1611. Cost of goods produce includes :
A. Production cost and finished goods inventory
B. Production cost and work in progress *
C. Creation cost, work underway and completed products stock
D. cost of goods sold
1612. Cost of goods included :
A. Cost of creation and work underway
B. Cost of production and finished goods inventory *
C. Production work in progress and inventory of finished goods costs
1613. An overstatement of work in progress at the end of a period will :
A. Overstate cost of goods produced
B. Understate current assets
C. Understate gross profit
D. Overstate net profit *
1614. Conversion cost is equal to the total of :
A. Material cost and direct wages
B. Material cost and indirect wages
C. Factory overhead and direct wages *
D. Material cost and factory over head
1615. Multiple costing method is used in :
A. Oil refinery
B. Car manufacturing company *
C. Sugar mill
D. Multi-product company
1616. Toy manufacturing company should use :
A. Unit costing
B. Batch costing*
C. Job costing
D. Multiple costing
1617. Electricity generating company should employ :
A. Unit costing
B. Operation costing
C. Process costing
D. Operating costing*
1618. Job costing is used in :
A. Paper mills
B. Printing press *
C. Chemical works
D. Textile mill
1619. Output costing is employed in :
A. Mining quarries
B. Brick Kilns
C. Steel production
D. All of these *
1620. Contract costing is used in :
A. Ship building *
B. Automobile industries
C. Aeroplane industries
D. None of these