Reference no: EM132567439

Question 1. All of the following describe process costing, except,

A. Costs are accumulated per department

B. Production in process is reported at its equivalent unit

C. Production is reported per department

D. Total cost is calculated upon completion of the order

Question 2. Coronavirus Inc. produced 500,000 complete units of products and 25,000 incomplete units. Direct materials added at the beginning of the process costs $840,000 and conversion costs applied uniformly were $412,000. There were no beginning inventories. The incomplete units are 40% incomplete at the end of the costing period. What is the cost absorbed by the 500,000 complete units?

A. $1,200,000

B. $1,243,921

C. $1,252,000

D. $1,260,000

Question 3. The amount of the entry that is credited to work in process account represents:

A. Cost of goods sold

B. Cost of goods placed in process

C. Cost of goods manufactured

D. Cost of goods available for sale

Question 4. The application of predetermined factory overhead cost in job order costing is done

A. At the start of the production process

B. During the manufacturing process

C. At the end of the process

D. Anytime depending on the product.

Question 5. When the amount of overapplied factory overhead is insignificant, the entry to close overapplied factory overhead will most likely require:

A. A debit to cost of goods sold

B. Debits to cost of goods sold, finished goods inventory and work in process inventory

C. A credit to cost of goods sold

D. Credits to cost of goods sold, finished goods inventory and work in process inventory