Accounting 525 Quiz 2 Gordon Heslop

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1 out of 1.00 point The following journal entry would be made in a processing costing system when units that have been completed with respect to the work done in Processing Department Z are transferred from Processing Department Z to Processing Department Y: True False In a process costing system, overhead costs are traced to units of product as they are incurred. True False A process cost system would be used to account for the cost of manufacturing an oil tanker. True False A process costing system would be best suited for production of a large quantity of a homogeneous product. True False In process costing, costs are accumulated in processing departments, rather than by job. True False The job cost sheet is used in both job-order and process costing. True False Byklea Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 200 units. The costs and percentage completion of these units in beginning inventory were: A total of 7,000 units were started and 6,700 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: The ending inventory was 90% complete with respect to materials and 45% complete with respect to conversion costs. Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. 8. award: 1 out of 1.00 point How many units are in ending work in process inventory in the first processing department at the end of the month? 500 6,800 900 300 Units in ending

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