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The three inventory accounts used in traditional costing are replaced

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Question;The three inventory accounts used in traditional costing are replaced by two inventory accounts in backflush costing.TrueFalseFlag this QuestionQuestion;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.TrueFalseFlag this QuestionQuestion 3 1 pts;Activity-based costing applies only to production-related activities. Activity-based costing applies only to production-related activities.TrueFalseFlag this QuestionQuestion;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.TrueFalseFlag this QuestionQuestion;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.TrueFalseFlag this QuestionQuestion 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 QuestionQuestion 7 1 pts A change to just-in-time manufacturing expands mainly the role of theA change to just-in-time manufacturing expands mainly the role of thecost accountant.machine operator.purchasing manager.quality control inspector.Flag this QuestionQuestion 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 activityBatch-level activityProduct-level activityFacility-level activityFlag this QuestionQuestion 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 SoldWork in Process InventoryConversion CostsFinished Goods InventoryFlag this QuestionQuestion;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 electricityMachine repairsDepreciation of the machine usedMachine setup laborFlag this QuestionQuestion 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 timeOnly storage timeMoving time and processing timeInspection time and processing timeFlag this QuestionQuestion;12 1 pts Process value analysis (PVA) identifies all activities of a;production and/or assembly operation for the purpose ofProcess value analysis (PVA) identifies all activities of a production and/or assembly operation for the purpose ofpreparing 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 QuestionQuestion 13 1 pts Which of the following is a unit-level activity?Which of the following is a unit-level activity?Redesigning the processSetting up the production processPurchase of raw materialsInsuring the factoryFlag this QuestionQuestion 14 1 pts The initial step in achieving the efficiency of a just-in-time system is toThe initial step in achieving the efficiency of a just-in-time system is toredesign the plant layout.replace laborers with machines.stop ordering materials for inventory.identify products that are not profitable.Flag this QuestionQuestion 15 1 pts Both traditional and backflush costing have an account for __________ Inventory.Both traditional and backflush costing have an account for __________ Inventory.MaterialsRaw in ProcessFinished GoodsConversion CostsFlag this QuestionQuestion;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 activityBatch-level activityProduct-level activityFacility-level activityFlag this QuestionQuestion 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$362,920Flag this QuestionQuestion 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$364,000Flag this QuestionQuestion 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$368,000Flag this QuestionQuestion 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#39779 | Written in 18-Jul-2015

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