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Started on Monday, 11 March 2024, 10:10 PM

State Finished
Completed on Monday, 11 March 2024, 10:33 PM
Time taken 22 mins 47 secs
Marks 7.00/10.00
Grade 70.00 out of 100.00

Question 1

Incorrect

Mark 0.00 out of 1.00

Assume that the costs per EUP for material and conversion are P1.00 and P1.50, respectively. What is the amount of the period cost
for July using FIFO?

Select one:

a. 21,500

b. 24,000
c. 15,500 

d. 18,000
Question 2

Correct

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In a job order costing, normal losses are accounted

Select one:

a. only if losses are anticipated on all jobs

b. only if losses are specifically identified on a particular job.

c. expensed outright.
d. depending on whether such losses are anticipated on all jobs or specifically identified on a particular job. 

Question 3

Correct

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What are equivalent units of production for conversion costs assuming weighted average is used?

Select one:

a. 114,400

b. 113,525 

c. 115,650
d. 114,775
Question 4

Correct

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If normal spoilage is detected at an inspection point within the process (rather than at the end), the cost of that spoilage should be
Included with the cost of the units completed in that department during the period.

Select one:

True

False 

Question 5

Correct

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Under continuous production, losses can occur

Select one:

a. during the production only

b. either at the beginning of the process, during the production or even at the end of process. 

c. at the end of process only

d. at the beginning of the process only

Question 6

Correct

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Normal spoilage units resulting from a continuous process

Select one:

a. cause estimated overhead to increase

b. result in a loss being incurred

c. result in a higher unit cost for the good units produced 

d. are extended to the EUP schedule

Your answer is correct.

Question 7

Correct

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These are type of production spoilage that are not expected on a production process that is operating efficiently.

Select one:

a. Scrap
b. Abnormal Spoilage 

c. Normal Spoilage
d. Rework

Question 8

Incorrect

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A discrete loss is assumed to occur at the beginning of the production process.

Select one:

True 

False

Question 9

Incorrect

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These are type of production spoilage that are inherent and inevitable, thus, expected in the production process even if the
production process is operating efficiently

Select one:

a. Scrap
b. Normal Spoilage

c. Rework

d. Abnormal Spoilage 
Question 10

Correct

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This is a type of production process where components of the finished goods can be easily counted.

Select one:

a. heterogenous production process

b. homogenous production process

c. the goods produced are homogeneous.

d. discrete production type 

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