Home / Questions / To simplify the accounting the journal entry to record the transfer of costs from one
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?
A) Aircraft
B) Chemicals
C) Construction
D) Printing
20) Which of the following would use process costing?
A) Clear Channel advertising
B) PIP Printing
C) Pepsi
D) DBA Management Consultants
Jan 28 2020 View more View Less
Name one economic interaction that isn't covered by the simplified circular-flow diagram.Here is a tip:A part of an individual's income is shared with the government too.
Jul 11 2021Assume that Country A is relatively abundant in labor and Country B is relatively abundant in land. Note that wages are the returns to labor and rents are the returns to ...
Nov 23 2019In this BT circuit, find ,B: 'C-,E,VBE. VCE Assumes-100,VD,-0.7 V, Vs,-0.2 V After finding the transistor parameters, choose the correct answer from the provided options ...
Jul 26 2020The parameters of the equivalent circuit of a I50-kVA, 2400-V/240-V transformer, shovm in Fig. 2-3, are R, = 0.2 fl, R2= 2 mQ, X, = 0.45 C2, X, = 4.5 inn, R, = 10 kfl, an...
Jun 03 2020What is the chemical equation (showing the origin of acidity or basicity) for the reaction with water of a) BaO, b) H2S, and c) CH3NH2
Jul 30 2021With an upward sloping supply curve which of the following is true?a. an increase in price results in a decrease in quantity demandedb. an increase in price results in an...
May 12 2021Show the case of a binding price ceiling graphically. Does a binding price ceiling create a shortage or surplus of a good in its market?Define the term price floo...
Apr 12 2021We’ve now built our basic model for an open economy in the Medium Run, the Mundell-Flemingmodel. The best way to understand it is to build it yourself. Hence your task he...
May 27 2020England and Scotland both produce scones and sweaters. Suppose that an English worker can produce 50 scones per hour or 1 sweater per hour.Suppose that a Scottish worker ...
Jul 11 2021Consider the representative household in the static two-good consumption model whose preferences are represented by u(C1, C2) = V01+ VC2, with each good priced at Pı and ...
Jun 01 2021