Peach’s equivalent unit cost is:
$23.00
$23.94
$24.15
$25.80
Some other amount

3.Aglaow Co. uses a process cost system for its single product. Material A is added at the beginning of the process: in contrast, material B us added when the units are 50% complete. The firms ending work in process inventory consists of 4,000 units that are 75% complete. Which of the following correctly express the equivalent units of production with respect to materials A and B in the ending working in process inventory?
A, 3,000: B, 0
A,3,000; B, 3,000
A, 4,000; B, 0
A, 4,000; B, 4,000
A, 4,000; B, 3,000

4.Whch od the following statements about similarities between process costing and job order costing are true?
I. Both systems assign production cost to units of output
II.Both systems require extensive knowledge of financial accounting
III. The flow of costs through the manufacturing account is essentially the same.

I only, I and II, II and III, III only or I, II and III

5. Kentucky Corp uses a process cost accounting system. The company adds direct materials at the start of its productions process; conversion cost, on the other hand is incurred evenly through the manufacturing. The firm has not begging work in process inventory; its ending work in process is 40% complete. Which of the following sets of percentages would be used to calculate the correct number of equivalent units in the ending work in process inventory?

Materials, 40%; conversion cost, 40%
Materials, 40%; conversion cost, 100%
Materials, 100%; conversion cost, 40%
Materials, 100%; conversion cost, 60%
Materials, 100%; conversion cost, 100%

6. Barret Corp had 6,500 units of work in process on April 1. During April, 19,100 units were completed and as of April 30, 5,100 units remained in production. Howe many units were started during April?
11,600, 17,700, 20,500, 30,700 or none of the above

7. Unit Cost in a process costing system are derived by using :
In process units, completed units, physical units, equivalent units or a measure of activity other than those listed above

8. Fiero Corp adds all material at the beginning of the production and incurs conversion cost evenly throughout manufacturing. The company completed 70,000 units during the year and had 12,000 units in the process at the year end, 20% complete with respect to conversion cost. Equivalent units for the year total:

Materials, 70,000; conversion, 70,000
Materials, 70,000; conversion, 2,400
Materials, 72,400; conversion, 72,400
Materials, 82,000; conversion, 72,400
Materials, 82,000; conversion, 82,000

9. When calculating unit cost under the weighted average process costing method, the unit cost is based on:

Only the current periods manufacturing cost
Only cost in the periods beginning work in process inventory
A summation of the cost in the beginning work in process inventory plus costs incurred in the current period
Only cost incurred in the previous accounting periods
A summation of the cost in the beginning work in process inventory plus cost to be incurred in the upcoming period

10. Hamilton which uses a process costing system, had a balance in its Work in Process account of $68,000 on January 1. The account was charged with direct materials, direct labor and manufacturing overhead of $45,000 through out the year. If a review of the accounting records determined that $86,000 of goods were still in production a the year end, Hamilton should make a journal entry on December 31 that in clues:

A debit to Cost of Good Sold for $$432,000
A credit to Finished good Inventory for $432,000
A credit to Work in Process Inventory for $432,000
A Debit to Finished Good Inventory for $86,000
A credit to Work in process Inventory for $86,000

11. Muhares, which uses a process costing system, add material at the beginning od production and incurs conversion cost evenly throughout manufacturing. The following selected information was taken from the company’s accounting records:
Total equivalent units of ,materials : 8,000
Total equivalent units of conversion: 7,400
Units started and completed during the period: 6,500
On the basis of this information, the ending work in process inventory’s stage of completion is:
80%, 70%, 60%, 40% or some other answer

12. which of the following statements is false?
Job order costing cost are accumulated by job order
In process costing , cost are accumulated by department
In the processes costing the cost per unit in a department is found by spreading the periods manufacturing cost over the production activity
In the process costing the total cost of each unit is found by dicing the total factory cost by the number of units completed
In the job order costing the unit cost is found by dividing the jobs total cost by the jobs total units

13. Universal Manufacturing uses a weighted average process costing system. All materials are introduced at the start of the manufacturing and conversion cost are incurred evenly throughout the process. The company’s beginning and ending work in process inventories totaled 10,000 units and 15,000 units, respectively, with the latter units being 2/3 compete at the end of the period. Universal started 30,000 units into production and completed 25,000 units. Manufacturing cost follow:
Beginning work in process: material, $60,000; Conversion cost $150,000
Current cost: Materials, $180,000 conversion cost $480,000
Universal equivalent unit cost for material is:
$4.50, $6.00, $8.00, 9.60 or some other amount

14. Cosby uses weighted average process costing system. All materials are added at the beginning of the process: conversion cost are incurred evenly throughout production. The company finished 40,000 units during the period and had 15,000 units in progress at the year end, the latter at the 40% stage completion. Total material cost amounted to $220,000; conversion cost were $414,000
The cost of goods completed is:
$312,000, $414,000, $520,000, $634,000 or another amount

15.
Cosby uses a weighted average processes costing system. All materials are added at the beginning of the process; conversion cost are incurred evenly throughout production. The company finished 40,000 units during the period and had 15,000 units in progress at year end, the latter at the 40% stage of completion. Total material cost amounted to $220,000; conversion cost were$414,000
The cost od the ending work in progress is:
$54,000, $78,000, $114,000, $195,000, some other amount

16.
Companies that use a process cost accounting system would?
Establish a separate work in process inventory account for each manufacturing department
Establish a separate finished good inventory account for each manufacturing department
Pass completed production directly to cost of goods sold
Charge goods produced with actual overhead amounts rather than applied overhead amounts
Eliminate the need for the finished food inventory account

17. process costing is used to account for:
Large numbers of identical products that are produced in a continuous manufacturing environment
Small numbers of products that are produced in batches
Raw materials that are converted directly to finished good
Finished good that are refined and processed further
Large numbers of products that are produced in a non repetitive process

18.
Process costing would likely be used in all of the following industries except for
Petroleum refining
Chemicals
Truck tire manufacturing
Wood pulp production
Automobile repair

19.In a process costing system, manufacturing cost are accumulated by:
Batch
Batch and time period
Department
Department and time period
Department or process, and time period

20.
Universal Manufacturing used weighted average process costing system. All materials are introduced at the start of the manufacturing and conversion cost are incurred evenly through out the process. The company beginning and ending work in process totaled $10,000 units and 15,000 units, respectively with the latte units being 2/3 complete a the end of the period. Universal started 30,000 units into production and completed 25,000 units. Manufacturing cost follow:
Beginning work in processes: material, $60,000; conversion cost $150,000
Current cost: Materials, $180,000 conversion cost $480,000
Universal equivalent unit cost for conversion cost is :
$25.20, $18.00, $13.71, $21.00 or some other amount

1. Michaella inc uses a process costing system. A newly hired acco...