Exam1Spring2008 - Exam 1, s08 Version #2 1. In a job-order...

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Exam 1, s08 Version #2 1. In a job-order costing system, the cost of a completed but unsold job is: A. part of the Work in Process inventory balance. B. closed to Cost of Goods Sold. C. adjusted to exclude any applied overhead. D. part of the Finished Goods inventory balance. 2. The following costs are budgeted for Harlow Corporation for next year: The costs above are based on a level of activity of 20,000 units. Assuming that this activity is within the relevant range, what would total cost per unit be for Harlow if the level of activity was only 18,000 units? A. $46.50 B. $45.00 C. $50.00 D. $48.50 1
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3. Last year, Vashanda Corporation incurred the following costs to produce 18,000 units: A. Item B B. Item D C. Item C D. Item A 4. Direct costs: A. are incurred due to a specific decision. B. are incurred to benefit a particular accounting period. C. can be easily traced to a particular cost object. D. are the variable costs of producing a product. Monsivais Corporation, a manufacturing company, has provided the following financial data for February: The company had no beginning or ending inventories. 2
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5. The contribution margin for February was: A. $172,000 B. $40,000 C. $338,000 D. $303,000 Parker Company has a job-order costing system and uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. At the beginning of the year, manufacturing overhead and direct labor-hours for the year were estimated at $50,000 and 20,000 hours, respectively. In June, Job #461 was completed. Materials costs on the job totaled $4,000 and labor costs totaled $1, 500 at $5 per hour. At the end of the year it was determined that the company worked 24,000 direct labor-hours for the year and incurred $54,000 in actual manufacturing overhead costs. 6. If Job #461 contained 100 units, the unit cost on the completed job cost sheet would be: A. $55.00 B. $63.10 C. $61.75 D. $62.50 Gaeddert Corporation reported the following data for the month of July: 3
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7. The cost of goods manufactured for July was: A. $196,000 B. $190,000
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Exam1Spring2008 - Exam 1, s08 Version #2 1. In a job-order...

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