Which type of company converts raw materials into

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Chapter_2_Quiz

Which type of company converts raw materials into finished products a Not for from ACCT 305 at San Francisco State University

1 .   Galway Co. management desires cost information regarding its Celtic brand . The Celtic brand is a ( n )
a. cost object .
b. cost driver .
c. cost assignment .
d . actual cost .
Answer:  a.   cost object .
2 .   The cost of printer paper on a college campus would be a direct cost to the college but would need to be allocated as an indirect cost to
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3 .   What is the total fixed cost of the shipping department of Elaine Co. if it has the following information for 2011 ? Salaries $ 800,000 75 percent of employees on guaranteed contracts Packaging $ 400,000 depending on size of item ( s ) shipped Postage $ 500,000 depending on weight of item ( s ) shipped Rent of warehouse space $ 250,000 annual lease
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4 .   Rosland Graphics successfully bid on a job printing standard notebook covers during the year using last year ’s price of $ 0.27 per cover . This amount was calculated from prior year costs , noting that no changes in any costs had occurred from the past year to the current year . At the end of the year , the company manager was shocked to discover that the company had suffered a loss . “ How could this be ? ” she exclaimed . “ We had no increases in cost and our price was the same as last year . Last year we had a healthy income . ” What could explain the company ’s loss in income this current year ?
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5 .   Which type of company converts raw materials into finished products ?
a . Not-for-profit
b . Service
c . Merchandising
d . Manufacturing
Answer:  d .   Manufacturing
6 .   The three categories of inventories commonly found in many manufacturing companies are :
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7 .   Inventoriable costs are
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8 .   Period costs are
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9 .   The cost of a product can be measured as any of the following except as one
a . gathered from all areas of the value chain .
b. identified as period cost .
c. designated as manufacturing cost only .
d . explicitly defined by contract .
10 .   The primary focus of cost management is to
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5.Which type of company converts raw materials into finished products? a.Not-for-profit b.Service c.Merchandising d.Manufacturing
6.The three categories of inventories commonly found in many manufacturing companies are:
7.Inventoriable costs are
8.Period costs are
9.The cost of a product can be measured as any of the followingexceptas one a.gathered from all areas of the value chain. b.identified as period cost. c.designated as manufacturing cost only. d.explicitly defined by contract.
10.The primary focus of cost management is to
CHAPTER 2 QUIZ SOLUTIONS
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d
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