FIFO

1) The equivalent units of production will always be similar or smaller when FIFO costing is used (compared with under Average method)

• 
  1) True

• 2) False

• 3) only in some situation

• 4) none

2) Which costing method would detect more accurately changes in unit costs period by period ?

• 1) FIFO costing method

• 2) Average costing method

• 3) Same

• 4) Depending on situations

3) For Pressing and Cutting Department in worksheet4 (FIFO),     

Calculate the equivalent units of material, labor and MOH.

• A. 5560 (Material),

  5245 (Labor),

  5229 (MOH)

• B. 5580 (Material),

  5245 (Labor),

  5229 (MOH)

• A. 5580 (Material),

  5260 (Labor),

  5239 (MOH)

• A. 5560 (Material),

  5260 (Labor),

  5239 (MOH)

4) For Pressing and Cutting Department in worksheet4,     

Calculate the total Cost required (in this department) to produce a complete unit n February .

• 13.45

• 13.62

• 13.94

• 13.78

5) For Pressing and Cutting Department in worksheet4,     

Calculate Cost per unit of a transferred out unit from beginning WIP.

• 14.11

• 14.23

• 14.35

• 14.42

6) For Pressing and Cutting Department in worksheet4,     

Calculate Cost per unit of a transferred out unit which start and complete this period.

• 13.56

• 6.88

• 13.94

• 3.94

7) For Pressing and Cutting Department in worksheet4,     

Calculate Cost per unit of Ending WIP.

• 8.45

• 8.56

• 6.88

• 8.68

8) For Pressing and Cutting Department in worksheet4,     

Calculate the total costs transferred out to next Department

• 26526

• 40705

• 67231

• 67856

9) For Trimming and Painting Department in worksheet4,     

Calculate Cost per equivalent units of Tran-in, material, labor and MOH..

• A) 4800 (Tran-in),

  4770 (Material),

  4770 (Labor), and

  4770 (MOH)

• B) 4800 (Tran-in),

  4660 (Material),

  4660 (Labor), and

  4660 (MOH)

• C) 4000 (Tran-in),

  4770 (Material),

  4770 (Labor), and

  4770 (MOH)

• D) 4000 (Tran-in),

  4660 (Material),

  4660 (Labor), and

  4660 (MOH)

10) For Trimming and Painting Department in worksheet4,     

Calculate total cost required to complete a unit (only production in this department) in Feb

• 22.8

• 14.01

• 8.79

• all are incorrect