managerial accounting ch 4

using the weighted avergae method, there are a total of ________ equivalent units of production if work in process inventory has 100 units that are 40% complete and 300 units were transferred to the next department during the period.

340

equivalent

To report ending inventory, partially completed units are translated into ____ units.

Differences between job-order and process costing include that process costing:

accumulates costs by department; is used for indistinguishable products

FIFO method

bases costs solely on the costs and outputs from the current period

Similarities between job-order costing and process costing include the:

basic purpose to assign and compute product costs; flow of costs through the manufacturing accounts; manufacturing accounts used

costs per equivalent unit are used to value:

both units in ending inventory and units transferred to the next department

weighted average method

combines costs and outputs from the current and prior periods

the correct journal entry to apply MOH costs to processing Dept #1 would be to _____ MOH and _____ WIP-Dept #1

credit, debit

process costing accumulates costs by ___________.

department

Weighted average only

equivalent units of production equals the number transferred to the next department(or finished goods)plus equivalent units in ending work in process under which method(s) of costing?

the JE to record the transfer completed units to the finished goods warehouse is debit:

finished goods and credit WIP

in process costing, manufacturing overhead costs are:

generally applied using a predetermined overhead rate

homogeneous

in a processing department, all units of output are ______.

paper towels, breakfast cereal, sunscreen

Industries/products more suitable for process costing than job-order costing include:

when a customer's order is filled and units are sold, there is a ______ to FG and a _________ to COGS

credit, debit

the two most commonly used methods for determining unit product costs are _______-______ and _______ costing

job-order, process

conversion

Direct labor plus manufacturing overhead equals _______ cost.

when using process costing, which of the following can be added in any department?

Materials, labor, and overhead

weighted average and FIFO

Methods to calculate departmental unit costs include:

processing

Work is performed on products, and materials, labor, and overhead costs are added to products in a(n) ____ department

WIP- Dept. B

a product requires processing in two departments, A and B, Products start in Dept. A. Costs transferred out of Dept A will be transferred to:

True or false: the EUs of production computed under the weighted average method does not take into account the percentage completed of the beginning inventory

true

False

true or false: When using process costing, labor and overhead can be added in any department, but materials can only be added in the first processing department

work in process

when using process costing, a separate ______ account is maintained for each processing department.