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Using the information provided for Prints Company, how much was cost of goods manufactured during June

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The three inventory accounts used in traditional costing are replaced by two inventory accounts in backflush costing.;True;False;Flag this Question;Question 2 1 pts;Nonvalue-adding activity costs do not increase a product's cost because they do not add value to the product.;Nonvalue-adding activity costs do not increase a product's cost because they do not add value to the product.;True;False;Flag this Question;Question 3 1 pts;Activity-based costing applies only to production-related activities.;Activity-based costing applies only to production-related activities.;True;False;Flag this Question;Question 4 1 pts;The ending balance of the Cost of Goods Sold account will differ in traditional and backflush costing.;The ending balance of the Cost of Goods Sold account will differ in traditional and backflush costing.;True;False;Flag this Question;Question 5 1 pts;In moving toward the just-in-time continuous work flow concept, a key objective is the reduction in the use of raw materials for manufacturing a product.;In moving toward the just-in-time continuous work flow concept, a key objective is the reduction in the use of raw materials for manufacturing a product.;True;False;Flag this Question;Question 6 1 pts In a just-in-time environment;In a just-in-time environment;production runs are interrupted each day at setup time to perform routine maintenance.;scheduled and preventive maintenance is extremely important.;cost savings are realized by performing maintenance whenever it is needed.;routine minor maintenance is always performed by the repair department.;Flag this Question;Question 7 1 pts A change to just-in-time manufacturing expands mainly the role of the;A change to just-in-time manufacturing expands mainly the role of the;cost accountant.;machine operator.;purchasing manager.;quality control inspector.;Flag this Question;Question 8 1 pts Skip to question text.;Engineering design is an activity vital to the success of any motor vehicle manufacturer. Identify the level at which engineering design would be classified in the cost hierarchy used with ABC for a maker of built-to-order city and county emergency vehicles (orders are usually placed for 10 to 12 identical vehicles).;Unit-level activity;Batch-level activity;Product-level activity;Facility-level activity;Flag this Question;Question 9 1 pts When using backflush costing, product costs are first accumulated in the __________ account.;When using backflush costing, product costs are first accumulated in the __________ account.;Cost of Goods Sold;Work in Process Inventory;Conversion Costs;Finished Goods Inventory;Flag this Question;Question 10 1 pts.Johnson Products Company is in the process of adopting the just-in-time operating philosophy for its idol-making operations. Indicate which of the following overhead costs is a nonvalue-adding cost (NVA)..Johnson Products Company is in the process of adopting the just-in-time operating philosophy for its idol-making operations. Indicate which of the following overhead costs is a nonvalue-adding cost (NVA).;Machine electricity;Machine repairs;Depreciation of the machine used;Machine setup labor;Flag this Question;Question 11 1 pts Which of the following is reduced by a just-in-time operations?;Which of the following is reduced by a just-in-time operations?;Inspection time and moving time;Only storage time;Moving time and processing time;Inspection time and processing time;Flag this Question;Question 12 1 pts Process value analysis (PVA) identifies all activities of a production and/or assembly operation for the purpose of;Process value analysis (PVA) identifies all activities of a production and/or assembly operation for the purpose of;preparing budgets based on activity centers.;determining the value of the process.;replacing cost drivers used in cost assignment analyses with activities.;relating cost assignment to the activities that caused the cost to be incurred.;Flag this Question;Question 13 1 pts Which of the following is a unit-level activity?;Which of the following is a unit-level activity?;Redesigning the process;Setting up the production process;Purchase of raw materials;Insuring the factory;Flag this Question;Question 14 1 pts The initial step in achieving the efficiency of a just-in-time system is to;The initial step in achieving the efficiency of a just-in-time system is to;redesign the plant layout.;replace laborers with machines.;stop ordering materials for inventory.;identify products that are not profitable.;Flag this Question;Question 15 1 pts Both traditional and backflush costing have an account for __________ Inventory.;Both traditional and backflush costing have an account for __________ Inventory.;Materials;Raw in Process;Finished Goods;Conversion Costs;Flag this Question;Question 16 1 pts Which of the four levels of the cost hierarchy would be used by a dress manufacturer using an activity-based management to design a pattern for a new dress style?;Which of the four levels of the cost hierarchy would be used by a dress manufacturer using an activity-based management to design a pattern for a new dress style?;Unit-level activity;Batch-level activity;Product-level activity;Facility-level activity;Flag this Question;Question 17 1 pts Skip to question text.;For work done during August, Footprints Company incurred direct materials costs of $104,000 and conversion costs of $260,000. The company employs a just-in-time operating philosophy and backflush costing. At the end of August, it was determined that the Work in Process Inventory account had been assigned $1,080 of costs, and the ending balance of the Finished Goods Inventory account was $1,220. There were no beginning inventory balances.;Using the information provided for Footprints Company, what is the cost of completed units for August?;$104,000;$260,000;$361,700;$362,920;Flag this Question;Question 18 1 pts Skip to question text.;For work done during August, Footprints Company incurred direct materials costs of $104,000 and conversion costs of $260,000. The company employs a just-in-time operating philosophy and backflush costing. At the end of August, it was determined that the Work in Process Inventory account had been assigned $1,080 of costs, and the ending balance of the Finished Goods Inventory account was $1,220. There were no beginning inventory balances.;Using the information provided for Footprints Company, what was the ending balance of the Cost of Goods Sold account for August?;$361,700;$362,780;$362,920;$364,000;Flag this Question;Question 19 1 pts Skip to question text.;For work done during June, Prints Company incurred direct materials costs of $150,000 and conversion costs of $225,000. The company employs a traditional operating philosophy. At the end of June, it was determined that the Work in Process Inventory account had been assigned $2,000 of costs, and the ending balance of the Finished Goods Inventory account was $5,000. There were no beginning inventory balances.;Using the information provided for Prints Company, how much was charged to the Cost of Goods Sold account during June?;$378,000;$380,000;$375,000;$368,000;Flag this Question;Question 20 1 pts Skip to question text.;For work done during June, Prints Company incurred direct materials costs of $150,000 and conversion costs of $225,000. The company employs a traditional operating philosophy. At the end of June, it was determined that the Work in Process Inventory account had been assigned $2,000 of costs, and the ending balance of the Finished Goods Inventory account was $5,000. There were no beginning inventory balances.;Using the information provided for Prints Company, how much was cost of goods manufactured during June?;$375,000;$373,000;$370,000;$377,000

 

Paper#24173 | Written in 18-Jul-2015

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