ACCT
346 Midterm Exam Solution 100% Correct Answers
To Buy this
Class Copy & paste below link in your Brower
Or Visit Our Website
Visit : http://homeworklance.com
Email Us : lancehomework@gmail.com
ACCT 346 Midterm Exam Solution 100%
Correct Answers
(TCO 1) Managerial accounting
stresses accounting concepts and procedures that are relevant to preparing
reports for
(TCO 1) Which of the following costs
does not change when the level of business activity changes?
(TCO 1) You own a car and are trying
to decide whether or not to trade it in and buy a new car. Which of the
following costs is an opportunity cost in this situation?
(TCO 1) Shula’s 347 Grill has
budgeted the following costs for a month in which 1,600 steak dinners will be
produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent
(fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak
dinner sells for $14.00 each. What is the budgeted fixed cost per unit?
(TCO 1) Which of the following costs
is not part of manufacturing overhead?
(TCO 1) Product costs
(A) are also called manufacturing
costs
(B) are considered an asset until
the finished goods are sold.
(c) become an expense when the goods
are sold.
(d) All of the above answers are
correct.
(TCO 1) Red Runner’s Work in Process
Inventory account has a beginning balance of $50,000 and an ending balance of
$40,000. Direct materials used are $70,000 and direct labor used totals
$35,000. Cost of goods sold totals $135,000. Manufacturing overhead applied is
$20,000. How much is cost of goods manufactured?
(TCO 2) BCS Company applies
manufacturing overhead based on direct labor cost. Information concerning
manufacturing
(TCO 2) During 2011, Madison Company
applied overhead using a job-order costing system at a rate of $12 per direct
labor hours. Estimated direct labor hours for the year were 150,000, and
estimated overhead for the year was $1,800,000. Actual direct labor hours for
2011 were 140,000 and actual overhead was $1,670,000.
What is the amount of under or over
applied overhead for the year?
(TCO 3) Which of the following
describes the differences between job-order and process costing?
(TCO 3) The Blending Department
began the period with 45,000 units. During the period the department received
another 30,000 units from the prior department and completed 60,000 units
during the period. The remaining units were 75% complete. How much are
equivalent units in The Blending Department’s work in process inventory at the
end of the period?
TCO 3) Ranger Glass Company
manufactures glass for French doors. At the start of May, 2,000 units were
in-process. During May, 11,000 units were completed and 3,000 units were in
process at the end of May. These in-process units were 90% complete with
respect to material and 50% complete with respect to conversion costs. Other
information is as follows:
|
Work in process, May 1:
|
|
|
Direct material
|
$36,000
|
|
Conversion costs
|
$45,000
|
|
Costs incurred during May:
|
|
|
Direct material
|
$186,000
|
|
Conversion costs
|
$255,000
|
How much is the cost per equivalent
unit for direct materials?
(TCO 4) Total costs were $75,800
when 30,000 units were produced and $95,800 when 40,000 units were produced.
Use the high-low method to find the estimated total costs for a production
level of 32,000 units.
No comments:
Post a Comment