Gloria's Managerial Unit 10 Final

Gloria's Managerial Unit 10 Final - Unit 10 Reflection...

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Unit 10: Reflection - Final Exam Hel p
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1. Manufacturing costs include direct material, direct labor, and manufacturing overhead. (Points: 5) True False 2. 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. How much would Shula’s profit increase if 10 more dinners were sold? (Points: 5) $140.00 $62.60 $58.00 $82.00 3. Calculating the difference in revenue and the difference in cost between decision alternatives is called (Points: 5) budgeting production. incremental analysis. profit planning. systems development. 4. Which of the following is not one of the questions you should ask when faced with an ethical dilemma? (Points: 5) Do I think I will get caught? What decisions alternatives are available? Would someone I respect find any of the alternatives objectionable? What individuals or organizations have a stake in the outcome of the decision? 5. The Institute of Management Accountants (IMA) (Points: 5) is the professional organization of managerial accountants. administers the comprehensive examination which must be passed before a person can become a CMA. has developed a set of standards of ethical conduct and maintains an ethics hotline All of the above statements are true.
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6. In most companies, the top management accountant is called the (Points: 5) financial analyst. taxation specialist. treasurer. controller. 7. Instant Charm, Inc. sells mascara. In June, it produced and sold 10,000 tubes of mascara. Total variable costs were $21,000 and fixed costs totaled $24,000. In August, Instant Charm produced and sold 9,000 units. Which statement is correct? (Points: 5) Fixed cost per unit will be $2.67 Total fixed costs will be $21,600 Variable costs in total will be $40,500 Variable costs per unit will be $2.33 8. A job-order costing system is likely to be used by a (Points: 5) soft-drink bottler. breakfast cereal manufacturer. paint manufacturer. caterer. 9. Deere Farm Products applies overhead using a predetermined overhead rate. Overhead is applied based on direct labor hours. At the beginning of the year it is estimated that $500,000 in overhead will be incurred and 25,000 hours will be worked. At year end, 24,000 hours were actually worked, and actual overhead costs were $470,000. What can be concluded from this? (Points: 5) Cost control was good. Overhead is overapplied by $10,000 Overhead is underapplied by $10,000 Overhead is applied at a rate of $19.58 per hour 10. Just-in-time (JIT) systems were first used in (Points: 5) England. the United States. Japan. Germany. 11. Overhead and labor are often grouped together and called conversion costs. (Points: 5)
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True False 12. A significant disadvantage of a process costing system is that it requires the use of actual overhead costs rather than predetermined overhead rates. (Points: 5) True False 13. Which of the following costs is not added to the Work in Process account in a process costing system? (Points: 5) Manufacturing overhead Direct materials Direct labor Advertising 14. The work in process inventory decreased from 1,832 units to 1,275 units during the month. If
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