71.A laundry detergent manufacturer would most likely use:
A. Process costing.
B. Job order costing.
C. Hybrid order costing.
D. Batch order costing.
72.The two most common types of costing systems are:
A. Process cost and transfer cost systems.
B. Job order and process cost systems.
C. Job order and direct cost systems.
D. Process cost and standard cost systems.
73.Drummond Company provides customized computer training to employees of large corporations. What kind of costing system should Drummond use?
A. Standard costing
B. Process costing
C. Job-order costing
D. None of these.
74.Which of the following items is provided on a work ticket?
A. Job-number
B. Employee identification
C. Work description
D. All of these.
75.Beta Company determined that its manufacturing overhead for 2014 was overapplied by $1,400. It closed the amount to cost of goods sold. The recognition of this transaction will:
A. Decrease cost of goods sold.
B. Increase cost of goods sold.
C. Have no impact on cost of goods sold.
D. None of these.
76.Which of the following statement(s) is/are correct?
I. It is easy to distinguish the balance sheet of a company that uses a process costing system from that of a company that uses job-order costing
II. A process cost system requires a work in process account for each processing department, while a job order system uses a single work in process account
III. Process cost systems use multiple finished goods inventory accounts
A. I only
B. II only
C. II and III
D. I, II, and III
77.Steele Manufacturing Company reported the following work in process inventory account activity measured in units. The ending inventory was estimated to be 70% to be complete.
Beginning inventory 20,000
Started 90,000
Ending inventory 15,000
What is the number of equivalent units in Steele's ending work in process inventory?
A. 14,000
B. 15,000
C. 10,500
D. None of these.