BEC Cost Accounting review 2

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  1. What are the 2 generally used cost flow assumptions?

    1. ---------------------
    2. --------------------
    • 1. FIFO
    • 2. Weighted average
  2. Under the ----------------------- the costs in the beginning inventory are averaged with the current period costs to determine one average unit passing through he department in a given period.
    Under the weighted average the costs in the beginning inventory are averaged with the current period costs to determine one average unit passing through he department in a given period.
  3. Under FIFO costs in the beginning inventory are not mingled with the current period costs ut are transferred out as a separate batch of goods at a different unit cost than units started and completed during the period.
    Under ---------------------- in the beginning inventory are not mingled with the current period costs out are transferred out as a separate batch of goods at a different unit cost than units started and completed during the period.
  4. What is spoilage?
    Spoilage is production that does not result in good finished units.
  5. ------------------ is production that does not result in good finished units.
    Spoilage is production that does not result in good finished units.
  6. What is normal spoilage?
    Normal spoilage is a cost of goods produced and thus is inventoried as a product cost.
  7. ---------------------- is a cost of goods produced and thus is inventoried as a product cost.
    Normal spoilage is a cost of goods produced and thus is inventoried as a product cost.
  8. What is abnormal spoilage?
    Abnormal spoilage is spoilage beyond the normal spoilage rate.
  9. --------------------------- is spoilage beyond the normal spoilage rate.
    Abnormal spoilage is spoilage beyond the normal spoilage rate.
  10. ------------------------- is not a cost of goods produced, but rather a loss for the period.
    Abnormal spoilage is not a cost of goods produced, but rather a loss for the period.
  11. -------------------- is inherent in the manufacturing process and is uncontrollable in the short run.
    normal spoilage is inherent in the manufacturing process and is uncontrollable in the short run.
Author:
Joens1313
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300831
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BEC Cost Accounting review 2
Updated:
2015-04-15 03:18:45
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BEC Cost Accounting review
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BEC Cost Accounting review 2
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