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Question;1. Question: (TCO 1) Managerial accounting stresses accounting concepts and;procedures that are relevant to preparing reports for;taxing authorities.;internal users of accounting information.;external users of accounting information.;the Securities and Exchange Commission (SEC).;2. Question: (TCO 1) Which of the following costs does not change when the;level of business activity changes?;total fixed costs;total variable costs;total direct materials costs;fixed costs per unit;3. Question: (TCO 1) You own a car and are trying to decide whether or not;to trade it in and buy a new car. Which of the following costs is an;opportunity cost in this situation?;the trip to Cancun that you will not be able to take if you buy the car;the cost of the car you are trading in;the cost of your books for this term;the cost of your car insurance last year;4. Question: (TCO 1) Shula?s 347 Grill has budgeted the following costs for;a month in which 1,600 steak dinners will be produced and sold: materials;$4,080, hourly labor (variable), $5,200, rent (fixed), $1,700, depreciation;$800, and other fixed costs, $600. Each steak dinner sells for $14.00 each.;What is the budgeted fixed cost per unit?;$1.06;$1.44;$4.49;$1.94;5. Question: (TCO 1) Which of the following costs is not part of;manufacturing overhead?;electricity for the factory;depreciation of factory equipment;salaries for the production supervisors;health insurance for sales staff;6. Question: (TCO 1) Product costs;are also called manufacturing costs.;are considered an asset until the finished goods are sold.;become an expense when the goods are sold.;All of the above answers are correct.;7. Question: (TCO 1) Red Runner?s Work in Process Inventory account has a;beginning balance of $50,000 and an ending balance of $40,000. Direct materials;used are $70,000 and direct labor used totals $35,000. Cost of goods sold;totals $135,000. Manufacturing overhead applied is $20,000. How much is cost of;goods manufactured?;$145,000;$115,000;$125,000;$135,000;8. Question: (TCO 2) BCS Company applies manufacturing overhead based on;direct labor cost. Information concerning manufacturing overhead and labor for;August follows;Estimated Actual;Overhead cost $174,000 $171,000;Direct labor hours 5,800 5,900;Direct labor cost $87,000 $89,975;How much is the predetermined overhead rate?;2.00;1.90;30.00;1.93;9. Question: (TCO 2) During 2011, Madison Company applied overhead using a;job-order costing system at a rate of $12 per direct labor hours. Estimated;direct labor hours for the year were 150,000, and estimated overhead for the;year was $1,800,000. Actual direct labor hours for 2011 were 140,000 and actual;overhead was $1,670,000.;What is the amount of under or over applied overhead for the year?;$10,000 underapplied;$10,000 overapplied;$130,000 underapplied;$130,000 overapplied;10. Question: (TCO 3) Which of the following describes the differences;between job-order and process costing?;Job-order costing is used in financial accounting while process costing is;used in managerial accounting.;Job-order costing can only be used by manufacturers, service enterprises;must use process costing.;Job-order costing is voluntary while process costing is mandatory.;Job-order costing traces costs to jobs while process costing traces costs to;departments and averages the costs among the units worked on during the period.;11. Question: (TCO 3) The Blending Department began the period with 45,000;units. During the period the department received another 30,000 units from the;prior department and completed 60,000 units during the period. The remaining;units were 75% complete. How much are equivalent units in The Blending;Department?s work in process inventory at the end of the period?;30,000;22,500;15,000;11,250;12. Question: (TCO 3) Ranger Glass Company manufactures glass for French;doors. At the start of May, 2,000 units were in-process. During May, 11,000;units were completed and 3,000 units were in process at the end of May. These;in-process units were 90% complete with respect to material and 50% complete;with respect to conversion costs. Other information is as follows;Work in process, May 1;Direct material $36,000;Conversion costs $45,000;Costs incurred during May;Direct material $186,000;Conversion costs $255,000;How much is the cost per equivalent unit for direct materials?;$24.00;$16.20;$15.86;$13.58;13. Question: (TCO 4) Total costs were $75,800 when 30,000 units were;produced and $95,800 when 40,000 units were produced. Use the high-low method;to find the estimated total costs for a production level of 32,000 units.;$80,115;$76,000;$79,800;$91,800


Paper#37549 | Written in 18-Jul-2015

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