Managerial Accounting
rading Summary
These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. Date Taken: 7/20/2014
Time Spent: 1 h , 53 min , 10 secs
Points Received: 85 / 90 (94.4%)
Question Type: # Of Questions: # Correct:
Multiple Choice 6 5
Essay 4 N/A
Grade Details - All Questions
Page: 1 2
Question 1. Question : (TCO F) Computing unit product costs involves averaging in: Job-Order Costing Process Costing
A Yes No
B Yes Yes
C No Yes
D No No Student Answer: Choice A. Choice B. Choice C. Choice D. Instructor Explanation: Chapter 3 Points Received: 0 of 5 Comments: Question 2. Question : (TCO F) Process costing would be appropriate for each of the following except: Student Answer: custom furniture manufacturing. oil refining. grain milling. newsprint production. Instructor Explanation: Chapter 4 Points Received: 5 of 5 Comments: Question 3. Question : (TCO F) Unizat Corporation uses the weighted-average method in its process costing system. The following information pertains to one of the company's processing departments for a recent month: Units Material Cost
Beginning work in process 30,000 $22,000
Started during the month 80,000 $72,000
Units completed 85,000
Ending work in process 25,000 All materials are added at the beginning of the process. The cost per equivalent unit for materials is closest to: Student Answer: $0.86 $0.90 $1.10 $1.18 Instructor Explanation: To solve for ending work in process:
+ Work in process, beginning 30,000
+ Units started into production during the month 80,000
- Units completed and transferred out during the month 85,000
= Work in process, ending 25,000 Equivalent Units of Production Materials
Transferred to next department 85,000
Ending work in process (conversion: 25,000 units x 10% complete) 25,000
These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. Date Taken: 7/20/2014
Time Spent: 1 h , 53 min , 10 secs
Points Received: 85 / 90 (94.4%)
Question Type: # Of Questions: # Correct:
Multiple Choice 6 5
Essay 4 N/A
Grade Details - All Questions
Page: 1 2
Question 1. Question : (TCO F) Computing unit product costs involves averaging in: Job-Order Costing Process Costing
A Yes No
B Yes Yes
C No Yes
D No No Student Answer: Choice A. Choice B. Choice C. Choice D. Instructor Explanation: Chapter 3 Points Received: 0 of 5 Comments: Question 2. Question : (TCO F) Process costing would be appropriate for each of the following except: Student Answer: custom furniture manufacturing. oil refining. grain milling. newsprint production. Instructor Explanation: Chapter 4 Points Received: 5 of 5 Comments: Question 3. Question : (TCO F) Unizat Corporation uses the weighted-average method in its process costing system. The following information pertains to one of the company's processing departments for a recent month: Units Material Cost
Beginning work in process 30,000 $22,000
Started during the month 80,000 $72,000
Units completed 85,000
Ending work in process 25,000 All materials are added at the beginning of the process. The cost per equivalent unit for materials is closest to: Student Answer: $0.86 $0.90 $1.10 $1.18 Instructor Explanation: To solve for ending work in process:
+ Work in process, beginning 30,000
+ Units started into production during the month 80,000
- Units completed and transferred out during the month 85,000
= Work in process, ending 25,000 Equivalent Units of Production Materials
Transferred to next department 85,000
Ending work in process (conversion: 25,000 units x 10% complete) 25,000