ACCT 344 Week 2 Quiz

ACCT 344 Week 2 Quiz1. (TCO 3) The appropriate cost accounting system to use when inventory items are produced on an assembly line is2. (TCO 3) As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in3. (TCO 3) “Equivalent units” expresses all activity of the period in terms of4. (TCO 3) Holly Inc. manufactures dolls. The following data were provided for production results for the current month.0 Units, beginning work-in-process300 Units started? Units completed100 Units, ending work-in-process (40% complete)Which are the equivalent units?5. (TCO 3) When products and their costs are moved from one process to the next process, these costs are referred to as6. (TCO 3) Keller Inc. manufactures office chairs. The following data were provided for production results for the current month.0 Units, beginning work-in-process6,000 Units started? Units completed2,000 Units, ending work-in-process$440,000 Cost of direct materials$64,000 Cost of conversionEnding inventory is 100% complete for materials and 20% complete for conversion. How many units were started and completed?7. (TCO 3) The two methods used to determine equivalent units of production are8. (TCO 3) Abby Corp. adds raw materials to production at the beginning of the process in the Assembly Dept. Materials data for this department for the current month are as follows. Beginning inventory was 70% complete. Ending inventory was 40% complete. How many equivalent units for materials would there be for Abby Corp. during the month using the FIFO method?9. (TCO 3) The following information was provided by Sally Company. All materials are added at the beginning of the process. How many equivalent units for materials would there be using the weighted average method?10. (TCO 3) The material cost per equivalent unit using the weighted average method is calculated as