ACCT 344 Final Exam

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ACCT 344 Final Exam

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ACCT 344 Final Exam
Page 1
1 (TCO 2) Which cost is NOT a period cost?
2. (TCO 2) Which product would use job-order costing?
3. (TCO 3) As production occurs, materials, direct labor, and applied manufacturing overhead
are recorded in
4. (TCO 8) A company keeps 60 days of materials inventory on hand to avoid shutdowns due to
materials shortages. Carrying costs average $5,000 per day. A competitor keeps 30 days of
inventory on hand, and the competitor's carrying costs average $2,000 per day. The value-added
costs are
5. (TCO 8) Which is a value-added activity?
6. (TCO 1) The break-even point is
7. (TCO 1) The Kringel Company provides the following information. Sales (200,000 units)
$500,000 Manufacturing costs Variable $170,000 Fixed $30,000 Selling and administrative costs
Variable $80,000 Fixed $20,000 Which is the break-even point in units for Kringel?
8. (TCO 7) Which would be the most appropriate base for allocating the costs of the
maintenance department?
9. (TCO 7) Yo Department Store incurred $8,000 of indirect advertising costs for its operations.
The following data have been collected for 2013 for its three epartments……….How much of
the indirect advertising costs will be allocated to the Cosmetics Department if newspaper ad
space is the activity driver?
10. (TCO 5) Which best describes zero-base budgeting?
11. (TCO 5) Bug Company manufactures buggies. Manufacturing a buggy takes 20 units of
wood and 1 unit of steel. Scheduled production of buggies for the next 2 months is 500 and 600
units, respectively. Beginning inventory is 4,000 units of wood and 30 units of steel. The ending
inventory of wood is planned to decrease 500 units in each of the next 2 months, and the steel
inventory is expected to increase 5 units in each of the next 2 months. How many units of wood
are expected to be used in production during the second month?
Question 12.12. (TCO 4) Which statement is true?

Question 13.13. (TCO 6) Using more highly skilled direct laborers might affect which variance?
14. (TCO 6) Which equation measures the total budget variance?
TCO 1) George Corporation has an estimated monthly sales of 12,000 units for $80 per unit.
Variable costs include manufacturing costs of $50 and distribution costs of $20. Fixed costs are
$60,000 per month. Required: Determine each of the following values. a. Unit contribution
margin b. Monthly break-even unit sales volume Create a contribution margin-based income
statement.
Page 2
1. (TCO 1) George Corporation has an estimated monthly sales of 12,000 units for $80 per unit.
Variable costs include manufacturing costs of $50 and distribution costs of $20. Fixed costs are
$60,000 per month……Required: Determine each of the following values. a. Unit contribution
margin b. Monthly break-even unit sales volume Create a contribution margin-based income
statement.
2. (TCO 7) Darling Manufacturing Inc. manufactures two products, A and B, from a joint
process. A single production costs $5,000 and results in 200 units of A and 800 units of B. To be
ready for sale, both products must be processed further, incurring seperable costs of $3 per unit
for A and $4 per unit for B. The market price for Product A is $15 and for Product B is
$10…..Required: Allocate joint production costs to each product using the net realizable value
method.
3. (TCO 6) Santa Inc. manufactures toys based on the following information……....Required:
Compute the following variances (show calculations). a. Materials usage variance b. Labor rate
variance -c. Fixed overhead budget variance
4. (TCO 4) Toshi Company incurred the following costs in manufacturing desk……During the
period, the company produced and sold 1,000 units. a. What is the inventory cost per unit using
absorption costing? b. What is the inventory cost per unit using variable costing?
5. (TCO 8) Musical Instruments Company manufactures two products (trumpets and
trombones). Overhead costs ($175,000) have been divided into three cost pools that use the
following activity drivers..........Required (show all calculations) a. What is the allocation rate for
trumpets per setup using activity-based costing? b. What is the allocation rate for trumpets per
machine hours using activity-based costing? c. What is the allocation rate for trumpets per
packing order using activity-based costing?
6. (TCO 5) The Baxter Corporation has the following budgeted and actual results……Required:
Prepare a performance report for all costs, showing flexible budget variances (indicate F or U).

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