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post university acc211 unit 1 and unit 2 quiz




Question;?;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?;Answers;A.;$105,000;B.;$132,000;C.;$138,000;?;Question 2;0 out of 3 points;Consider the following costs incurred in a recent period;Direct;Materials;$ 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?;Answers;a.;$78,000;b.;$71,000;c.;$37,000;d.;$46,000;?;Question 3;0 out of 3 points;The following inventory balances relate to Lequin Manufacturing;Corporation at the beginning and end of the year;Beginning;Ending;Raw;materials;$ 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?;Answers;a.;$517,000;b.;$545,000;c.;$569,000;d.;$567,000;?;Question 4;3 out of 3 points;Corcetti Company manufactures and sells prewashed denim jeans. Large;rolls of denim cloth are purchased and are first washed in a giant washing;machine. After the cloth is dried, it is cut up into jean pattern shapes and;then sewn together. The completed jeans are sold to various retail;chains.;Which of the following terms could be used to correctly describe the;cost of the soap used to wash the denim cloth?;Direct;Cost;Product;Cost;A);Yes;Yes;B);Yes;No;C);No;Yes;D);No;No;Answers;a.;A);b.;B);c.;C);d.;D);?;Question 5;0 out of 3 points;The variable cost per unit is;constant and does not depend on how many units are produced.;Answers;True;False;?;Question 6;3 out of 3 points;Which two terms below describe the;wages paid to security guards that monitor a factory 24 hours a day?;Answers;A.;variable cost and direct cost;B.;fixed cost and direct cost;C.;variable cost and indirect cost;D.;fixed cost and indirect cost;?;When applying overhead to products in an;activity-based costing system;Answers;a.;Cash or a liability is debited and;Manufacturing Overhead is credited.;b.;Manufacturing Overhead is debited and Cash;or a liability is credited.;c.;Manufacturing Overhead is debited and Work;In Process is credited.;d.;Work In Process is debited and Manufacturing;Overhead is credited;?;Question 2;3 out of 3 points;Matt Company uses activity-based costing. The company has two;products: A and B. The annual production and sales of Product A is 8,000;units and of Product B is 6,000 units. There are three activity cost pools;with estimated total cost and expected activity as follows;Expected Activity;Activity;Cost Pool;Estimated;Cost;ProductA;Product B;Total;Activity;1;$ 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;Answers;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;Answers;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?;Answers;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.;Answers;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.;Answers;True;False


Paper#41168 | Written in 18-Jul-2015

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