FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Equivalent units of production are the
a.number of units in production during a period, whether completed or not.
b.portion of whole units that are complete with respect to materials or selling costs.
c.portion of whole units that are complete with respect to factory overhead costs.
d.portion of whole units that are complete with respect to materials or conversion costs.
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- T or F Conversion cost per equivalent unit equals total conversion costs for the period divided by total equivalent units of conversion costs. T or F Product costs must be allocated to the units transferred out of thedepartment and the partially completed units on hand at the end of the period. T or F Ford is a process manufacturer.arrow_forwardFactors affecting the classification of a cost as direct or indirect include: A. cost behaviour patterns, cost drivers, and relevant ranges. B. materiality of the cost, available information-gathering technology, and design of operations. C. materials, labour, and factory overhead D. unit costs, inventory production stage, and contractual agreements.arrow_forwardWhat term refers to a grouping of costs that consists of direct labor and factory overhead costs and is considered to be the cost of converting the materials into a finished product? Group of answer choices prime costs conversion costs allocation costs just-in-time costsarrow_forward
- The MOST likely cost driver of direct material costs is the: number of products manufactured number of production hours number of miles driven number of parts within the productarrow_forwardNn. 126.arrow_forwardA costing system where all product costs are recorded at standard cost while the products are being made is referred to as A.) standard costing B.) variable costing C.) normal costing D.) full costingarrow_forward
- Which of the following is a characteristic of a process cost accounting system? A. Material, Labor, and Overheads are accumulated by orders. B. Companies use this system if they process custom orders. C. Only Closing stock of work in process is restated in terms of completed units. D. Opening and Closing stock of work in process are related in terms of completed units.arrow_forwardIn process costing, costs are accounted for by a. year. b. process. c. job. d. batcharrow_forwardWhen units are produced over multiple periods (i.e. incomplete at the end of one period) production cost are assigned to individual units based on : -Equal units, -Equal costs -Equivalent cost -Equivalent units, arrow_forward
- Support department costs are applied to products as a part of a.fixed manufacturing costs b.fixed selling and administrative expenses c.variable cost of goods sold d.overheadarrow_forwardWhat information is contained in a production report? What are equivalent units and how would a company calculate them? How does the production report and equivalent units relate to unit costs?arrow_forwardThe equivalent units for the FIFO unit cost represent: a. work done during the current period. b. work done during the current period and the previous period. c. work done on units completed during the current period. d. work done during the previous period. e. the same thing as the equivalent units for the weighted average unit cost.arrow_forward
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