Managerial accounting test 5-8
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
