Question

The basic document for keeping track of costs in a job order costing system is a

	a.	process cost report.
	b.	job order cost card.
	c.	labor time card.
	d.	materials requisition form.

Which of the following products probably would be manufactured using a job order costing system?

	a.	Computer monitors
	b.	Baseball bats
	c.	Company business cards
	d.	Paper

Which of the following is not a characteristic of a process costing system?

	a.	Manufacturing costs are grouped by processes, departments, or work cells.
	b.	Customized products are manufactured.
	c.	A specific time period is used.
	d.	Several Work in Process Inventory accounts are used

The following data were taken from the accounting records of a company that uses the Weighted Average method in its process costing system:

Beginning work in process inventory: 20,000 units (materials 100% complete, conversion costs 60% complete)         Started in process during the period:       80,000 units    Ending work in process inventory: 30,000 units (materials 100% complete, conversion costs 70% complete)

The equivalent units are

	a.	materials, 80,000 units; conversion costs, 91,000 units.
	b.	materials, 100,000 units; conversion costs, 91,000 units.
	c.	materials, 100,000 units; conversion costs, 79,000 units.
	d.	materials, 80,000 units; conversion costs, 79,000 units.

Answer 1

The basic document for keeping track of costs in a job order costing system is a

(b)

Job order cost card

Which of the following products probably would be manufactured using a job order costing system?

( c )

Company business cards

All other products are manufactured in batches. Wheras company business cards are unique and a specific job.

Which of the following is not a characteristic of a process costing system?

(b)

Customized products are manufactured

Customized products require specific attention and cost and process for product and generally are low in quantity whereas process costing items are

bulk quantity items. Rest other features are available in process costing system.

The following data were taken from the accounting records of a company that uses the Weighted Average method in its process costing system:

Beginning work in process inventory: 20,000 units (materials 100% complete, conversion costs 60% complete)

Started in process during the period:       80,000 units

Ending work in process inventory: 30,000 units (materials 100% complete, conversion costs 70% complete)

The equivalent units are

Material

process started

80000

units

WIP inventory

30000

units

(100 % complete)

So equivalent units

80000

Conversion cost

opening process done

20000*40%

opening process done

8000

units

process started

80000

units

WIP inventory

30000

units

70% Complete

So uncomplete units

30000*30%

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