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devry fin 505 mid term projects




Question;(TCO A) The variable portion of advertising costs is a;Conversion YES... Period NO.;Conversion YES.... Period YES.;Conversion NO.... Period YES.;Conversion NO.... Period NO.;Question 2. Question;(TCO A) The costs of staffing and operating the;accounting department at Central Hospital would be considered by the Department;of Surgery to be;direct costs.;sunk costs.;incremental costs.;None of the above;Question 3. Question;(TCO A) Property taxes on a company's factory;building would be classified as a(n);sunk cost.;opportunity cost.;period cost.;variable cost.;manufacturing cost.;Question 4. Question;(TCO A) When the activity;level is expected to increase within the relevant range, what effects would be;anticipated with respect to each of the following?;Fixed cost per unit Variable cost per unit;Increase No change;Increase Increase;Decrease No change;No change Increase;Question 5. Question;(TCO F) Which of the following statements is true?;I. Overhead application may be made slowly as a job is;worked on.;II. Overhead application may be made in a single application;at the time of completion of the job.;III. Overhead application should be made to any job not;completed at year end in order to properly value the work in process inventory.;Only statement I is true.;Only statement II is true.;Both statements I and II are true.;Statements I, II, and III are all true.;Question 6. Question;(TCO F) Under a job-order costing system, the product;being manufactured;is homogeneous.;passes from one manufacturing department to;the next before being completed.;can be custom manufactured.;has a unit cost that is easy to calculate by;dividing total production costs by the units produced.;Question 7. Question;(TCO F) Equivalent units for a process costing system;using the FIFO method would be equal to;units completed during the period, plus;equivalent units in the ending work-in-process inventory.;units started and completed during the;period, plus equivalent units in the ending work-in-process inventory.;units completed during the period and;transferred out.;units started and completed during the;period, plus equivalent units in the ending work-in-process inventory, plus;work needed to complete units in the beginning work-in-process inventory.;Question 8. Question;(TCO B) The contribution margin equals;sales - expenses.;sales - cost of goods sold.;sales - variable costs.;sales - fixed costs.;Question 9. Question;(TCO B) To obtain the break-even point in terms of;dollar sales, total fixed expenses are divided by which of the following?;Student Answer: Variable expense per unit;Variable expense per unit/Selling price per;unit;Fixed expense per unit;(Selling price per unit - Variable expense;per unit) /Selling price per unit.;Question 10. Question;(TCO E) Under variable costing;Student Answer: net operating income will tend to move up and;down in response to changes in levels of production.;inventory costs will be lower than under;absorption costing.;net operating income will tend to vary;inversely with production changes.;net operating income will always be higher;than under absorption costing.;for the just-completed year.;Sales;$950;Purchases of raw materials $170;Direct labor;$210;Manufacturing overhead $220;Administrative expenses $180;Selling expenses $140;Raw materials inventory, beginning $70;Raw materials inventory, ending $80;Work-in-process inventory, beginning $30;Work-in-process inventory, ending $20;Finished goods inventory, beginning $100;Finished goods inventory, ending $70;Required: Prepare a Schedule of Cost of Goods Manufactured;statement in the text box below.;Question 2. Question;(TCO F) The Indiana Company;manufactures a product that goes through three processing departments.;Information relating to activity in the first department during June is given;below.;Percentage completed;Units Materials Conversion;Work in process, June 1 70,000 65% 45%;Work in process, Jun 30 60,000 75% 65%;The department started 290,000 units into production during;the month and transferred 300,000 completed units to the next department.;Required: Compute the equivalent units of production for the;first department for June, assuming that the company uses the weighted-average;method of accounting for units and costs.;Question 3. Question;(TCO B) A tile manufacturer;has supplied the following data;Boxes of tile produced and sold 625,000;Sales revenue;$2,975,000;Variable manufacturing expense $1,720,000;Fixed manufacturing expense;$790,000;Variable selling and admin expense $152,000;Fixed selling and admin expense $133,000;Net operating income;$180,000;Required;a. Calculate the company's unit contribution margin.;b. Calculate the company's contribution margin ratio.;c. If the company increases its unit sales volume by 5%;without increasing its fixed expenses, what would the company's net operating;income be?;Points Received: 20 of 25;Comments;Question 4. Question;(TCO E) Lehne;Company, which has only one product, has provided the following data concerning;its most recent month of operations;Selling price;$ 125;Units in beginning inventory 600;Units oroduced 3000;Units sold 3500;Units in ending inventory 100;Variable costs per unit;Direct materials;$ 15;Direct labor;$ 50;Variable manufacturing overhead $ 8;Variable selling and admin;$ 12;Fixed costs;Fixed manufacturing overhead;$ 75,000;Fixed selling and admin;$ 20,000;The company produces the same number of units every month;although the sales in units vary from month to month. The company's variable;costs per unit and total fixed costs have been constant from month to month.;Required;a. What is the unit product cost for the month under;variable costing?;b. What is the unit product cost for the month under;absorption costing?;c. Prepare an income statement for the month using the;variable costing method.;d. Prepare an income statement for the month using the;absorption costing method.


Paper#50588 | Written in 18-Jul-2015

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