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EXAM#1 Practise - ‘ Etivities to reduce costs while...

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Unformatted text preview: ‘ Etivities to reduce costs while satisfying customers' needs is 1‘ B) developmental engineering. D) design engineering. 7 rates to allocate its manufacturing overhead to : embly and Sanding. The Assembly Department 7 hour; while the Sanding Department hour. Job 542 used the following ts? \(0 “5 the cost, of the direct materials used It wouid he‘allecatedto Job 542 using the departlnental A) $225 B) $125 C) $1757 Di $245 3) Before these materials are used to manufacture its cars, Honda classifies “$31,ng 5 plastic as: ' ' A) finished goods inventory. B) raw materials invenéifia C) merchandise inventory. D) work in process mv - . 4) Planning involves which of the following activities? A) Evaluating the results of operations B) Setting goals and objectives for the company C) Overseeing the company's day-to-day operations @When job costing is used as a service firm: A) all costs are allocated to client jobs. B) indirect costs are traced to client jobs. C) indirect costs are allocated to client jobs. D) direct costs are allocated to client jobs. Wkich of the following statements is TRUE regarding activity-based costing systems? Obo 7 A) ABC systems accumulate overhead costs by departments. 8) ABC costing systems can be used in manufacturing firms only. C) ABC costing systems have separate indirect cost allocation rates for each activity; D3 ABC costing systems are less complex and, therefore, less costly than traditional W fiaird in the flow of costs? B) Finished goods inventory D) Work in process inventory —— s W 3 132,500 s , * C055: *0 Conversion costs for Comfy Furniture Company totaled: W A) $214,000. B) $319,500. C) $460,500. D) 5384,5011 1. n3 any activity that might discredit the profession. We] except when disclosure is legally required. WM is accurate, clear, concise and timely. B) external failure costs. D) appraisal costs. fly standard is to: I concise timely. The journal entry to record the cost of raw materials placed into produc- A) debit to overhead for $41,000. 3) credit to manufacturing overhead for $2,000. {i C) debit to work in process inventory for $43,000. D) debit to work in process inventory for 341.000‘ Woo costs. Each cuckoo clock consists of 10 separate pith ' ‘ a ma requires 2.0 hours of machine time to produce. ' of. Directors? p ‘ ' is; Which m following statements aw NFinancielaccounting helps investors make decisions. . Financial accounting provides external reports. ' Financial accounting reports help creditors make decisions. 7 . a D) Financial accounting provides sufficient information for maneg- e E6- control operations. 7‘ Wine WM? manufhcntm furniture at its ‘ . Alan, . _ i ‘ ‘ platyear include: n Ohio factory Some gnu D) $351,000. Depreciation expense on bottling machines Glass juice bottles Commussnons for salespeople Costs of maintaining WCbSItC used for customer orders What is the total cost for the marketing category of the value chain? A) $27,000 B) $177,000 C) $266,000 am When deciding to buy a new computer, all of the following should be considered EXC‘E 7 for the: A) warranty on the new computer. 3) cost of the new computer. C) games that come with the new computer. D) cost of the old computer. fight 603'" 21} Express Company reports the following data for its first year of Operation. Cos: of goods manufactured 7 . , $475,000 H1803) Wed! in process inventory, beginning .1 \\,\ 0 -_— Direct materials used __ What are the total manufacturing costs for the year? A) $770,000 B) $475,000 C) $615,000 ._ 7 . 3,3522%, _ f @{ere are selected data for Ansel Corporation: Beginning raw materials inventory Beginning finished goods - ._' r, , W20") inventory = ., 0. . . 'V 0“ b ‘; Cost-of'direct materials 91,300 Direct labor incurred "‘90 . requismoned ' Actual manufacturing 160,000 Cost of goods manufactured overhead Cost of goods sold 257,000 Manufacturing overhead 7 rate (% of direct labor) What is the eanmme? A) $146,800 B) $139,200 C)‘$198,900 D) $206,500 a?» 01%60 5—7900 C0 300 + 2613000 \ o‘tfim \(‘3 155,09 - 29% 29321» .. 00369 __._..———«—- _. A f3”) rm h 3mm mm! an $62,000. ‘ ' ' 8577000. ‘ m ._ mbmdondmmm'flnw 24)NewEnghndFumiflntCMHHsi§ g ‘ $910.000insoflwmcostsand3280fifio in}. mdsupbe ' Cost filtration rite. ...
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