ACC 310 Week 3 Quiz

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For which of the following businesses would the job order cost system be appropriate?

Before prorating the manufacturing overhead costs at the end of 2008, the Cost of Goods Sold and Finished Goods Inventory had applied overhead costs of $57,500 and $20,000 in them, respectively. There was no Work-in-Process at the beginning or end of 2008. During the year, manufacturing overhead costs of $74,000 were actually incurred. The balance in the Applied Manufacturing Overhead was $77,500 at the end of 2008. If the under or overapplied overhead is prorated between Cost of Goods Sold and the inventory accounts, how much will be allocated to the Finished Goods Inventory?

Which of the following statements is (are) true regarding product costing?
(A) A job is a cost object that can be easily and conveniently distinguished from other cost objects.
(B) Job cost sheets are used in accounting systems as a subsidiary ledger for the Work-in-Process account

The Viva Company had 20,000 units in process on December 31, 2008 which was 80% complete as to materials but only 40% complete as to conversion costs. The company’s records show 40,000 units were transferred to the Finished Goods Inventory during January 2009. On January 31, 2009, 15,000 units were on hand which were 30% complete as to conversion costs and 60% complete as to materials. What are the equivalent units of production for the conversion costs in January, assuming Viva uses first-in, first-out (FIFO)?

RST Company incurred $126,000 in material costs during July. Additionally, the 12,000 units in the Work-in-Process Inventory on July 01 had materials assigned to them of $32,000, even though they were only 5% complete as to materials. No additional units were started during July, and there were no incomplete units on hand on July 31. What is the material cost per unit for July, assuming RST uses weighted-average process costing?

Cost pools are used with: 
(A). Plant Wide Rates
(B). Department Rates

Which of the following accounts is used to accumulate the actual manufacturing overhead costs incurred during a period?

Which of the following statements regarding first-in, first-out (FIFO) process costing is/are true?
(A) First-in, first-out (FIFO) process costing transfers out the costs in beginning inventory before transferring out the costs associated with units started and completed.
(B) First-in, first-out process costing requires one additional step in assigning costs to the units transferred out and the ending Work-in-Process Inventory.

Which one of the following accounts is not used in an activity-based costing (ABC) system?

Materials are added at the beginning of a process in a process costing system. The beginning Work-in-Process Inventory was 30% complete as to conversion costs. Using first-in, first-out (FIFO) process costing, the total equivalent units for material are