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ACCT 346 Week 4 Midterm 2 (DEVRY)1.Question :(TCO 1) Which of the following isnota difference between financial accountingand managerial accounting?2. Question :TCO 1) Which of the following statements regarding fixed costs is true?3. Question :(TCO 1) You own a car and are trying to decide whether or not to trade it in andbuy a new car. Which of the following costs is an opportunity cost in thissituation?4. Question :(TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor(variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixedcosts, $600. Each steak dinner sells for $14.00 each. How much is the budgetedvariable cost per unit?5. Question :(TCO 1) Which of the following is an example of a manufacturing overhead cost?6. Question :(TCO 1) Product costs7. Question :
(TCO 1) At December 31, 2010, WDT Inc. has a balance in the Work in ProcessInventory account of $62,000. At January 1, 2010, the balance was $55,000.Current manufacturing costs for the year are $292,000, and cost of goods sold is$284,000. How much is cost of goods manufactured?8. Question :(TCO 2) BCS Company applies manufacturing overhead based on direct laborhours. Information concerning manufacturing overhead and labor for Augustfollows:EstimatedActual9. Question :(TCO 2) Citrus Company incurred manufacturing overhead costs of $300,000.Total overhead applied to jobs was $306,000. What was the amount ofoverapplied or underapplied overhead?10. Question :