To simplify the accounting, the journal entry to record the transfer of costs from one WIP account to the next WIP account is generally made once a month to reflect ALL physical transfers that occurred during the month.
12) In process costing, the manufacturing costs assigned to the product must always follow the physical movement of the product.
13) The costs moved from one processing department to the next processing department are called “transported- out” costs in the first department and “transported-in” costs in the next department
14) When units are moved from one processing department to the next, the cost associated with those units must also be moved from one WIP account to the next. These costs are called:
A) transported costs.
B) transmitted costs.
C) conveyed costs.
D) transferred costs.
15) Hallow Company produces ping-pong balls using a three-step sequential process that includes molding, coloring and finishing. When the balls are completely finished, out of which account should their cost be transferred?
A) Finished goods inventory
B) WIP inventory?finishing
C) WIP inventory?coloring
D) WIP inventory?molding
16) Hallow Company produces ping-pong balls using a three-step sequential process that includes molding, coloring and finishing. At what stage would the Ping-Pong balls be allocated manufacturing overhead?
A) When the balls are in WIP inventory?molding
B) When the balls are in WIP inventory?finishing
C) When the balls are in WIP inventory?coloring
D) All of the above
17) What are the two basic types of product costing systems?
A) Department and plant
B) FIFO and weighted-average
C) Job and process
D) Variable and process
18) The product costing system normally used to assign costs to goods that are mass produced is:
A) fixed costing.
B) job costing.
C) LIFO costing.
D) process costing.
19) Process costing is most likely used in which of the following industries?
20) Which of the following would use process costing?
A) Clear Channel advertising
B) PIP Printing
D) DBA Management Consultants
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