Devry ACCT505 Week 2 Quiz

ACCT 505 Week 2 Quiz(TCO F) Computing unit product costs involves averaging in:(TCO F) Process costing would be appropriate for each of the following except:(TCO F) Lucas Company uses the weighted-average method in its process costing system. The company adds materials at the beginning of the process in the Forming Department, which is the first of two stages in its production process. Information concerning operations in the Forming Department in October follows(TCO F) Which of the following accounts is debited when direct labor is recorded?(TCO F) During October, Crusan Corporation incurred $62,000 of direct labor costs and $4,000 of indirect labor costs. The journal entry to record the accrual of these wages would include a:(TCO F) Valles Corporation had $22,000 of raw materials on hand on February 1. During the month, the company purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw materials would include a:(TCO F) Some companies use process costing and some use job-order costing. Which method a company uses depends on its industry. A number of companies in different industries are listed below:(TCO F) Job 484 was recently completed. The following data have been recorded on its job cost sheet:(TCO F) Miller Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company’s inventory and cost records for the most recently completed year revealed the following information:(TCO F) Hunsicker Corporation has provided the following data for the month of January: