fill in the blank process costing

Question 1

Process cost systems are used to apply costs to similar products that are__________________ in a ____________ fashion

Answer 1

mass produced, continuous

Question 2

Separate ________________ accounts are maintained for each production department or manufacturing process in a process cost system.

Answer 2

work in process

Question 3

in a process cost system, manufacturing costs are summarized in a ______________ report for each department

Answer 3

production cost

Question 4

A primary driver of overhead costs in a continuous manufacturing operations is _______________

Answer 4

machine hours

Question 5

Equivalent units of production measure the work done during the period, expressed in fully ___________ units.

Answer 5

Completed

Question 6

_____________ processing refers to the specific manner of processing required for products requiring work in multiple departments, passing form one processing department to another in a linear fashion

Answer 6

Sequential

Question 7

Manufacturing costs always follow the ___________ flow of goods

Answer 7

Physical

Question 8

The costs of completed units from the first processing department are treated as ____________ material costs in the second processing department once they are transferred in.

Answer 8

input

Question 9

In calculating equivalent units in a sequential process setting, the transferred in costs are treated as a separate cost component and will be assigned a percentage completion factor of _________________________

Answer 9

100%