1) In a process-costing system average unit costs are calculatedA) by dividing total costs in a given accounting period by total units produced in that period.B) by multiplying total costs in a given accounting period by total units produced in that period.C) by dividing total costs in a given accounting period by units started in that period.D) by multiplying total costs in a given accounting period by units started in that period.

2) In a process-costing system, the calculation of equivalent units is used for calculating:A) the dollar amount of ending inventoryB) the dollar amount of the cost of goods sold for the accounting periodC) the dollar cost of a particular jobD) Both A and B are correct.

In a job-order costing system,Group of answer choicesan average cost per unit within a job cannot be computed.standards cannot be used.costs are accumulated by departments and averaged among all jobs.overhead is typically assigned to jobs on the basis of some cost driver.

What are the major characteristics of process costing system? The main characteristics of processcosting system may be summarized as follows:1. A cost of production report is used to collect, summarize and compute total and unit costs.2. Production is accumulated and reported by departments.3. Costs are posted to departmental work in process accounts.4. Production in process at the end of a period is restated in terms of completed units.5. Total cost charged to a department is divided by total computed production of thedepartment in order to determine a unit cost for a specific period.6. Costs of completed units of a department are transferred to the next processingdepartment in order to arrive at the total costs of the finished products during a period. Atthe same time, costs are assigned to units still in process

A key idea in process costing that refers to the number of whole units that could have been started and completed given the costs incurred in a period is known as:Multiple ChoiceManufacturing overhead.Units in process.A job cost sheet.Equivalent units of production.Production cost report.

Under the weighted average system of stock valuation, the average unit cost is calculated by:Question 12Answera.Dividing the total cost of inventory on hand by the total number of inventory items on handb.Adding the unit purchase prices of inventory items on hand and dividing the sum by twoc.Dividing the total cost of inventory issued by the total number of inventory items issuedd.Dividing the total cost of inventory on hand by two