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devry acct344 week 1 and week 2 quiz




Question;1. Question;(TCO 2) Which cost assignment;method would likely assign the cost of heating in a plant that makes beds and;dressers when the bed product line is the cost object?;Driver tracing;Direct tracing;Allocation;Arbitration;2. Question: (TCO 2) Which cost is an example of product costs?;Selling commissions;Nonfactory office salaries;Direct materials;Advertising expense;3. Question: (TCO 2) Period costs do not include;order-getting costs.;order-filling costs.;order-making costs.;All of the above are period costs.;4. Question: (TCO 2) Based on the following information, which are the;conversion costs?;Beginning work-in-process inventory $160,000;Ending work-in-process inventory $180,000;Cost of goods manufactured $500,000;Direct materials used;$130,000;$210,000;$320,000;$340,000;$390,000;5. Question: (TCO 2) Based on;the following information, which are the prime costs for the year?;Cost of goods manufactured $380,000;Beginning work-in-process inventory $140,000;Ending work-in-process inventory $120,000;Manufacturing overhead $70,000;$310,000;$570,000;$290,000;$330,000;6. Question: (TCO 2) The absolute maximum production activity of a;manufacturing firm is called;expected activity level;normal activity level;theoretical activity level;practical activity level;7. Question: (TCO 2) Which item is a basic costing system record in a;job-order costing system?;Materials requisition form;Job-order cost sheet;Job time ticket;All of the above;8. Question: (TCO 2) Which firm would make extensive use of job-order;costing?;Dental and medical services;Canned foods;Discount brokers;Petroleum;9. Question: (TCO 2) ABC Manufacturing Company has the following total;job cards.;Job A $6,500;Job B $5,630;Job C $3,825;Job D $3,800;Job E $6,300;Job F $4,200;Jobs A and B were in Finished Goods Inv. at the beginning of;the month.;Jobs C and D were in Work-in-Process at the beginning of the;month.;Jobs E and F were started during the month.;At the end of the month, Jobs A and E were sent to;customers.;At the end of the month, Jobs C, E, and F were completed and;sent to finished goods.;Which is the cost of goods sold for the month?;$12,130;$14,325;$12,800;None of the above;10. Question: (TCO 2);Action Corporation uses activity-based costing to apply;overhead to jobs within a job-order costing system. The following overhead;activities were budgeted for the year.;Activity Cost Driver Amount;of Driver;Setups $480,000 # of setups 8,000;Purchasing $240,000 # of parts 20,000;Other overhead $500,000 Direct labor hours 80,000;The following information about the jobs was given for May.;Job 1 Job 2 Job 3 Job 4;Balance 4/1;$84,900 $50,880 $61,000 $ -;Direct materials;$44,000 $36,900 $50,000 $10,000;Direct labor;$60,000 $41,000 $83,000 $18,000;# of setups 30 12 35 150;# of parts 250 75 600 350;Direct labor hours 4,000 2,600 6,000 900;By May 30, Jobs 1, 2, and 3 were completed and sold. The;remaining jobs were still in process.;Which is the cost of Job 2?;$146,650;$95,770;$128,780;None of the above1. Question;(TCO 3) The appropriate cost;accounting system to use when inventory items are produced on an assembly line;is weighted average. job-order costing. process costing. perpetual method. 2. Question: (TCO 3) As production occurs, materials, direct labor, and;applied manufacturing overhead are recorded in cost of goods sold. work-in-process. materials. finished goods. 3 of 3 Comments: 3. Question: (TCO 3) ?Equivalent units? expresses all activity of the;period in terms of direct labor hours. partially completed units. fully completed units. units of input. 4. Question: (TCO 3) Holly Inc. manufactures dolls. The following data;were provided for production results for the current month. 0 Units, beginning work-in-process 300 Units started? Units completed 100 Units, ending work-in-process (40%;complete)Which are the equivalent units? 300 240 260 200 None of the above 5. Question: (TCO 3) When products and their costs are moved from one;process to the next process, these costs are referred to as unit costs. transferred-in costs. WIP inventory costs. 3 Comments: 6. Question: (TCO 3) Keller Inc. manufactures office chairs. The;following data were provided for production results for the current month. 0 Units, beginning;work-in-process 6,000 Units started? Units completed 2,000 Units, ending work-in-process $440,000 Cost of direct materials $64,000 Cost of conversionEnding inventory is 100% complete for materials and 20%;complete for conversion. How many units were started and completed? 4,000 2,000 6,000 12,000 None of the above 7. Question: (TCO 3) The two methods used to determine equivalent units;of production are FIFO and LIFO. weighted average and LIFO. weighted average and FIFO. FIFO and specific identification. 8. Question: (TCO 3) Abby Corp. adds raw materials to production at the;beginning of the process in the Assembly Dept. Materials data for this;department for the current month are as follows. Costs Units Materials ConversionBeginning work-in-process;10,000 $70,750 $175,350Started during month;65,000 $250,000 $736,350Ending work-in-process;6,000 Beginning inventory was 70% complete. Ending inventory was;40% complete.How many equivalent units for materials would there be for;Abby Corp. during the month using the FIFO method? 71,000 65,000 75,000 72,800 9. Question: (TCO 3) The following information was provided by Sally;Company. % complete UnitsBegninning work-in-process 25% 25,000Units transferred in;75,000Ending work-in-process 50% 15,000All materials are added at the beginning of the process. How many equivalent units for materials would there be using;the weighted average method? 100,000 115,000 75,000 82,500 10. Question: (TCO 3) The material cost per equivalent unit using the;weighted average method is calculated as total material costs to account for /;equivalent units for materials. material costs added during the period /;equivalent units for materials. total material costs to account for / number;of partially completed units for materials. material costs added during the period /;number of partially completed units for materials.;="msonormal">


Paper#38150 | Written in 18-Jul-2015

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