31. A key idea in process costing that refers to the number ofunits that could have been started and completed given the costsincurred during the period is known as:A. Manufacturing overhead.B. Units in process.C. A job cost sheet.D. Equivalent units of production.E. Process cost summary.
32. Equivalent units of production are equal to:A. The number of units that could have been started and completedgiven the costs incurred during the period.B. The number of finished units actually produced during aperiod.C. The number of units started into the process during aperiod.D. The number of units still in process at the end of aperiod.E. Physical units that were started and completed during aperiod.
33. Which of the following is the best explanation for why it isnecessary to calculate equivalent units of production in a processcosting environment?A. In most manufacturing environments, it is not possible toconduct a physical count of units.B. Companies often use a combination of a process costing and joborder costing systems.C. In most process costing systems, direct materials are added atthe beginning of the process while conversion costs are addedevenly throughout the manufacturing process.D. All of the work to make a unit 100% complete and ready to moveto the next stage of production or to finished goods inventory maynot have been completed in a single time period.E. In most cases, there is no difference between physical units andequivalent units of production.
34. Using conversion cost per equivalent unit is appropriate formany business that use process costing because:A. Direct materials and direct labor are usually entered into theproduction process at the same rate.B. All manufacturing costs are entered into the production processin the same period.C. Equivalent cost per unit is not sufficient measurement ofproduction activity.D. The weighted average method of calculating equivalent unitsrequires it.E. Direct labor and factory overhead enter the production processat the same rate.
35. Which of the following is not one of the four stepsin accounting for production activity and assigning costs during aperiod under a process cost system?A. Determine over or underapplied overhead.B. Determine the physical flow of units.C. Compute the equivalent units of production.D. Compute the cost per equivalent unit of production.E. Assign and reconcile costs.
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