1990647-MIDTERM.docx - Week 4 : Activity-Based Costing and...

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Week 4 : Activity-Based Costing and Incremental Analysis - Midterm en-US Top of Form 5259339 http://takeexam.n en-US Time Remaining: 02:59:39 Page: 1 2 3 Page 1 26791976 15997426 1 rldbqn=1 False /main/CourseMod 1. (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for (Points : 4) taxing authorities. internal users of accounting information. external users of accounting information. the Securities and Exchange Commission (SEC). 0 1283338422 MultipleChoice 1 2. TCO 1) Which of the following statements regarding fixed costs is true? (Points : 4) When production increases, fixed cost per unit increases. When production decreases, total fixed costs decrease. When production increases, fixed cost per unit decreases. When production decreases, total fixed costs increase. 0 1283338423 MultipleChoice 6 3. (TCO 1) Which of the following is a direct cost in relation to the cost of teaching the managerial accounting course you are currently taking? (Points : 4) the cost of the paper that you receive as handouts for the class the cost of the room you are using for the class the cost of the registration system that allowed you to enroll in the class the cost of the financial aid department that helps you fund the cost of taking the class 0 1283338424 MultipleChoice 9 4. (TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600
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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. What is the budgeted fixed cost per unit? (Points : 4) $1.06 $1.44 $4.49 $1.94 0 1283338425 MultipleChoice 12 5. (TCO 1) Which of the following costs is not part of manufacturing overhead? (Points : 4) electricity for the factory depreciation of factory equipment salaries for the production supervisors health insurance for sales staff 0 1283338426 MultipleChoice 14 6. (TCO 1) Product costs (Points : 4) are also called manufacturing costs. are considered an asset until the finished goods are sold. become an expense when the goods are sold. All of the above answers are correct. 0 1283338427 MultipleChoice 16 7. (TCO 1) Red Runner’s Work in Process Inventory account has a beginning balance of $50,000 and an ending balance of $40,000. Direct materials used are $70,000 and direct labor used totals $35,000. Cost of goods sold totals $135,000. Manufacturing overhead applied is $20,000. How much is cost of goods manufactured? (Points : 4) $145,000 $115,000 $125,000 $135,000 0 1283338428 MultipleChoice 21 8. (TCO 2) BCS Company applies manufacturing overhead based on direct labor hours. Information concerning manufacturing overhead and labor for August follows:
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