Which of the following statements is false with respect to job-order costing and process costing? Multiple Choice O Both systems assign materials, labor, and manufacturing overhead costs to products. Both systems compute unit product costs by department. Both systems use the same basic manufacturing accounts, including Manufacturing Overhead, Raw Materials, Work In Process, and Finished Goods. The flow of costs through the manufacturing accounts is basically the same in both systems.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

Don't give answer in image format 

Which of the following statements is false with respect to job-order costing and process costing?
Multiple Choice
Both systems assign materials, labor, and manufacturing overhead costs products.
Both systems compute unit product costs by department.
Both systems use the same basic manufacturing accounts, including Manufacturing Overhead, Raw Materials, Work In Process, and Finished Goods.
The flow of costs through the manufacturing accounts is basically the same in both systems.
Transcribed Image Text:Which of the following statements is false with respect to job-order costing and process costing? Multiple Choice Both systems assign materials, labor, and manufacturing overhead costs products. Both systems compute unit product costs by department. Both systems use the same basic manufacturing accounts, including Manufacturing Overhead, Raw Materials, Work In Process, and Finished Goods. The flow of costs through the manufacturing accounts is basically the same in both systems.
Assume the following information:
Milling Department
Cost of beginning work in process inventory
Costs added during the period
Total cost
Multiple Choice
O
If the equivalent units of production for conversion is 5,000 units using the weighted-average method, then what is the cost per equivalent unit for conversion? (Round your final answer to nearest whole dollar amount.)
O
$81
$78
$141
Materials
$ 10,000
290,000
$ 300,000
$60
Conversion
$ 15,000
390,500
$ 405,500
Total
$ 25,000
680,500
$ 705.500
Transcribed Image Text:Assume the following information: Milling Department Cost of beginning work in process inventory Costs added during the period Total cost Multiple Choice O If the equivalent units of production for conversion is 5,000 units using the weighted-average method, then what is the cost per equivalent unit for conversion? (Round your final answer to nearest whole dollar amount.) O $81 $78 $141 Materials $ 10,000 290,000 $ 300,000 $60 Conversion $ 15,000 390,500 $ 405,500 Total $ 25,000 680,500 $ 705.500
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education