Taking on a responsibility you know can be better completed by someone else would violate the ethical conduct standard of: competency. confidentiality. credibility. integrity. Question 2 Which term listed below describes a system where companies purchase raw materials when needed in production and complete finished goods when needed by customers? Backflush costing Just-in-time Internal failure costs External failure costs Question 3 Schimmel Company provides the following information about its single product. Targeted operating income $35,000 Selling price per unit $7.85 Variable cost per unit $6.10 Total fixed cost $96,250 What is the breakeven point in units? 55,000 2,509 6,900 20,000 Question 4 Using account analysis, what type of cost is Satellite TV when the charge is $30.00 per month plus $3.99 for pay-per-view movies? Fixed Mixed Step Variable Question 5 Selected financial information for Sunnydale Manufacturing is presented in the following table (000s omitted). Sales revenue $ 4,000 Purchases of direct materials $ 500 Direct labor $ 450 Manufacturing overhead $ 620 Operating expenses $ 700 Beginning raw materials inventory $ 150 Ending raw materials inventory $ 170 Beginning work in process inventory $ 320 Ending work in process inventory $ 310 Beginning finished goods inventory $ 250 Ending finished goods inventory $ 200 What was direct materials used? $480 $520 $650 $500 Question 6 Durable Engines Company uses ABC to account for it manufacturing process. Activities Indirect activity budget Allocation base (cost driver) Materials handling $ 36,000 Based on number of parts Machine setup $ 19,200 Based on number of setups Assembling $ 6,000 Based on number of parts Packaging $ 12,800 Based on number of finished units Durable Engines Company expects to produce 2,000 engines. Durable Engines Company also expects to use 12,000 parts and have 16 setups. The allocation rate for materials handling will be: $3.00. $5.28. $18.00. $6.40. Question 7 The Burr Mystery Dinner Theater sells tickets for dinner and a show for $50 each. The cost of providing dinner is $30 per ticket, and the fixed cost of operating the theater is $100,000 per month. The company can accommodate 15,000 patrons each month. What is the contribution margin ratio? 60% 40% 20% 250% Question 8 Bond Industries uses departmental overhead rates to allocate its manufacturing overhead to jobs. The company has two departments: Assembly and Sanding. The Assembly Department uses a departmental overhead rate of $20 per machine hour, while the Sanding Department uses a departmental overhead rate of $15 per direct labor hour. Job 542 used the following direct labor hours and machine hours in the two departments: Actual results Assembly Department Sanding Department Direct labor hours used 4 3 Machine hours used 9 5 The cost for direct labor is $25 per direct labor hour and the cost of the direct materials used by Job 542 is $1,200. What was the total cost of Job 542 if Bond Industries used the departmental overhead rates to allocate manufacturing overhead? $1,600 $1,500 $1,375 $1,425 Question 9 Backyards, Inc., sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $32,000. Ending merchandise inventory on December 31 was $37,000. Purchases during the year were $101,000. Selling and administrative expenses were $75,000. Sales for year were $257,000. What was the value of goods available for sale? $133,000 $156,000 $138,000 $96,000 Question 10 Flavio's Fitness Club provides monthly memberships as well as personal training sessions. The personal trainers earn 50% of the revenue for all personal training sessions. The Fitness Club also sells nutrition products. Flavio's general ledger accounts indicate the following for the year. The front desk staff wages expense remains the same throughout the year. Account Amount Account Amount Membership revenue $125,000 Personal trainer wages expense ? Personal training revenue $60,000 Space rental expense $12,000 Product sales $65,000 Straight line depreciation expense $6,000 Cost of product sold $40,000 Rental insurance expense $3,000 Front desk staff wages expense $12,000 If a contribution margin income statement is prepared for the year, what is the amount of total revenue? $250,000 $290,000 $185,000 $125,000 Question 11 In a department, 22,000 units are completed and transferred out and 6,200 remain in ending WIP at 55% complete. If an equivalent unit costs $8.00 for direct materials, what is the value of materials transferred out? $176,000 $49,600 $126,400 $27,280 Question 12 Chilson Company manufactures custom engines for use in the lawn and garden equipment industry. The company allocates manufacturing overhead based on machine hours. Selected data for costs incurred for Job 612 are as follows: Direct materials used $ 3,500 Direct labor hours worked 300 Machine hours used 400 Direct labor rate per hour $ 16 Predetermined overhead rate based on machine hours $ 18 What is the total manufacturing cost of Job 612? $15,500 $7,200 $4,200 $4,800 Question 13 What costs are incurred to avoid poor quality goods or services in the first place? Prevention costs External costs Appraisal costs Internal failure costs Question 14 Smith Paints allocates overhead based on machine hours. Selected data for the most recent year follow. Estimated manufacturing overhead cost $250,000 Actual manufacturing overhead cost $230,000 Estimated machine hours 20,000 Actual machine hours 21,000 The estimates were made as of the beginning of the year, while the actual results were for the entire year. The predetermined manufacturing overhead rate per machine hour is closest to: $11.90. $11.50. $10.95. $12.50. Question 15 SOX requires publicly traded companies to have ________ assessed annually. their internal control system their internal control system and financial Reporting system their financial Reporting procedures none of the above Question 16 Farm Supply plans to make 10,000 tractors at its plant. Fixed costs are $1,000,000 and variable costs are $500 per tractor. What is the average cost per tractor? $100 $500 $600 None of the above Question 17 Hinckley & Granger Company had the following activities, estimated indirect activity costs, and allocation bases: Activities Indirect Activity Costs Allocation Base Account inquiry (hours) $75,000 2,500 Account billing (lines) $45,000 30,000 Account verification (accounts) $18,000 24,000 Correspondence (letters) $40,000 4,000 Hinckley & Granger uses activity based costing. The above activities are used by Departments P and Q as follows: Department P Department Q Account inquiry (hours) 300 600 Account billing (lines) 8,000 6,000 Account verification (accounts) 5,000 4,500 Correspondence (letters) 500 600 How much of the correspondence cost will be assigned to Department P? $3,750 $5,000 $375 $6,000,I am a student at University Of Phoenix. Please help me with this, I am a so lost this is prep. for the course final on monday. I need to know how to solve, or answer can be given so i can figure out how to work the problem.,Hello Michael, Thanks for helping me with this prep. material. I was wondering when it will be ready, sorry for bothering, and thanks for your help..,Wow thank you so much for this...I am very satisfied, thanks for your help and I accept the answers.,Michael, If I need help with future prep. material is it possible to request you, or how can I submit it to you..,Michael here is the additional material I need help with.. Marco Lozano,Hello Michael I submitted a new thread and was wondering if it went to you. I would really like for you to be the my assigned tutor again.
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