Management Accounting Ch03
Quizzes and Multiple Choice
Quizzes and Multiple Choice
Set of flashcards Details
| Flashcards | 27 |
|---|---|
| Language | English |
| Category | Finance |
| Level | University |
| Created / Updated | 25.05.2021 / 31.01.2023 |
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Costs are assigned to each specific job in a process cost system.
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In a process cost system, total costs are determined at the end of a period of time, such as a month.
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In a process cost system, the unit cost is total manufacturing costs divided by the equivalent units produced during the period.
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The accumulation of the costs of materials, labor, and manufacturing overhead is the same in a process cost system as in a job order cost system.
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More materials requisitions are generally required in a process cost system than in a job order cost system.
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Equivalent units of production equals units completed and transferred out + units in beginning work in process.
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Two equivalent unit computations are necessary—one for materials and the other for conversion costs.
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The first step in preparing a production cost report is to compute the equivalent units of production.
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The cost reconciliation schedule shows that the total costs accounted for equal the total costs to be accounted for.
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Units in work in process at the beginning of the period are included in units “started and completed” under the FIFO method.
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Which of the following is not a step in preparing a production cost report?
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A department has no beginning work in process, has started 80,000 units and completed 50,000 units. Its ending work in process is 30,000 units, 60% complete as to conversion costs and fully complete as to materials. Its equivalent units for conversion costs are
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In process costing, the computation of unit production costs requires
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Which of the following is not included in a production cost report?
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Unit costs for materials and conversion costs amount to $4 and $5 respectively. The ending work in process costs for 8,000 units (100% complete as to material and 70% complete as to conversion costs) amount to
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Conversion costs
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The sum of labor costs and overhead costs.
Cost reconciliation schedule
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A schedule that shows that the total costs accounted for equal the total costs to be accounted for.
Operations costing
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A combination of a process cost and a job order cost system in which products are manufactured primarily by standardized methods, with some customization.
Physical units
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Actual units to be accounted for during a period, irrespective of any work performed.
Process cost system
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An accounting system used to apply costs to similar products that are mass-produced in a continuous fashion.
Production cost report
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An internal report for management that shows both production quantity and cost data for a production department.
Total units (costs) accounted for
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The sum of the units (costs) transferred out during the period plus the units (costs) in process at the end of the period.
Total units (costs) to be accounted for
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The sum of the units (costs) started (are transferred) into production during the period plus the units (costs) in process at the beginning of the period.
Unit production costs
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Costs expressed in terms of equivalent units of production.
Weighted-average method
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Method of computing equivalent units of production which considers the degree of completion (weighting) of the units completed and transferred out and the ending work in process.
In a process cost system, manufacturing overhead:
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KLM SE uses the FIFO method to compute equivalent units. It has no beginning work in process; 9'000 units are started and completed and 3'000 units in ending work in process are one-third completed. All material is added at the beginning of the process. If total materials costs is CHF 60'000, the unit material cost is:
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