管理会计作业.pdf

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1、PROCESS COSTINGPROCESS COSTINGTRUE/FALSETRUE/FALSE1.Examples of industries that would use process costing include thepharmaceutical and semiconductor industry.Answer:TrueDifficulty:1Objective:1process-costing systemTerms to Learn:2.The principal difference between process costing and job costing ist

2、hat in job costing an averaging process is used to compute the unitcosts of products or services.Answer:FalseDifficulty:2Objective:1process-costing systemTerms to Learn:The averaging process is used to calculate unit costs in processcosting.3.Process-costing systems separate costs into cost categori

3、esaccording to the timing of when costs are introduced into the process.Answer:TrueDifficulty:2Objective:1process-costing systemTerms to Learn:4.Estimating the degree of completion for the calculation of equivalentunits is usually easier for conversion costs than it is for directmaterials.Answer:Fal

4、seDifficulty:2Objective:1equivalent unitsTerms to Learn:Estimating the degree of completion is easier for the calculationof direct materials since direct materials can be measured moreeasily than conversion costs.5.Process costing would be most likely used by a firm that producesheterogeneous produc

5、ts.Answer:FalseDifficulty:1Objective:1process costingTerms to Learn:Process costing would be most likely used by a firm that produceshomogeneous products.6.The last step in a process-costing system is to determine theequivalent units for the period.Answer:FalseDifficulty:2Objective:2process costingT

6、erms to Learn:The last step in a process-costing system is to assign the costsincurred to completed units and to units in ending work in process.7.Equivalent units are calculated separately for each input.Answer:TrueDifficulty:2Objective:3equivalent unitsTerms to Learn:8.In a process-costing system,

7、there is always a separateWork-in-Process account for each different process.Answer:TrueDifficulty:2Objective:3process costingTerms to Learn:9.Process-costing journal entries and job-costing journal entries aresimilar with respect to direct materials and conversion costs.Answer:TrueDifficulty:2Objec

8、tive:4process-costing systemTerms to Learn:10.The accounting(for a bakery)entry to record the transfer of rollsfrom the mixing department to the baking department is:Work in Process-Mixing DepartmentWork in Process-Baking DepartmentFalseAnswer:Difficulty:2Objective:4process-costing systemTerms to Le

9、arn:The correct accounting entry is the opposite of the entry shown here.11.The weighted-average process costing method does not distinguishbetween units started in the previous period but completed duringthe current period and units started and completed during the currentperiod.Answer:TrueDifficul

10、ty:2Objective:5weighted-average process-costing methodTerms to Learn:12.Equivalent units in beginning work in process+equivalent units ofwork done in the current period equals equivalent units completedand transferred out in the current period minus equivalent units inending work in process.Answer:F

11、alseDifficulty:2Objective:5equivalent unitsTerms to Learn:The second part of the equation should be:equivalent units completedand transferred out in the current period PLUS equivalent units inending work in process.13.In the weighted-average costing method,the costs of direct materialsin beginning i

12、nventory are not included in the cost per unitcalculation since direct materials are almost always added at thestart of the production process.Answer:FalseDifficulty:2Objective:5weighted-average process-costing methodTerms to Learn:The costs of the direct materials are included in the cost per unitc

13、alculation.14.The weighted-average cost is the total of all costs entering theWork-in-Process account(whether they are from beginningwork-in-process or from work started during the current period)divided by total equivalent units of work done to date.Answer:TrueDifficulty:2Objective:5weighted-averag

14、e process-costing methodTerms to Learn:15.The equivalent units are not needed in a weighted-average system,because all costs are just averaged.Answer:FalseDifficulty:2Objective:5equivalent units,weighted-averageTerms to Learn:process-costing methodThe equivalent units are needed in a weighted-averag

15、e system,eventhough all costs are averaged.16.The cost of units completed can differ materially between theweighted average and the FIFO methods of process costing.Answer:TrueDifficulty:2Objective:5,6weighted-average process-costing method,Terms to Learn:first-in,first-out(FIFO)process-costing metho

16、d17.The first-in,first-out(FIFO)process costing method assigns thecost of the previous accounting periods equivalent units inbeginning work-in-process inventory to the first units completed andtransferred out of the process.Answer:TrueDifficulty:2Objective:6Terms to Learn:process-costing methodfirst

17、-in,first-out(FIFO)18.A distinctive feature of the FIFO process costing method is that thework done on beginning inventory before the current period isaveraged with work done in the current period.Answer:FalseDifficulty:2Objective:6first-in,first-out(FIFO)Terms to Learn:process-costing methodA disti

18、nctive feature of the FIFO process costing method is that thework done on beginning inventory before the current period is keptseparate from work done in the current period.19.The FIFO process costing method merges the work and the costs of thebeginning inventory with the work and the costs done dur

19、ing thecurrent period.Answer:FalseDifficulty:2Objective:6first-in,first-out(FIFO)Terms to Learn:process-costing methodFIFO only includes the work done during the current period.20.The first-in,first-out process-costing method assumes that unitsin beginning inventory are completed during the current

20、accountingperiod.Answer:TrueDifficulty:2Objective:6first-in,first-out(FIFO)Terms to Learn:process-costing methodMULTIPLE CHOICEMULTIPLE CHOICE21.Costing systems that are used for the costing of like or similar unitsof products in mass production are called:a.inventory-costing systemsb.job-costing sy

21、stemsc.process-costing systemsd.weighted-average costing systemsAnswer:cDifficulty:1Objective:1process-costing systemTerms to Learn:22.Which of the following manufactured products would not use processcostinga.767 jet aircraftb.19-inch television setsc.Custom built housesd.Both a and c are correct.A

22、nswer:dDifficulty:2Objective:1process-costing systemTerms to Learn:23.Process costing should be used to assign costs to products when the:a.units produced are similarb.units produced are dissimilarc.calculation of unit costs requires the averaging of unit costsover all units producedd.Either a or c

23、are correct.Answer:dDifficulty:2Objective:1process-costing systemTerms to Learn:24.Which one of the following statements is truea.In a job-costing system,individual jobs use differentquantities of production resources.b.In a process-costing system each unit uses approximately thesame amount of resou

24、rces.c.An averaging process is used to calculate unit costs in ajob-costing system.d.Both a and b are correct.Answer:dDifficulty:2Objective:1process-costing systemTerms to Learn:25.Conversion costs:a.include all the factors of productionb.include direct materialsc.in process costing are usually cons

25、idered to be added evenlythroughout the production processd.Both b and c are correct.Answer:cDifficulty:2Objective:1process-costing systemTerms to Learn:26.An example of a business which would have no beginning or endinginventory but which could use process costing to compute unit costswould be a:a.

26、clothing manufacturerb.corporation whose sole business activity is processing thecustomer deposits of several banksc.manufacturer of custom housesd.manufacturer of large TVsAnswer:bDifficulty:2Objective:1process-costing systemTerms to Learn:27.Which of the following statement(s)concerning conversion

27、 costs iscorrecta.Estimating the degree of completion of direct materials in apartially completed unit is usually easier to calculate thanestimating the degree of completion for conversion costs.b.The calculation of equivalent units is relatively easy for thetextile industry.c.Estimates are usually

28、not considered acceptable.d.Both(b)and(c)are correct.Answer:aDifficulty:2Objective:1process-costing system,equivalent unitsTerms to Learn:28.The purpose of the equivalent-unit computation is to:a.convert completed units into the amount of partially completedoutput units that could be made with that

29、quantity of input.b.assist the business in determining ending inventory.c.convert partially completed units into the amount of completedoutput units that could be made with that quantity of input.d.Both b and c are correct.Answer:cDifficulty:2Objective:3equivalent unitsTerms to Learn:29.In a process

30、-costing system,the calculation of equivalent units isused for calculating:a.the dollar amount of ending inventoryb.the dollar amount of the cost of goods sold for the accountingperiodc.the dollar cost of a particular jobd.Both a and b are correct.Answer:dDifficulty:1Objective:3equivalent unitsTerms

31、 to Learn:30.When a bakery transfers goods from the Baking Department to theDecorating Department,the accounting entry isa.Work in Process Baking DepartmentWork in Process Decorating Departmentb.Work in Process Decorating DepartmentAccounts Payablec.Work in Process Decorating DepartmentWork in Proce

32、ss Baking Departmentd.Work in Process Baking DepartmentAccounts PayablecAnswer:Difficulty:2Objective:4Terms to Learn:process-costing systemEXERCISES AND PROBLEMSEXERCISES AND PROBLEMS31.There are basically two distinct methods of calculating productcosts.RequiredRequired:Compare and contrast the two

33、 methods.AnswerAnswer:In job costing the job or product is a distinctly identifiable productor service.Each job requires(or can require)vastly differentamounts of input.Job costing is usually associated with productsthat are unique or heterogeneous.Thus,each job requires differentamounts of input,an

34、d they can require vastly different amount ofcosts to finish.Job-costed products tend to be high cost per unit.Thus the costs of each(unique)job are important for planning,pricing,and profitability.In process costing,the jobs or products are similar(or homogeneous).Each job usually requires the same

35、 inputs,and results inapproximately the same costs per unit.The cost of a product orservice is obtained by assigning total costs to many identical orsimilar units.We assume each unit receives the same amount of directmaterial costs,direct manufacturing labor costs,and indirectmanufacturing costs.Uni

36、t costs are then computed by dividing totalcosts by the number of units.The principal difference between process costing and job costing isthe extent of averaging used to compute unit costs.As noted abovein job costing,individual jobs use different quantities ofproduction resources;whereas in proces

37、s costing,we assume that eachjob uses approximately the same amount of resources.Difficulty:2Objective:1process-costing systemTerms to Learn:32.Why do we need to accumulate and calculate unit costs in processcosting(and also job costing)1.BudgetingTo operate a successful business,we should preparebu

38、dgets,review the results,and make decisions as to how wellour business is doing.Our business has formulated plans for thefuture.The resources we need for the future(materials,conversion costs,facilities,etc.)will depend on our estimateof the resources we need to accomplish these goals.An importantpa

39、rt of these estimates is the unit costs of the products we planto produce.These unit costs will tell us how many dollars wemust acquire to accomplish our plans.2.Price In order to be a profitable business,wemust sell ourproduct at a price in excess of what it costs us to produce theproduct.Essential

40、 for the pricing decision is the cost per unit.We will also learn whether we can sell a product at a profit.Answer:We need to accumulate unit costs to:1.Budget(planning)2.Price3.Account for the costs3.Accounting During the course of the accounting period,we willbe accumulating costs.At the end of th

41、e accounting period,wemust allocate this pool of costs between the units that weretransferred out and the goods in ending inventory.Unit costsare essential for this purpose.Difficulty:1Terms to Learn:Objective:1process-costing system33.The Zygon Corporation was recently formed to produce a semicondu

42、ctorchip that forms an essential part of the personal computermanufactured by a major corporation.The direct materials are addedat the start of the production process while conversion costs areadded uniformly throughout the production process.June is Zygonsfirst month of operations,and therefore,the

43、re was no beginninginventory.Direct materials cost for the month totaled$895,000,while conversion costs equaled$4,225,000.Accounting recordsindicate that 475,000 chips were started in June and 425,000 chipswere completed.RequiredRequired:a.What is the total manufacturing cost per chip for Juneb.Allo

44、cate the total costs between the completed chips and thechips in ending inventory.AnswerAnswer:a.DirectDirectMaterialsMaterialsCost to account forDivided by equiv unitsCost per equivalentunits$895,000475,000$4,225,000$5,120,000450,000$Conversion CostsConversion CostsTotalTotalEnding inventory was 50

45、%complete as to conversion costs.Ending work in process=Direct materials=50,000 x$=$94,000234,750$328,750b.Completed units=$x 425,000=$4,789,750Equivalent unit for conversion costs=425,000 completed+(50,000 x completed)=425,000+25,000=450,000Conversion costs=25,000 x$=TotalDifficulty:2Objective:2pro

46、cess-costing system,equivalent unitsTerms to Learn:34.Cedar Rapids Chemical placed 220,000 liters of direct materials intothe mixing process.At the end of the month,10,000 liters were stillin process,30%converted as to labor and factory overhead.All directmaterials are placed in mixing at the beginn

47、ing of the process andconversion costs occur evenly during the process.Cedar RapidsChemical uses weighted-average costing.RequiredRequired:a.Determine the equivalent units in process for direct materialsand conversion costs,assuming there was no beginning inventory.b.Determine the equivalent units i

48、n process for direct materialsand conversion costs,assuming that 12,000 liters of chemicalswere 40%complete prior to the addition of the 220,000 liters.AnswerAnswer:a.Direct materials:Beginning inventoryUnits started0 liters220,000litersEquivalent units220,000litersConversion costs:Beginning invento

49、ryUnits started0 liters220,000litersTo account for220,000Units transferred outEnding inventoryUnits transferred outEnding inventory,30%completeEquivalent unitsb.Direct materials:Completed and transferred out(210,000+12,000)Ending inventory,100%completeEquivalent unitsConversion costs:Completed and transferred outEnding inventory,30%completeEquivalent unitsDifficulty:2Objective:5liters210,000liters10,000liters210,000liters3,000 liters213,000liters222,000liters10,000liters232,000liters222,000liters3,000 liters225,000litersTerms to Learn:equivalent unitsweighted-average process-costing method,