E1practice1234 - AMIS 212 Managerial Accounting This set of...

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AMIS 212 Managerial Accounting This set of 20 questions, taken from prior examinations, covers topics in Chapters 1, 2, 3, and 4. The purpose of sample multiple choice questions is to acquaint you with the style and substance of typical exam questions over this material. Please be aware that: 1. multiple choice format questions are only one of many resources available to prepare for testing events – reading textbook chapters and working through chapter examples, studying the end-of-chapter review problem and accompanying solution, and reviewing assigned homework items and the published solutions may be more powerful methods to increase your understanding of the topics covered in the course. 2. the exam questions used this quarter will be similar but different from these example questions – understanding the main concepts in each chapter is critical to success on the testing events; remembering a sample question may be of some help but the format of a question on the same topic often differs rendering memory a distant second choice to understanding. The Questions: 6. Scheney Company uses the weighted-average method in its process costing system. The company's work in process inventory on March 31 consisted of 20,000 units. The units in the ending work in process inventory were 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the cost per equivalent unit for March was $2.50 for materials and $4.75 for labor and overhead, the total cost in the March 31 work in process inventory was: A) $101,500. B) $116,500. C) $78,500. D) $145,000. Exam #1 Practice Questions Page 1
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AMIS 212 Managerial Accounting Use the following to answer questions 8-10: Lund Company applies manufacturing overhead to jobs using a predetermined overhead rate of 75% of direct labor cost. Any under- or overapplied overhead cost is closed out to Cost of Goods Sold at the end of the month. During March, the following transactions were recorded by the company: 8. The balance on March 1 in the Raw Materials inventory account was: A) $6,500. B) $7,500. C) $9,500. D) $8,500. 9. The entry to dispose of the under- or overapplied overhead cost for the month would include: A) a credit of $2,000 to the Manufacturing Overhead account. B)
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This note was uploaded on 02/12/2012 for the course ACCOUNTING 2031 taught by Professor Brown during the Spring '11 term at Boston Architectural.

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E1practice1234 - AMIS 212 Managerial Accounting This set of...

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