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GB519: Unit 2 Quiz

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Question;1. Question;When completed units are;transferred to the warehouse;Cost of Goods Sold account is debited.;Cost of Goods Manufactured account is;debited.;Finished Goods Inventory account is debited.;Work-in-Process Inventory account is debited.;Finished Goods Inventory account is credited.;Question 2. Question;Which of the following;companies uses process costing systems?;Accenture.;Coca-Cola.;Jiffy Lube International.;A professional service firm.;All of the above.;Question 3. Question;Which one of the following is;the amount that actual factory overhead exceeds the factory overhead applied?;Factory overhead applied.;Actual factory overhead.;Overapplied overhead.;Allocated factory overhead.;Underapplied overhead.;Question 4. Question;Abnormal spoilage;Is considered part of good production.;Arises under efficient operating conditions.;Is controllable in the short run.;Is unacceptable spoilage that should not;occur under efficient operating conditions.;Is part of inventory product cost.;Question 5. Question;An activity that is performed;to support the production of a new custom-order product is a(n);Product-level activity.;Facility-level activity.;Unit-level activity.;Customer-support activity.;Batch-level activity.;Question 6. Question;The general sales manager's;salary is an example of a;Customer unit-level cost.;Customer batch-level cost.;Customer-sustaining cost.;Distribution-channel cost.;Sales-level cost.;Question 7. Question;Which of the following;activities is a facility-level activity?;Plant management salaries.;Depreciation on a highly specialized piece of;production equipment.;Direct labor.;Product design.;Question 8. Question;Effective implementation of;activity-based costing (ABC) requires;Normally the assistance of a consultant.;A sophisticated and expensive computer;system.;Support of top management and key employees.;Capturing properly the complexity of the;data.;ABC has no significant implementation issues.;Question 9. Question;Process cost systems are used;in all of the following industries except;Chemicals.;Ship building.;Oil refining.;Textiles.;Steel.;Question 10. Question;JIT (Just in time) methods are;designed primarily to;Reduce costs.;Reduce inventory levels.;Improve product design.;Improve the accuracy of product costs.;Question 11. Question;The journal entry to record;incurred direct labor would include a credit to;Work-in-Process Inventory.;Accrued Payroll.;Factory Overhead.;Materials Inventory.;Finished Goods Inventory.;Question 12. Question;Transferred-in costs are costs;of work performed;In the current department from last period;that are transferred in this period.;In the preceding department that are;transferred into the present department.;In a prior period that transferred in this;period.;By an outside supplier of materials or labor.;Question 13. Question;Wings Co. budgeted $555,600;manufacturing direct wages, 2,315 direct labor hours, and had the following;manufacturing overhead;Overhead Cost Pool -;Budgeted O/H $ - Budgeted Level for;Cost Driver - O/H Cost Driver;Materials Handling;$160,000;3,200 lbs. Material;Weight;Machine Setup 13,200 390 S/U?s # of S/Us;Machine Repair;1,380 30,000 Mach. Hrs Machine Hrs.;Inspections 10,560 160 Inspections # of Inspections;Requirements for Job #971 which included 4 Units of;Production;D/L Hours = 20 Hours;D/Mat?ls = 130 lbs.;Machine S/U = 30 Set-ups;Machine Hrs. = 15,000 Machine Hours;Inspections = 15 Inspections.;Using ABC, overhead cost assigned to Job #971 for machine;repair is;$2,300.;$990.;$6,500.;$690.;$1,020.;Question 14. Question;Stoltenberg Co. had the;following information for the month of June;WIP Beginning Inventory ? June 1 = 2,000 Units;Units Transferred-in;= 16,000;Units;WIP Ending Inventory ? June 30 = 4,000 Units;Beginning work-in-process inventory is 30 percent complete;as to conversion. Ending work-in-process inventory is 50 percent complete as to;conversion. Materials are added at the end of the process.;How many units were started and completed in June?;12,000.;10,000.;14,000.;16,000.;Question 15. Question;Randall Company manufactures;products to customer specifications. A job costing system is used to accumulate;production costs. Factory overhead cost was applied at 125% of direct labor;cost. Selected data concerning the past year's operation of the company are;presented below.;Direct Materials January 1 =;$77,000;Direct Materials December 31 = 40,000;WIP January 1;=;66,000;WIP December 31;= 42,000;Finished Goods January 1 = 115,000;Finished Goods December;31 = 100,000;Other Information;Direct Materials Purchased = $324,000;Cost of Goods Available for Sale =;950,000;Actual Factory Overhead = 206,000;The cost of goods manufactured during the year is;$850,000.;$348,000.;$672,000.;$835,000.;$811,000.

 

Paper#44579 | Written in 18-Jul-2015

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