COMM 305 Assignment 2

COMM 305 Assignment 2 - Question 1 Correct. Variable costs...

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
Question 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Correct. Variable costs are fixed on a per-unit basis and variable in total. False True Fixed costs appear to vary on a per-unit basis but are fixed in total. True False Question 3 Correct. An activity level can be expressed in sales dollars, kilometres driven, units produced, number of dance classes taught or percentage of rooms occupied. True False Question 4 Correct. Both direct material cost and indirect material cost are product costs. False
Background image of page 2
True Question 5 Correct. Manufacturing costs that cannot be classified as direct material or direct labour are classified as operating expenses. True False Question 6 Correct. Raw materials are equal to direct materials. False True Question 7 Correct. Direct material costs and direct labour costs are prime costs. False True
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Question 8 Correct. Ending finished goods, work in process, and raw materials inventory appear on the balance sheet of a manufacturing company. False True Question 9 Correct. An electricity bill is an example of mixed costs. The fixed portion represents the cost of having the service available and the variable cost is reflective of actual customer usage. False True Question 10 Correct. What the high-low method may lack in precision, it makes up for in efficiency and ease of use. False True
Background image of page 4
Questi on 11 Which of the following is an element of manufacturing overhead? Factory workers wages Components used in calculators during production Plant manager's salary Flour used in manufactured cake mixes Question 12 For 2009, Sparkman Company has cost of goods manufactured of $200,000, beginning finished goods inventory of $40,000, and ending finished goods inventory of $30,000. How much is cost of goods sold? $240,000 $210,000
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
$190,000 $230,000 Which beginning and ending inventories appear on a cost of goods manufactured schedule? Work in process only Raw materials only Raw materials and work in process only Raw materials, work in process, and finished goods Question 14 Correct. Direct materials are direct, variable, period costs.
Background image of page 6
direct, fixed, product costs. direct, fixed period costs. direct, variable, product costs. Question 15 Correct. Manufacturing overhead is a
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/13/2011 for the course COMM 305 taught by Professor T.hutchison during the Spring '09 term at Concordia Canada.

Page1 / 20

COMM 305 Assignment 2 - Question 1 Correct. Variable costs...

This preview shows document pages 1 - 8. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online