ACCT 505 Week 2 Quiz Set 2
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Indirect materials included in manufacturing overhead costs incurred $ 3,000 Manufacturing overhead cost applied to work in process $ 55,000
Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form. ================================================
ACCT 505 Week 2 Quiz Set 2
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Essay 4 Multiple Choice 6 Question 1. Question:( TCO B) Assume there is no beginning work in process inventory and the ending work in process inventory is 100 % complete with respect to materials costs. The number of equivalent units with respect to materials costs under the weighted average method is Student Answer: the same as the number of units completed. less than the number of units put into production. the same as the number of units put into production. less than the number of units completed. Question 2. Question:( TCO B) For which situation( s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system? Student Answer: A steel factory that processes iron ore into steel bars A computer consulting firm A factory that processes sugar and other ingredients into candy All of the above