How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Chris M. Your Own Question

Chris M.
Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2491
Experience:  Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
22285537
Type Your Homework Question Here...
Chris M. is online now
A new question is answered every 9 seconds

Managerial Accounting

Resolved Question:

Which of the following products probably would be manufactured using a job order costing system? A. Paper B. Baseball cards C. Computer monitors D. Company business cards Question 2 of 20 Applied overhead exceeds actual overhead when the: A. Overhead account has a credit balance. B. journal entry to account for the difference involves a debit to Cost of Goods Sold. C. Overhead account has a debit balance. D. company has overspent in the overhead cost area. Question 3 of 20 The total of the dollar amounts on the job order cost cards that have not been completed would be equal to the: A. cost of goods completed. B. balance in the Finished Goods Inventory account. C. Cost of Goods Sold account. D. balance in the Work in Process Inventory account. Question 4 of 20 The basic document for keeping track of costs in a job order costing system is a: A. job order cost card. B. labor time card. C. process cost report. D. materials requisition form. Reset Selection Question 5 of 20 When direct materials are issued from inventory to production under a job order costing system, an increase is recorded in: A. Overhead. B. Work in Process Inventory. C. Materials Inventory. D. Finished Goods Inventory. Question 6 of 20 Unit costs for each job are computed by dividing: A. estimated total costs by planned units to be produced. B. actual costs by actual units sold. C. cost of materials, direct labor, and overhead by number of units produced. D. estimated total costs by actual units produced. Question 7 of 20 In cost-plus contracts, the "plus" represents: A. sales price. B. profit, based on the amount of costs incurred. C. overapplied overhead costs. D. the amount of any cost overruns. Question 8 of 20 The balance in the Work in Process Inventory account equals the: A. balance in the Finished Goods inventory account. B. balance in the Cost of Goods Sold account. C. total of the balances on the job order cost sheets of uncompleted jobs. D. balance in the Overhead account. Question 9 of 20 Which of the following entities probably would use a process costing system? A. An oil refinery B. A yacht builder C. A custom furniture company D. A custom screw manufacturer Question 10 of 20 Process costing is applicable to production operations that: A. utilize several processes, departments, or work cells in a series. B. do not assign overhead costs to operations. C. produce large and unique machines. D. are found in only a few industries. Question 11 of 20 Which of the following accurately describes a difference between job order and process costing systems? A. In job order costing systems, overhead costs are treated as product costs, whereas in process costing systems, overhead costs are treated as period costs. B. Job order costing systems do not need to assign costs to production, whereas process costing systems do. C. In job order costing systems, costs are traced to products, whereas in process costing systems, a FIFO method may be used. D. Since costs are assigned to products in a job order costing system, selling costs are treated as product costs in the job order costing system, whereas they are treated as period costs in process costing systems. Question 12 of 20 The reason for combining direct labor and overhead costs together and calling them "conversion costs" is that: A. they both are direct costs of production. B. the equivalent unit amount for direct materials will be the same as that for direct labor and overhead costs. C. both types of costs usually are incurred uniformly throughout the production process. D. the costs for direct labor and overhead are not accounted for separately. Question 13 of 20 Which of the following statements is true? A. The Work in Process Inventory account is the focal point of process costing. B. To compute unit costs using the FIFO costing method, total costs of direct materials, direct labor, and overhead that have been accumulated in the Work in Process Inventory account or accounts are divided by the units worked on during the period. C. Equivalent units usually are computed for direct materials and manufacturing overhead combined. D. Labor costs are accounted for differently from manufacturing overhead costs in a process costing system.

Question 14 of 20

Equivalent units of production usually are determined for:

 

 

A. direct materials only.

 

B. direct materials and conversion costs.

 

C. direct materials and direct labor costs only.

 

D. conversion costs only.

Question 15 of 20

Measures of equivalent production are necessary in process costing because:

 

 

A. job order costing procedures cannot be applied.

 

B. unit costs are computed by departments or processes at fixed time intervals.

 

C. perpetual inventories are not employed in process plants.

 

D. production methods are more complex than in job order costing systems.

Question 16 of 20

Which of the following applies to process costing but NOT to job order costing?

 

 

A. Only one Work in Process Inventory account

 

B. Equivalent production units

 

C. Production of unique items

 

D. Multiple unit job order

Question 17 of 20

An advantage of using the average costing method to process costing as opposed to the FIFO costing method is that it:

 

 

A. is a little easier to work with.

 

B. is more accurate.

 

C. costs less to utilize.

 

D. requires little knowledge of process costing.

Question 18 of 20

The computation of equivalent units is exactly the same under the FIFO costing method and the average costing method when there is no:

 

 

A. ending work in process inventory.

 

B. ending finished goods inventory.

 

C. beginning finished goods inventory.

 

D. beginning work in process inventory.

Question 19 of 20

To find cost per equivalent unit of production using the average costing method, the: amount of equivalent units is divided:

 

 

A. by costs from the current period.

 

B. into costs from the current period.

 

C. into total costs to be accounted for.

 

D. by total costs to be accounted for.

Question 20 of 20

Which of the following statements about a department's costs per equivalent unit calculated using the average costing method compared with a FIFO costing method is true?

 

 

A. They could be higher or lower.

 

B. They would be the same.

 

C. They would be lower.

 

D. They would be higher.

 

 

 

Submitted: 2 years ago.
Category: Homework
Expert:  Chris M. replied 2 years ago.
THIS ANSWER IS LOCKED!
You can view this answer by clicking here to Register or Login and paying $3.
If you've already paid for this answer, simply Login.
Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2491
Experience: Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
Chris M. and 11 other Homework Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4520
    More than 5000 online tutoring sessions.
< Last | Next >
  • http://ww2.justanswer.com/uploads/BU/BusinessTutor/2012-2-2_115741_Kouki2.64x64.jpg Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4520
    More than 5000 online tutoring sessions.
  • http://ww2.justanswer.com/uploads/LI/lindaus/2012-6-10_04811_IMG20120609164157.64x64.jpg Linda_us's Avatar

    Linda_us

    Finance, Accounts & Homework Tutor

    Satisfied Customers:

    3121
    Post Graduate Diploma in Management (MBA)
  • http://ww2.justanswer.com/uploads/ComputersGuru/2010-02-13_051118_Photo41.JPG LogicPro's Avatar

    LogicPro

    Engineer

    Satisfied Customers:

    3035
    Expert in Java C++ C C# VB Javascript Design SQL HTML
  • http://ww2.justanswer.com/uploads/lanis/2009-4-1_233717_phput9xef_c1pm.jpg Lani S.'s Avatar

    Lani S.

    Tutor

    Satisfied Customers:

    2457
    Registered Nurse, Internet Researcher, Private Tutor
  • http://ww2.justanswer.com/uploads/chooser77/2009-08-18_162025_Chris.jpg Chris M.'s Avatar

    Chris M.

    M.S.W. Social Work

    Satisfied Customers:

    2341
    Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
  • http://ww2.justanswer.com/uploads/JawaadAhmed/2009-6-27_12137_SIs_SHadi.jpg F. Naz's Avatar

    F. Naz

    Chartered Accountant

    Satisfied Customers:

    1975
    Experience with chartered accountancy
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg Bizhelp's Avatar

    Bizhelp

    CPA

    Satisfied Customers:

    1873
    Bachelors Degree and CPA with Accounting work experience