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1. Equivalent units of production are equal to A. The

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1. Equivalent units of production are equal to: XXXXX number of units that could have been completed if all effort had been applied to units that were started and completed that period.
B. The number of finished units actually produced that period.
C. The number of units introduced into the process that period.
D. The number of units still in process that period.
E. Physical units that were completed this period from all effort being applied to them.


2. Which of the following characteristics applies to process cost accounting and not to job order cost accounting?

A. Use of a predetermined overhead rate.
B. Identifiable lots of production.
C. Equivalent units of production.
D. Labor time ticket for each employee.
E. Use of a single Goods in Process account.


3. After posting all actual factory overhead and applying factory overhead to production departments in a process costing system,

A. There will never be underapplied overhead.
B. There will never be overapplied overhead.
C. There will always be underapplied overhead.
D. There will always be overapplied overhead.
E. There may be over or underapplied overhead.


4. To compute an equivalent unit of production, one must be able to reasonably estimate:

A. The percentage of completion.
B. Units completed.
C. Units started and completed.
D. Direct labor cost.
E. Materials cost.

Problem ( 60 points )
A company's January 1 goods in process inventory contained 30,000 units that were 1/4 complete with respect to direct labor. The beginning inventory was completed this year and another 120,000 units were started. Of those started, 80,000 were finished and the remaining 40,000 were left 1/5 complete. Calculate the equivalent units of production for the year.





1. Equivalent units of production are equal to: XXXXX number of units that could have been completed if all effort had been applied to units that were started and completed that period.
B. The number of finished units actually produced that period.
C. The number of units introduced into the process that period.
D. The number of units still in process that period.
E. Physical units that were completed this period from all effort being applied to them.


2. Which of the following characteristics applies to process cost accounting and not to job order cost accounting?

A. Use of a predetermined overhead rate.
B. Identifiable lots of production.
C. Equivalent units of production.
D. Labor time ticket for each employee.
E. Use of a single Goods in Process account.


3. After posting all actual factory overhead and applying factory overhead to production departments in a process costing system,

A. There will never be underapplied overhead.
B. There will never be overapplied overhead.
C. There will always be underapplied overhead.
D. There will always be overapplied overhead.
E. There may be over or underapplied overhead.


4. To compute an equivalent unit of production, one must be able to reasonably estimate:

A. The percentage of completion.
B. Units completed.
C. Units started and completed.
D. Direct labor cost.
E. Materials cost.

Problem ( 60 points )
A company's January 1 goods in process inventory contained 30,000 units that were 1/4 complete with respect to direct labor. The beginning inventory was completed this year and another 120,000 units were started. Of those started, 80,000 were finished and the remaining 40,000 were left 1/5 complete. Calculate the equivalent units of production for the year.
Submitted: 3 years ago.
Category: Homework
Expert:  Neo replied 3 years ago.
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Category: Homework
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Experience: BS Accounting
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