Question;GB519 Management Level Control quiz1.;When;completed units are sold: (Points: 2);2.;Cost of Goods Sold account is credited.Cost of Goods Manufactured account is credited.Finished Goods Inventory account is credited.Work-in-Process Inventory account is credited.Finished Goods Inventory account is debited.;2.The two main advantages of using predetermined factory;overhead rates are to provide more accurate unit cost information and to;(Points: 2);Simplify the accounting process.Provide cost information on a timely basis.Insure transmission of correct data.Extend the useful life of the cost data.Adjust for variances in data sources.;3.The total cost of direct materials, direct labor, and;factory overhead transferred from the Work-in-Process Inventory account to;the Finished Goods Inventory account during an accounting period is;(Points: 2);Normal cost of goods sold.Adjusted cost of goods sold.Total manufacturing cost.Cost of goods manufactured.Actual cost of goods sold.;4.When completed units are transferred to the warehouse;(Points: 2);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.;5.Which of the following activities is a facility-level;activity? (Points: 2);Plant management salaries.Depreciation on a highly specialized piece of;production equipment.Direct labor.Product design.;6.An activity that is performed for each unit of;production is a(n): (Points: 2);Product-level activity.Facility-level activity.Unit-level activity.Performance-level activity.Batch-level activity.;7.An activity that is performed to support the production;of a new custom-order product is a(n): (Points: 2);Product-level activity.Facility-level activity.Unit-level activity.Customer-support activity.Batch-level activity.;8.Which of the following would likely be the most;appropriate cost driver of electric power used by machines? (Points: 2);Number of units.Machine size.Number of machine hours.Number of production runs.Purchase cost of machines.;9.The journal entry to record requisitioned and usage of;direct materials would include a credit to: (Points: 2);Work-in-Process Inventory.Accrued Payroll.Factory Overhead.Materials Inventory.Finished Goods Inventory.;10.In calculating unit cost in a process costing system;conversion cost" is defined as the sum of: (Points: 2);Direct and indirect material costs.Direct and indirect labor costs.Direct labor and factory overhead costs.Indirect labor and factory overhead costs.;11.Process cost systems are used in all of the following;industries except: (Points: 2);Chemicals.Ship building.Oil refining.Textiles.Steel.;12.The key difference between weighted-average and FIFO;process costing methods is the handling of the partially completed: (Points;2);Beginning direct materials inventory.Ending direct materials inventory.Beginning work-in-process inventory.Ending work-in-process inventory.Beginning finished goods inventory.;13.ABC Company uses a Materials Inventory account to record;both direct and indirect materials. ABC charges direct materials to WIP;while indirect materials are charged to the Factory Overhead account.;During the month of April, the company has the following cost information;Total Materials (Direct and Indirect) Purchsed;= $ 90,000;Indirect Materials Issued to;Production;=;30,000;Total Materials Issued to;Production;=;110,000;Beginning Materials Inventory;=;50,000;The ending materials inventory cost is: (Points: 2);$110,000.$30,000.$90,000.$80,000.$50,000.;14.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, the materials handling overhead cost assigned to Job #971 is;(Points: 2);$2,300.$990.$6,500.$690.$1,020.;15.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: (Points: 2);$850,000.$348,000.$672,000.$835,000.$811,000.
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