ACCT 344 Week 2 Quiz

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ACCT 344 Week 2 Quiz

1. (TCO 3) The appropriate cost accounting system to use when inventory items are produced on an assembly line is

2. (TCO 3) As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in

3. (TCO 3) “Equivalent units” expresses all activity of the period in terms of

4. (TCO 3) Holly Inc. manufactures dolls. The following data were provided for production results for the current month.
     0          Units, beginning work-in-process
     300      Units started
     ?          Units completed
     100      Units, ending work-in-process (40% complete)
Which are the equivalent units?

5. (TCO 3) When products and their costs are moved from one process to the next process, these costs are referred to as

6. (TCO 3) Keller Inc. manufactures office chairs. The following data were provided for production results for the current month.
      0               Units, beginning work-in-process
      6,000        Units started
     ?                Units completed
     2,000         Units, ending work-in-process
     $440,000   Cost of direct materials
     $64,000     Cost of conversion
Ending inventory is 100% complete for materials and 20% complete for conversion. How many units were started and completed?

7. (TCO 3) The two methods used to determine equivalent units of production are

8. (TCO 3) Abby Corp. adds raw materials to production at the beginning of the process in the Assembly Dept. Materials data for this department for the current month are as follows. Beginning inventory was 70% complete. Ending inventory was 40% complete. How many equivalent units for materials would there be for Abby Corp. during the month using the FIFO method?

9. (TCO 3) The following information was provided by Sally Company. All materials are added at the beginning of the process. How many equivalent units for materials would there be using the weighted average method?

10. (TCO 3) The material cost per equivalent unit using the weighted average method is calculated as

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