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Related Question'The weighted-average method of process costing differs from the FIFO method of process costing in that the weighted-average method: A its applied when there is significant difference in cost between two periods. B. does not require the use of predetermined overhead rates. C keeps costs in the beginning inventory separate from current period costs. D; does not consider the number ofunits in the beginning work in process inventory when computing equivalent units of production_'  Cost Accounting, 14e, Global Edition (Horngren/Datar/Rajan) Chapter 17 Process Costing Objective 17.1 1) Costing systems that are used for the costing of like or similar units of products in mass production are called: A) inventory-costing systems B) job-costing systems C) process-costing systems D) weighted-average costing systems Answer: C Diff: 1 Terms: process-costing system Objective: 1 AACSB: Reflective thinking 2) Which of the following manufactured products would NOT use process costing? A) 747 jet aircraft B) 46-inch television sets C) Construction of a commercial office building D) Both A and C are correct. Answer: D Diff: 2 Terms: process-costing system Objective: 1 AACSB: Reflective thinking 3) Process costing should be used to assign costs to products when the: A) units produced are similar B) units produced are dissimilar C) calculation of unit costs requires the averaging of unit costs over all units produced D) Either A or C are correct. Answer: D Diff: 2 Terms: process-costing system Objective: 1 AACSB: Reflective thinking 4) Which one of the following statements is true? A) In a job-costing system, individual jobs use different quantities of production resources. B) In a process-costing system each unit uses approximately the same amount of resources. C) An averaging process is used to calculate unit costs in a job-costing system. D) Both A and B are correct. Answer: D Diff: 2 Terms: process-costing system Objective: 1 AACSB: Reflective thinking 1 Copyright © 2012 Pearson Education Recommended textbooks for you FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. Rajan Publisher:PEARSON Intermediate Accounting ISBN:9781259722660 Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas Publisher:McGraw-Hill Education Financial and Managerial Accounting ISBN:9781259726705 Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles Publisher:McGraw-Hill Education FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. Rajan Publisher:PEARSON Intermediate Accounting ISBN:9781259722660 Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas Publisher:McGraw-Hill Education Financial and Managerial Accounting ISBN:9781259726705 Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles Publisher:McGraw-Hill Education Which of the following statements are true if the weighted average cost?about the weighted average process costing method? If all raw materials are added to production at the beginning of the process, the number of equivalent units in process will equal the total number of individual units worked on during the period.
What is the weighted average method of process costing?In the weighted average cost method, the cost of goods available for sale is divided by the number of units available for sale and is commonly used when inventory items are so melded or identical to each other that it is impossible to assign specific costs to single units.
Which of the following is the correct method to calculate cost per equivalent unit in process costing?D is the correct option
This is the correct option because in process costing cost incurred in work in progress from the beginning inventory added cost during the work completed. Therefore, current costs divided by equivalent units will give you the cost per equivalent unit under the weighted-average method.
Which of the following most accurately describes the contrast between process and job costing?Which of the following most accurately describes the contrast between process and job costing? identical products using average units costs of materials and conversion costs, some of which are fixed costs.
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Which of the following statements is true about the weighted-average process costing method
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