Q. The costing system, which classify cost into cost categories in a way when an expense is incurred in the process is called

View solution

Q. Total cost related to work in process inventory is divided by total units of work done is used to calculate

View solution

Q. The costing system, which is a combination of process costing and job costing system, is classified as

View solution

Q. The partial or completed units of manufactured goods, that do not meet customer specifications and get sold at reduced price or simply discarded, are called

View solution

Q. In process and job costing system, the normal spoilage cost is considered as

View solution

Q. The types of spoilage include

View solution

Q. Which one of the following is an example of spoilage?

View solution

Q. The units of normal spoilage are divided to total completed units, rather than total actual produced units to calculate

View solution

Q. An amount of spoilage that is not natural in a specific production process is categorized as

View solution

Q. The sum of beginning work in process inventory units and started units, is subtracted from the sum of ending work in process inventory units and transferred out units of goods, to calculate

View solution

Q. The stage in production process, where the manufactured goods are checked; whether the units are acceptable or not is classified as

View solution

Q. The production units that do not meet customer specification, but can be sold to other customers as finished goods are classified as

View solution

Q. An example of rework is

View solution

Q. If the transferred out total cost is $1850000 and the number of good units (produced), then the cost per good unit transferred out and completed can be

View solution

Q. The aspects of accounting for scrap includes

View solution

Q. The normal spoilage is subtracted from total spoilage to calculate

View solution

Q. If the beginning work in process inventory units are 2600, units started are 9000, ending work in process units are 2300 and the completed good units are 8000 then total spoilage will be

View solution

Q. The residual material which results from manufacturing products is called

View solution

Q. The costing, which explains how and when scrap affects the operating income of company is classified as

View solution

Q. An amount of spoilage that is natural in any particular production process is classified as

View solution