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    Process Costing Problems

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    Arcee
    This document contains a 10 question multiple choice quiz on accounting concepts related to inventory, production costs, and equivalent units. The questions involve calculations related to beginning inventory, units placed into and transferred out of production, and costs incurred for direct labor, materials, and overhead for a production period. The correct answers to each question are not provided.

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    Process Costing Problems

    Uploaded by

    Arcee
    353 views3 pages
    This document contains a 10 question multiple choice quiz on accounting concepts related to inventory, production costs, and equivalent units. The questions involve calculations related to beginning inventory, units placed into and transferred out of production, and costs incurred for direct labor, materials, and overhead for a production period. The correct answers to each question are not provided.

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    This document contains a 10 question multiple choice quiz on accounting concepts related to inventory, production costs, and equivalent units. The questions involve calculations related to beginning inventory, units placed into and transferred out of production, and costs incurred for direct labor, materials, and overhead for a production period. The correct answers to each question are not provided.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    353 views3 pages

    Process Costing Problems

    Uploaded by

    Arcee
    This document contains a 10 question multiple choice quiz on accounting concepts related to inventory, production costs, and equivalent units. The questions involve calculations related to beginning inventory, units placed into and transferred out of production, and costs incurred for direct labor, materials, and overhead for a production period. The correct answers to each question are not provided.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    ACCOUNTING 9 2ND QUIZ (4/6/21)

    MCQ-Computational

    1. Beginning Inventory 0; Units placed in production during the month 73,000;Units


    transferred to the next department during the month 67,000; ending work in process
    (1/3 complete as to overhead); overhead costs incurred for the month P282,900. What
    is the equivalent production for overhead during the month? *
    answer not given
    71,000
    73,000
    67,000

    2.Beginning Inventory 0; Units transferred in during the month 4,700;Units transferred


    to finished goods during the month 4,300; ending work in process (25% complete as to
    labor) 400; labor costs incurred for the month P14,080. What is the equivalent
    production for labor during the month? *
    4,400
    answer not given
    4,600
    4,700

    3.The cost of materials put into production in a department during the month totaled
    P188,400. By the end of the month, these materials had been used for 32,000 units of
    which 29,000 were completed and transferred out and 3,000 were in process. Eighty
    percent of materials were added to the units in process. What is the equivalent units of
    production for materials? *
    31,400
    32,000
    29,600
    31,000

    4. The cost of materials put into production in a department during the month totaled
    P188,400. By the end of the month, these materials had been used for 32,000 units of
    which 29,000 were completed and transferred out and 3,000 were in process. Eighty
    percent of materials were added to the units in process. What is the cost per
    equivalent unit for materials? *
    P6.36
    P5.89
    P6.00
    P6.50

    5.Beginning Inventory 0; Units placed in production during the month 73,000;Units


    transferred to the next department during the month 67,000; ending work in process
    (1/3 complete as to overhead); overhead costs incurred for the month P282,900. What
    is the overhead cost in the units transferred out? *
    P250,800
    P247,000
    P274,700
    P247,700

    6.Beginning Inventory 0; Units placed in production during the month 73,000;Units


    transferred to the next department during the month 67,000; ending work in process
    (1/3 complete as to overhead); overhead costs incurred for the month P282,900. What
    is the number of ending work in process? *
    6,000
    7,000
    5,000
    4,000

    7.Beginning Inventory 0; Units transferred in during the month 4,700;Units transferred


    to finished goods during the month 4,300; ending work in process (25% complete as to
    labor) 400; labor costs incurred for the month P14,080. What is the labor cost per
    equivalent unit? *
    P3.06
    P3.00
    P3.20
    P3.27

    8.Red Company had 6,000 units in the process at the beginning of the month in
    Dept.1 During the month an additional 14,000 units were placed in the process. If Red
    Company had 4,200 unit in process at the end of the month, what is the number of
    units transferred to Dept.2 assuming all units completed in Dept.1 are transferred to
    Dept.2? *
    24,200
    15,800
    20,000
    18,200

    9.Department 1 had put 95,000 units into process during the period and had ending
    units in process of 21,000 units. What is the number of units transferred to finished
    goods inventory if the Dept. 2's ending units in process are 12,000? *
    74,000
    62,000
    104,000
    83,000

    10.Beginning Inventory 0; Units transferred in during the month 4,700;Units


    transferred to finished goods during the month 4,300; ending work in process (25%
    complete as to labor) 400; labor costs incurred for the month P14,080. What is the
    labor cost in the ending work in process? *
    P320
    P306
    P1,280
    P960

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