Which of the following methods of separating mixed

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Which of the following methods of separating mixed costs results to the most reliable cost equation? High-low method Scatterplot method FIFO method Least squares method
21. In performing inventory valuation procedures as part of the month- end closing, the company’s accounting system pulled the unit costs of a certain material based on the most recent purchase orders. Based on the information, what inventory valuation policy does the company apply?
22. In performing inventory valuation procedures as part of the month- end closing, the company’s accounting system pulled the unit costs of a certain material based on the most recent purchase orders. Further, the system triggers a credit entry to Finished Goods inventory whenever there is a sale. Based on the information, what inventory system and valuation method does the company implement?
23. When there are variations in the lead time, reorder point should most likely
ACCO 20073 Cost Accounting and Control Midterm Examination First Semester, AY 2020-2021 Undetermined 24. Statement I. In a just-in-time (JIT) system, inventories are near zero. Statement II. Backflush accounting is applicable for JIT systems only. Both statements are true. Both statements are false. Statement I is true; Statement II is false. Statement I is false; Statement II is true.
25. Statement I. As to relevant cost of inventories, JIT system will cause carrying costs to increase significantly. Statement II. The concept of EOQ is of no use when a company implements a JIT system.
26. Statement I. In a normal costing system, the prime costs are applied to production at actual amounts. Statement II. Actual costing system is rarely implemented in practice as it may result to delays and significant fluctuations in inventory costing.
27. When the overapplied overhead is material, the entry to close this would involve:
28. Which method of service department cost allocation involves a “benefits ranking” approach? Direct method Algebraic method Step method None of these
29. Rework costs associated with defective units caused by a manufacturing glitch and are inherent in the process shall be
ACCO 20073 Cost Accounting and Control Midterm Examination First Semester, AY 2020-2021 Discouraged 30. The job order cost sheets may serve as subsidiary ledgers for

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