Under the weighted-average method, the cost of units transferred out of a department is computed as follows for a cost category:
A. Costs added during the period + Cost of beginning work in process inventory
B. Units transferred to the next department × Cost per equivalent unit
C. Units in ending work in process inventory × Cost per equivalent unit
D. Cost of ending work in process inventory – Cost of beginning work in process inventory
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In the cost reconciliation report under the weighted-average method, the “Total cost accounted for” equals:
A. Cost of beginning work in process inventory + Cost of units transferred out
B. Cost of beginning work in process inventory + Cost of units transferred in
Cost of ending work in process inventory + Cost of units transferred out
D. Cost of ending work in process inventory + Cost added to production during the period
In the cost reconciliation report under the weighted-average method, the “Costs to be accounted for” section contains which of the following items?
A. Cost of beginning work in process inventory
B. Cost of ending work in process inventory
Cost of units transferred out
D. Cost of ending finished goods inventory
All of the following statements are correct when referring to process costing except:
A. Process costing would be appropriate for a jeweler who makes custom jewelry to order.
B. A process costing system has the same basic purposes as a job-order costing system.
C. Units produced are indistinguishable from each other.
D. Costs are accumulated by department.
A process costing system is employed in those situations where:
A. many different products, jobs, or batches of production are being produced each period.
B. where manufacturing involves a single, homogeneous product that flows evenly through the production process on a continuous basis.
C. a service is performed such as in a law firm or an accounting firm.
D. full or absorption cost approach is not employed.
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