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ACCT 221 Q3 mcq and some problems

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Question;1.;Because of automation, which component of product cost is declining?;a. Direct labor;b. Direct materials;c. Manufacturing overhead;d. Advertising;2.;The management function that requires managers to look ahead and establish objectives;is;a. controlling.;b. planning.;c. directing.;d. constraining.;3.;A manufacturing process requires small amounts of glue. The glue used in the;production process is classified as a(n);a. period cost.;b. indirect material;c. direct material.;d. miscellaneous expense;4.;All of the following would be entries in assigning accumulated costs to;the Work In Process Inventory except;a. the purchase of raw materials.;b. raw materials are used.;c. overhead is applied.;d. factory labor is used.;5.;Which one of the following is a source document that impacts the job cost;sheet?;a. Raw materials receiving slips.;b. Materials purchase orders.;c Labor time tickets;d. Finished goods shipping documents.;6.;Process costing is not used when;a. similar goods are being;produced.;b. jobs have distinguishing;characteristics;c. large volumes are produced.;d. a series of connected;manufacturing processes is necessary.;7.;When determining costs of jobs, how does a company account for;indirect materials?;a. It is added to work in process;as used.;b. It is transferred out of raw;materials into manufacturing overhead when used;c. It remains part of raw;materials inventory..;d. It is transferred out of raw;materials into work in process as used.;8.;A process cost system would be used for all of the following;products except;a. chemicals.;b. computer chips.;c. motion pictures.;d. soft drinks.;9.;The predetermined overhead rate is based on the relationship between;a. actual monthly costs and actual annual;activity.;b. estimated annual costs and;expected annual activity.;c. estimated monthly costs and;actual monthly activity.;d. estimated annual costs and;actual activity;10. When;manufacturing overhead costs are assigned to production in a process cost;system, they are debited to;a. the Work in Process account.;b. the Finished Goods Inventory;account.;c. Cost of Goods Sold.;d. a Manufacturing Overhead;account.;11. A;process with no beginning work in process, completed and transferred out 65,000;units during a period and had 50,000 units in the ending work in process;inventory that were 30% complete. The equivalentunits of production for;the period were;a. 75,000 equivalent units.;b. 125,000 equivalent units.;c. 37,500 equivalent units;d. 80,000 equivalent units;12. Which;of the following is not viewed as part of accumulating;manufacturing costs in a job order cost system?;a. Raw materials are purchased;b. Cost of goods sold is;recognized;c. Factory labor is incurred;d. Manufacturing overhead is;incurred;13. Cinder;Company had the following department information for the month;Total materials;costs;$ 80,000;Equivalent units of;materials;8,000;Total conversion;costs;$120,000;Equivalent units of conversion costs;16,000;How much is the total manufacturing cost per unit?;a. $8.33.;b. $7.50;c. $17.50;d. $10.00.;14. A cost;which remains constant per unit at various levels of activity is a;a. fixed cost.;b. mixed cost.;c. variable cost.;d. manufacturing cost.;15. Sales are $500,000 and variable costs are;$400,000. What is the contribution margin ratio?;a. 43%;b. 20%;c. 70%;d. Cannot be determined because;amounts are not expressed per unit.;16. Which;of the following is not a necessary step in preparing a production cost report?;a.;Compute the equivalent units of production.;b.;Prepare the job order cost sheet;c.;Compute the physical unit flow.;d.;Prepare a cost reconciliation schedule.;17. Fixed;costs normally will not include;a. property taxes;b. supervisory salaries;c. direct labor;d. depreciation on buildings and equipment.;18. In;applying the high-low method, which months are relevant?;Month Miles Total;Cost;January;80,000;$ 96,000;February;50,000;80,000;March;70,000;94,000;April;90,000;130,000;a. January and February;b. January and April;c. February and April;d. February and March;PROBLEM 1;Jones Corporation has the;following cost records for May 2013;Indirect;factory labor;$ 7,000;Advertising;Expense;$ 8,000;Direct;materials used;12,000;Depreciation;factory equipment;3,200;Work;in process, 5/1/13;6,000;Direct;labor;13,000;Work;in process, 5/31/13;7,800;Maintenance;factory equipment;1,000;Factory;supervisor?s salary;4,500;Indirect;materials;1,200;Sales;Commission;10,000;OfficeManagerSalary;4,000;Instructions;(a);Prepare;a cost of goods manufactured schedule for May 2013;JONES CORPORATION;Cost of Goods Manufactured;Schedule For the Year Ended May 31;2013;Refer;excel file;PROBLEM 2;Newton, Inc. fixed;costs are expected to be $85,000 and variable costs are expected to be $20;per product. Sales price is $40 per product.;Instructions;Determine the required sales in units to;break even..;Refer excel;file;PROBLEM 3;Nison Company;accumulates the following data concerning a mixed cost, using miles as the;activity level.;Miles;Driven;Total;Cost;Miles;Driven;Total;Cost;January;10,000;$15,000;March;9,000;$12,500;February;8,000;$14,500;April;7,500;$12,000;Instructions;Compute the variable;and fixed cost elements using the high-low method.;Refer excel;file;PROBLEM 4;Rosa Winery has the following cost and;production data for the Fermenting Department for December 2014;Cost data;Beginning work in process inventory, December;1;Direct;Materials;$30,000;Conversion;Cost;$ 6,000;$36,000;Cost incurred during production in December;Direct;Materials;390,000;Conversion;costs;122,000;Total;Costs $548,000;Production data;Completed and transferred;out 62,000;Ending work in process (gallons);8,000;Ending work in process;was 100% complete as to materials and 25% complete as to conversion;costs.;Instructions;(a) Compute the equivalent units;of production.;(b) Determine the unit production costs.;(c) Determine the costs to be assigned to units;transferred out and ending work in process.;Note: Can complete solutions;in Excel and then paste in spaces below, or can type directly in;spaces below.;Refer excel;file;Answer;div.eng_slide a > img {width:119px !important,height:102px !important,}div.eng_slide a,div.eng_slide span {width:119px !important,}#git_wrapper_0{width:100%,position:relative,padding-top:20px,overflow:hidden,font-family:inherit,float:left,}.engageya_case31_image{width:148px, height:100%,float:left,position:relative,text-decoration:none !important,}.engageya_case31_text{text-align:left,position:relative,font-style: inherit, font-family:Arial,Helvetica,sans-serif,font-size: 13px, padding:1px,width:148px,height:100%,font-weight:bold,}.like_facebook {float:left,margin-top:5px,min-width:85px,height:20px,background:url("http://ext2.engageya.com/widget/img/facebook-counter-bg.png") no-repeat left,border:none,}.like_facebook span {float:right,height:20px,font-size:10px,font-family:Arial,color:black,background:url("http://ext2.engageya.com/widget/img/facebook-counter-repeat.png") repeat-x,border-right:solid 1px #c1c1c1,border-top: none,border-bottom: none,margin-top: 1px,height: 18px,margin-right: 0px,padding-right: 6px,line-height: 18px,}Recommended for You.yzmpa_tooltip_box {direction:ltr,text-align:left,display:none,font:12px/20px Arial, Helvetica, sans-serif,width: 121px,box-sizing: border-box,height: 137px,position: absolute,bottom: -114px,right: 20px,background: #ffffff,padding: 8px,color:#494949,font-weight:400,-moz-box-shadow: 0 0 20px 0px #AAA4A4,-webkit-box-shadow: 0 0 20px 0px #AAA4A4,box-shadow: 0 0 20px 0px #AAA4A4,z-index:2,margin-bottom:2px,-moz-border-radius: 4px,-webkit-border-radius: 4px,-khtml-border-radius: 4px,border-radius: 4px,}.yzmpa_tooltip_box:after,.illu_tooltip_box:before {top: 9%,right:-9px,border: solid transparent,content: " ", height: 0,width: 0,position: absolute,pointer-events: none,}.yzmpa_tooltip_box:after {border-color: rgba(255, 255, 255, 0),border-top-color: #ffffff,border-width: 9px,margin-left: -11px,}.yzmpa_tooltip_box:before {border-color: rgba(0, 0, 0, 0),border-top-color: #000000, border-width: 10px, margin-left: -12px,}.yzmpa_tooltip_box label {line-height: 20px,cursor:pointer,display:inline-block,}.yzmpa_tooltip_box label input[type=radio]{float: left,cursor: pointer,margin: 4px 4px 0 2px,}.yzmpa_close_dialog_header{background: #C4C4C4,padding-left: 5px,font-weight: bold,width:100px,margin-bottom:2px,}.yzmpa_close_dialog_btn{position: relative,font-family: serif,top:-15px,font-size: 10px,cursor: pointer,float:right,font-weight:normal,height:0px,}XClose widgetJust for now24 hours72 hours1 monthLifetime She got fired but now makes Rs 300,000/m from homeConsumerTips She got fired but now makes Rs 300,000/m from homeConsumerTips Ranking of the 10 biggest banks in 2014TopTipsNews Top 5 popular towns to visit in EuropeTopTipsNews Unbelievable: Mother makes Rs 300.000/m from home!ConsumerTips Unbelievable: Mother makes Rs 300.000/m from home!ConsumerTips Top 5 low-cost paradisiac places to visitTopTipsNews 10 Best Law cases in historyTopTipsNewsBrought By The weDownload Manager

 

Paper#37505 | Written in 18-Jul-2015

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