1.Which cost accumulation procedure is most applicable in continuous mass-production manufacturingenvironments?a.standardb.actualc.processd.job orderANS: CDIF:EasyOBJ:6-1
2.Process costing is used in companies thatDIF:EasyOBJ:6-1
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College Algebra
Gustafson/Hughes
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3.A producer of ________ wouldnotuse a process costing system.DIF:EasyOBJ:6-1
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4.A process costing system is used by a company thatDIF:EasyOBJ:6-1
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5.Which is the best cost accumulation procedure to use for continuous mass production of like units?a.actualb.standardc.job orderd.processANS: DDIF:EasyOBJ:6-1
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7.In a process costing system using the weighted average method, cost per equivalent unit for a givencost component is found by dividing which of the following by EUP?
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.d.current period cost plus the cost of ending inventoryANS: BDIF:EasyOBJ:6-28.The weighted average method is thought by some accountants to be inferior to the FIFO methodbecause itDIF:ModerateOBJ:6-3
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9.The first step in determining the cost per EUP per cost component under the weighted average methodis toa.add the beginning Work in Process Inventory cost to the current period's production cost.b.divide the current period's production cost by the equivalent units.c.subtract the beginning Work in Process Inventory cost from the current period'sproduction cost.d.divide the current period's production cost into the EUP.ANS: ADIF:ModerateOBJ:6-3
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FIFO and LIFO accounting
Which cost accumulation procedure is most applicable in continuous mass-production manufacturing environments?
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Process costing is used in companies that=produce bricks for sale to the public.
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A producer of ____ wouldnotuse a process costing system.
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A process costing system is used by a company that
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Which is the best cost accumulation procedure to use for continuous mass production of like units?
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In a process costing system using the weighted average method, cost per equivalent unit for a given cost component is found bydividing which of the following by EUP?
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The weighted average method is thought by some accountants to be inferior to the FIFO method because it
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The first step in determining the cost per EUP per cost component under the weighted average method is to=add the beginning Work in Process Inventory cost to the current period's production cost.The difference between EUP calculated using FIFO and EUP calculated using weighted average is the equivalent units=residing in beginning Work in Process Inventory.EUP calculations for standard process costing are the same as= the EUP calculations for FIFO process costing.In a FIFO process costing system, which of the following are assumed to be completed first in the current period?
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