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Started on Monday, 11 March 2024, 9:37 PM

State Finished
Completed on Monday, 11 March 2024, 9:49 PM
Time taken 11 mins 44 secs
Marks 8.00/10.00
Grade 80.00 out of 100.00

Question 1

Incorrect

Mark 0.00 out of 1.00

Referring to the preceding problem, determine the cost of ending work in process inventory.

Select one:

a. Materials Conversion

$6,912 $5,616

b. Materials Conversion 

$10,100 $10,100

c. Materials Conversion

$10,820 $10,260

d. Materials Conversion

$6,768 $3,186

Your answer is incorrect.

Question 2

Correct

Mark 1.00 out of 1.00

Process costing is most appropriate when manufacturing large batches of homogenous products

Select one:

True 

False
Question 3

Correct

Mark 1.00 out of 1.00

The FIFO costing method assumes that units in beginning inventory are the first units transferred.

Select one:

True 

False

Question 4

Incorrect

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Referring to the preceding problem, determine the costs per equivalent unit.

Select one:

a. Materials Conversion

$103.87 $360.13

b. Materials Conversion

$10.82 $10.26

c. Materials Conversion

$9.60 $35.10

d. Materials Conversion 

$6.77 $31.86

Your answer is incorrect.

Question 5

Correct

Mark 1.00 out of 1.00

The numerator in the formula for equivalent units includes all beginning inventory costs when using the weighted average costing
assumption.

Select one:

True 

False
Question 6

Correct

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The FIFO method separates beginning inventory and current production to compute cost per unit of production

Select one:

True 

False

Question 7

Correct

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To compute equivalent units of production using the FIFO method of process costing, work for the current period must be stated in
units completed from beginning inventory, units started and completed during the period, and units partially completed in ending
inventory.

Select one:

True 

False

Question 8

Correct

Mark 1.00 out of 1.00

Referring to the preceding problem, assume that weighted average process costing is used. What is the cost per equivalent unit for
material?

Select one:

a. P1.05
b. P1.31

c. P0.55

d. P1.83 
Question 9

Correct

Mark 1.00 out of 1.00

To compute equivalent units of production using the FIFO method of process costing, work for the current period must be stated in
units processed during the period and units completed during the period.

Select one:

True

False 

Question 10

Correct

Mark 1.00 out of 1.00

The difference between EUP calculated using FIFO and EUP calculated using weighted average is the equivalent units residing
uncompleted in Work in Process Inventory

Select one:

True

False 

◄ YT: Cost Accounting and Control System - Week 4

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