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111) The five steps of the process costing procedure are scrambled below: 1.Assign total costs to…

by | Sep 9, 2023 | accounting

111) The five steps of the process costing procedure are scrambled below:

1.Assign total costs to units completed and to units in ending WIP Inventory.

2.Summarize total costs to account for.

3.Compute the cost per equivalent unit.

4.Summarize the flow of physical units.

5.Compute output in terms of equivalent units.

The correct order for these steps is:

A) 3, 1, 4, 2, 5.

B) 5, 3, 1, 4, 2.

C) 2, 4, 5, 1, 3.

D) 4, 5, 2, 3, 1.

112) In Step 1 of the process costing procedure, the “total units to account for” is the sum of

A) the units in beginning WIP plus the units in ending WIP.

B) the units in ending WIP plus the units started in production during the month.

C) the units in beginning WIP plus the units started in production during the month.

D) the units completed and transferred out plus the units started in production during the month.

113) In Step 1 of the process costing procedure, the “total units accounted for” is the sum of

A) the units completed and transferred out plus the units in ending WIP.

B) the units in ending WIP plus the units started in production during the month.

C) the units in beginning WIP plus the units in ending WIP.

D) the units in beginning WIP plus the units completed and transferred out.

114) How is the cost per equivalent unit computed?

A) Total equivalent units divided by total costs to account for

B) Total costs to account for divided by total equivalent units

C) Costs in beginning WIP Inventory divided by equivalent units in beginning WIP

D) Costs added to production during the month divided by equivalent units in ending WIP

115) Which of the following items would appear first on a production cost report?

A) Total costs accounted for

B) Cost of goods finished for the month

C) Total equivalent units

D) Beginning WIP, if any

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