Quiz _5, Takehome_Students

Quiz _5, Takehome_Students - ACC240 Takehome Quiz #5 Please...

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Please fill in the best answer on the attached answer sheet. The answer sheet is due at the be- ginning of Mega class on Monday, October 8 th . Late submission will not be accepted. Total quiz points = 20 Multiple Choice True/False Indicate whether the statement is true or false. ____ 1. Financial accounting has its emphasis on the future. ____ 2. Costs can be assigned to cost objects in a number of ways. ____ 3. It is not necessary to assign indirect costs to cost objects. ____ 4. Period costs are those costs associated with the manufacture of goods or the providing of services. ____ 5. Fixed costs are costs that in total remain constant within the relevant range as the level of output increases or decreases. ____ 6. Future costs that differ across alternatives are relevant costs. ____ 7. The key feature of job-order costing is that the cost of one job differs from that of another job and must be kept track of separately. Multiple Choice Identify the choice that best completes the statement or answers the question. Figure 2-2: Lonborg Co. had the following beginning and ending inventory balances for the year ended December 31, 20x4: January 1, 20x4 December 31, 20x4 Materials $10,000 $ 8,000 Work in Process $18,000 $17,000 Finished Goods $21,000 $16,500 In addition, direct labor costs of $30,000 were incurred, overhead equaled $42,000, materials purchased were $27,000 and selling and administrative costs were $22,000. Lonborg Co. sold 25,000 units of product during the year at a sales price of $5.00 per unit. ____ 8. Refer to Figure 2-2: What was Lonborg’s operating income <loss> for the year? a. $18,500 b. $125,000 c. $<3,500> d. $5,500 Figure 3-3: Okafor Company manufactures skis. The management accountant wants to calculate the fixed and variable costs associated with the leasing of machinery. Data for the past four months were collected. Month
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Quiz _5, Takehome_Students - ACC240 Takehome Quiz #5 Please...

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