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post acc211 unit 1 and 2 quiz




Question;? Question;1;3 out of 3 points;Green Company's costs for the;month of August were as follows: direct materials, $27,000, direct labor;$34,000, selling, $14,000, administrative, $12,000, and manufacturing overhead;$44,000. The beginning work in process inventory was $16,000 and the ending;work in process inventory was $9,000. What was the cost of goods manufactured;for the month?;A.;$105,000;B.;$132,000;C.;$138,000;D.;$112,000;? Question;2;3 out of 3 points;Consider the following costs;incurred in a recent period;Direct Materials;$ 33,000;Depreciation on factory equipment $ 12,000;Factory janitor's salary;$ 23,000;Direct labor;$ 28,000;Utilities for factory;$ 9,000;Selling expenses;$ 16,000;Production supervisor's salary $ 34,000;Administrative expenses;$ 21,000;What was the total amount of the period costs listed above;for the period?;a.;$78,000;b.;$71,000;c.;$37,000;d.;$46,000;? Question;3;3 out of 3 points;The following inventory balances;relate to Lequin Manufacturing Corporation at the beginning and end of the;year;Beginning Ending;Raw materials;$ 14,000 $ 19,000;Work in proces $ 31,000;$ 7,000;Finished goods $ 25,000;$ 23,000;Lequin's total manufacturing cost was $543,000. What was;Lequin's cost of goods sold?;a.;$517,000;b.;$545,000;c.;$569,000;d.;$567,000;? Question;4;3 out of 3 points;Corcetti Company manufactures and;sells prewashed denim jeans. Large rolls of denim cloth are purchased and are;first washed in a giant washing machine. After the cloth is dried, it is cut up;into jean pattern shapes and then sewn together. The completed jeans are sold;to various retail chains.;Which of the following terms could be used to correctly;describe the cost of the soap used to wash the denim cloth?;Direct;Cost Product Cost;A) Yes Yes;B) Yes No;C) No Yes;D) No No;a.;A);b.;B);c.;C);d.;D);? Question;5;3 out of 3 points;The variable cost per unit is;constant and does not depend on how many units are produced.;False;? Question;6;0 out of 3 points;Which two terms below describe;the wages paid to security guards that monitor a factory 24 hours a day?;A.;variable cost and direct cost;B.;fixed cost and direct cost;C.;variable cost and indirect cost;D.;fixed cost and indirect cost;? Question;1;3 out of 3 points;When applying overhead to;products in an activity-based costing system;a.;Cash or a liability is debited and Manufacturing Overhead is;credited.;b.;Manufacturing Overhead is debited and Cash or a liability is;credited.;c.;Manufacturing Overhead is debited and Work In Process is;credited.;d.;Work In Process is debited and Manufacturing Overhead is;credited;? Question;2;3 out of 3 points;Matt Company uses activity-based costing. The;company has two products: A and B. The annual production and sales of Product A;is 8,000 units and of Product B is 6,000 units. There are three activity cost;pools, with estimated total cost and expected activity as follows;Expected Activity;Activity Cost Pool Estimated;Cost;ProductA Product B Total;Activity 1;$ 20,000 100 400 500;Activity 2;$ 37,000 800 200 1,000;Activity 3;$ 91,200 800 3,000 3,800;The cost per unit of Product A under activity-based costing;is closest to;a.;$2.40;b.;$3.90;c.;$10.59;d.;$6.60;? Question;3;3 out of 3 points;Departmental overhead rates may;not correctly assign overhead costs due to;a.;the use of direct;labor hours in allocating overhead costs to products rather than machine time;or quantity of materials used.;b.;the high correlation between direct labor-hours and the;incurrence of overhead costs.;c.;overreliance on volume as a basis for allocating overhead;costs where products differ regarding the number of units produced, lot size;or complexity of production;d.;difficulties associated with identifying cost pools for the;first stage of the allocation process.;? Question;4;3 out of 3 points;Vex Corporation manufactures a variety of;products. In the past, Vex had been using a traditional overhead allocation;system based on machine hours. For the current year, Vex decided to switch to;an activity-based costing system using machine hours and the number of;inspections as measures of activity. Information on these measures of activity;and related overhead rates for the current year is as follows;Estimated;Activity Predetermined Overhead;Rate;Machine hours 50,000;$ 8.00;Number of inspections 3,000;$40.00;Job #812 for the current year required 15 machine hours and;2 inspections. Would this job have been overcosted or undercosted under the;traditional system and by how much?;a.;undercosted by $36;b.;undercosted by $44;c.;overcosted by $80;d.;undercosted by $80;? Question;5;3 out of 3 points;Even departmental overhead rates;will not correctly assign overhead costs in situations where a company has a;range of products that differ in volume, lot size, or complexity of production.;True;False;? Question;6;3 out of 3 points;In activity-based costing, a;separate activity rate (i.e., predetermined overhead rate) is computed for each;activity cost pool by dividing the estimated overhead cost in the activity cost;pool by the total expected activity for the activity cost pool.;True;False


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