Question & Answer: CHAPTER TEN-MINUTE QUIZ Circle the letter of the best response. 1. Which type of company is most likely to use a process costing system? A. Con…..

CHAPTER TEN-MINUTE QUIZ Circle the letter of the best response. 1. Which type of company is most likely to use a process costing system? A. Construction company B. Accounting firm C. Chemical producer D. Automobile repair 2. The Assembly Department completed work on 8,000 units, at a cost of $20 per unit, and 7,000 of these units were sold for $50 each. What is the journal entry to record the transfer of production artment? Accounts and Explanations Date Debit Credit 160,000 160,000 140,000 140,000 WIP- Assembl ment 60,000 WIP - Assemb ment C. WIP Assembl 40,000 DWIP-Assembly Department Cost of Goods Sold 140,000 3. Units to account for includes A. units completed and transferred out. B. units started in production. C. units in ending work-in-process. D. all of the above. 4·The manager of Gilbert Company used the production cost report to help identify roduction asks that might be done with more skilled, and therefore more efficient, workers. This is an example of using the reports to A. prepare financial statements. B. control costs C. identify profitable products. D. evaluate performance. Morto Company uses the weighted-average method in its process costing system, in which all materials are added at the beginning of the process, and conversion costs are incurred uniformly The Finishing Department started the month with 250 units in process that were 30% complete. received 3,700 units from the Assembly Department, and had 400 units in process at the end of the period, 80% complete with respect to conversion costs. How many units were completed and transferred out? A. 3,455 units B. 3,775 units C. 3,550 units D. 3,900 units 18-16 Copyright © 2018 Pearson Education, Inc

CHAPTER TEN-MINUTE QUIZ Circle the letter of the best response. 1. Which type of company is most likely to use a process costing system? A. Construction company B. Accounting firm C. Chemical producer D. Automobile repair 2. The Assembly Department completed work on 8,000 units, at a cost of $20 per unit, and 7,000 of these units were sold for $50 each. What is the journal entry to record the transfer of production artment? Accounts and Explanations Date Debit Credit 160,000 160,000 140,000 140,000 WIP- Assembl ment 60,000 WIP – Assemb ment C. WIP Assembl 40,000 DWIP-Assembly Department Cost of Goods Sold 140,000 3. “Units to account for” includes A. units completed and transferred out. B. units started in production. C. units in ending work-in-process. D. all of the above. 4·The manager of Gilbert Company used the production cost report to help identify roduction asks that might be done with more skilled, and therefore more efficient, workers. This is an example of using the reports to A. prepare financial statements. B. control costs C. identify profitable products. D. evaluate performance. Morto Company uses the weighted-average method in its process costing system, in which all materials are added at the beginning of the process, and conversion costs are incurred uniformly The Finishing Department started the month with 250 units in process that were 30% complete. received 3,700 units from the Assembly Department, and had 400 units in process at the end of the period, 80% complete with respect to conversion costs. How many units were completed and transferred out? A. 3,455 units B. 3,775 units C. 3,550 units D. 3,900 units 18-16 Copyright © 2018 Pearson Education, Inc

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1… answer is C

C. chemical producer

process costing relates to the production and manufacturing so chemical producer realtes to the production so chemical producer is the answer

2.. answer is A

A finished goods inventory Dr 160000

Cr WIP- assembly department 160000

8000 * 20 = 160000

finished goods transferred to assembly department

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