1. When completed units are sold: (Points : 2) 2. [removed] Cost of Goods Sold account is credited. [removed] Cost of Goods Manufactured account is credited. [removed] Finished Goods Inventory account is credited. [removed] Work-in-Process Inventory account is credited. [removed] Finished Goods Inventory account is debited. 2. The two main advantages of using predetermined factory overhead rates are to provide more accurate unit cost information and to: (Points : 2) [removed] Simplify the accounting process. [removed] Provide cost information on a timely basis. [removed] Insure transmission of correct data. [removed] Extend the useful life of the cost data. [removed] Adjust for variances in data sources. 3. The total cost of direct materials, direct labor, and factory overhead transferred from the Work-in-Process Inventory account to the Finished Goods Inventory account during an accounting period is: (Points : 2) [removed] Normal cost of goods sold. [removed] Adjusted cost of goods sold. [removed] Total manufacturing cost. [removed] Cost of goods manufactured. [removed] Actual cost of goods sold. 4. When completed units are transferred to the warehouse: (Points : 2) [removed] Cost of Goods Sold account is debited. [removed] Cost of Goods Manufactured account is debited. [removed] Finished Goods Inventory account is debited. [removed] Work-in-Process Inventory account is debited. [removed] Finished Goods Inventory account is credited. 5. Which of the following activities is a facility-level activity? (Points : 2) [removed] Plant management salaries. [removed] Depreciation on a highly specialized piece of production equipment. [removed] Direct labor. [removed] Product design. 6. An activity that is performed for each unit of production is a(n): (Points : 2) [removed] Product-level activity. [removed] Facility-level activity. [removed] Unit-level activity. [removed] Performance-level activity. [removed] Batch-level activity. 7. An activity that is performed to support the production of a new custom-order product is a(n): (Points : 2) [removed] Product-level activity. [removed] Facility-level activity. [removed] Unit-level activity. [removed] Customer-support activity. [removed] Batch-level activity. 8. Which of the following would likely be the most appropriate cost driver of electric power used by machines? (Points : 2) [removed] Number of units. [removed] Machine size. [removed] Number of machine hours. [removed] Number of production runs. [removed] Purchase cost of machines. 9. The journal entry to record requisitioned and usage of direct materials would include a credit to: (Points : 2) [removed] Work-in-Process Inventory. [removed] Accrued Payroll. [removed] Factory Overhead. [removed] Materials Inventory. [removed] Finished Goods Inventory. 10. In calculating unit cost in a process costing system, “conversion cost” is defined as the sum of: (Points : 2) [removed] Direct and indirect material costs. [removed] Direct and indirect labor costs. [removed] Direct labor and factory overhead costs. [removed] Indirect labor and factory overhead costs. 11. Process cost systems are used in all of the following industries except: (Points : 2) [removed] Chemicals. [removed] Ship building. [removed] Oil refining. [removed] Textiles. [removed] Steel. 12. The key difference between weighted-average and FIFO process costing methods is the handling of the partially completed: (Points : 2) [removed] Beginning direct materials inventory. [removed] Ending direct materials inventory. [removed] Beginning work-in-process inventory. [removed] Ending work-in-process inventory. [removed] Beginning finished goods inventory. 13. ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to WIP, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total Materials (Direct and Indirect) Pu…
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