Managerial accounting test 5-8

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Process costing is most likely used in which of the following industries

Chemicals

What does direct labor costs plus manufacturing overhead equal

Conversion costs

A company manufacturing wallets. Last month costs were Direct materials 235,000 Direct labor 155,000 Manufacturing overhead 82,000

Conversion costs= Direct Labor+Manufacturing Overhead 155,000+82,000=237,000

Manufacturing costs are usually combined into two catergories in a process costing system these two categories are

Direct materials and conversion costs

In process costing______________is/are found by taking the number of partially completed physical units and multiplying it by the percentage of the process completed

Equivalent units

Which of the following is a measure of the amount of work done, expressed in complete units of output

Equivalent units

In a process system, direct labor and manufacturing overhead are normally

Incurred evenly throughout the process

The two basic types of product costing systems are

Job and process

Process costing would likely be used by which of the following

Pepsi co

Process costing is most likely used in which of the following industries

Pharmaceuticals

A system for assigning costs for products made in a continuatious process

Process costing

The cost system used by an oil refinery would be

Process costing

The costing system used by a company making computer chips would be

Process costing

Which of the following product costing systems is normally used to assign costs to goods that are mass produced goods

Process costing

The first step of the 5 step process costing procedure is

Summarize the flow of physical units


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