Equivalent units of production are computed to assign costs to partially completed units.

Process Costing

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Other
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University
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Medium

GLADYS ULITIN
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40 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
TRUE
FALSE
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Process costing is applicable when manufacturing heterogeneous products.
TRUE
FALSE
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The flow of costs through the manufacturing accounts is basically the same in both job order and process costing.
TRUE
FALSE
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The EUP will be the same under FIFO method and weighted average method if there is no beginningwork in process inventory.
TRUE
FALSE
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The weighted average method combines work in process beginning and started in process finished and transferred units.
TRUE
FALSE
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Using the process costing, the companies will use separate work in process account for each production department.
TRUE
FALSE
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Under the weighted average method, the equivalent units used to compute the unit costs of ending inventories relate only to work done during the current period.
TRUE
FALSE
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