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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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