ACCT 505 Week 2 Quiz

                               ACCT505 Managerial Accounting

1. Question: (TCO F) Computing unit product costs involves averaging in

2. Question:(TCO F) Luft Company uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below:

3. Question:(TCO F) Assume there was no beginning work in process inventory and the ending work in process inventory is 70% complete with respect to conversion costs. Under the weighted-average method, the number of equivalent units of production with respect to conversion costs would be: (Points : 5)

4. Question: (TCO F) Which of the following accounts is debited when direct labor is recorded? (Points : 5)

5. Question: (TCO F) During December at Ingrim Corporation, $74,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the requisition from the storeroom would include a: (Points : 5)

6. Question: (TCO F) Wedd Corporation had $35,000 of raw materials on hand on May 1. During the month, the company purchased an additional $68,000 of raw materials. During May, $92,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $5,000. The debits to the Work in Process account as a consequence of the raw materials transactions in May total: (Points : 5)

7. Question: (TCO F) Whether a company uses process costing or job-order costing depends on its industry. A number of companies in different industries are listed below:

8. Question: TCO F) Job 728 was recently completed. The following data have been recorded on its job cost sheet:
9. Question:(TCO F) Harmon Company uses the weighted-average method in its process costing system. The Curing Department of Harmon Company reported the following information for the month of November.

10. Question:(TCO F) Weisinger Corporation has provided the following data for the month of January:… Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form. (Points : 15)