10 Nov 1. Which of the following statements comparing the
1. Which of the following statements comparing the weighted-average method with theFIFO method of accounting for cost flows is incorrect?a) Using the FIFO method, the equivalent units are calculated differently fromthe weighted-average method because the equivalent work done on theopening work-in-progress last period is excluded from the computation.b) The weighted-average method averages the costs associated with the workdone in the previous period with the costs incurred in the current period.c) The fact that there are two different methods suggests that it is not possible tostate which method provides more accurate results.d) When there are no beginning inventories or ending inventories, both methodswill provide identical results.2. Which of the following statements about a process costing system is incorrect?a) In a process costing system, there is a work-in-progress account for eachprocessing department.b) In a process costing system, equivalent units are separately computed formaterials and for conversion costs.c) In a process costing system, overhead can be under- or overapplied, just as injob-order costing.d) In a process costing system, materials costs are traced to units of products.3. In which production setting is operation costing most appropriate?a) Custom automobile repair shopb) Landscaping businessc) Oil refineryd) Clothing manufacturer
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