Question: The fifth step in process costing system is to ___________?

• 1. allocate separable costs
• 2. allocate joint costs
• 3. compute gross margin
• 4. assign total cost to completed units

Question: The forth step in process costing system is to __________?

• 1. summarize total costs
• 2. compute cost for each equivalent unit
• 3. summarize flow of output
• 4. compute output in units

Question: The costing method, which calculates per equivalent unit cost of all the production related work done, till calculated date is termed as __________?

• 1. weighted average method
• 2. net present value method
• 3. Gross production method
• 4. net present value method

Question: The second step in processing costing system is to ___________?

• 1. summarize total costs
• 2. compute cost for each equivalent unit
• 3. summarize flow of output
• 4. compute output in units

Question: If the total incurred cost in a production process are $30000 and the number of output units are 5000 units, then the units cost will be __________?

• 1. $16
• 2. $60
• 3. $6
• 4. $26

Question: If the cost incurred for work in process inventory is $350000 and total equivalent units completed till date are 3500, then weighted average cost will be __________?

• 1. $10
• 2. $100
• 3. $1,000
• 4. $1,200

Question: The third step in process costing system is to ____________?

• 1. summarize flow of output
• 2. compute output in units
• 3. summarize total costs
• 4. compute cost for each equivalent unit

Question: The costing system, which classify cost into cost categories in a way when an expense is incurred in the process is called ____________?

• 1. conversion expense costing system
• 2. inventory costing system
• 3. process costing system
• 4. job costing system

Question: Total cost related to work in process inventory is divided by total units of work done is used to calculate _____________?

• 1. Gross weighted margin
• 2. weighted average revenue
• 3. weighted average cost
• 4. weighted average conversion cost

Question: In process and job costing system, the normal spoilage cost is considered as ___________?

• 1. conversion costs
• 2. sunk costs
• 3. inventoriable costs
• 4. non inventoriable costs