Chp 4 in regards to calculating a predetermined

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CHP 4 In regards to calculating a predetermined overhead rate which of the from ACCT 2102 at University Of Georgia

13 .   CHP 3 Golden Rays , LLC , manufactures and sells two types of sunglasses , Sport and Leisure . Data concerning these products are as follows : Sport Leisure Unit selling price $ 20.0 0 $ 35.00 Contribution Margin % 40 % 30 % Sixty percent of the unit sales are Sport , and annual fixed expenses are $ 45,000 . Assuming that the sales mix remains constant , the number of units of Sport that the company must sell to break even is :
a. 2,000 .
b. 3,000 .
c. 3,375 .
d. 5,000 .
e. 5,625 .
14 .   CHP 4 In regards to calculating a predetermined overhead rate , which of the following statements is incorrect ?
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15 .   CHP 1 Which of the following accounts would NOT be considered a product cost for General Motors ?
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16 .   CHP 2 Which of the following statements concerning cost estimation models is correct ?
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17 .   CHP 2 Warm Water Please , LLC , a manufacturer of orchid pots , incurs only fixed and variable costs in its operations . When 10,000 orchid pots are produced , the company ’s managerial accountant noted a fixed cost per pot of $ 5.50 and a variable cost per pot of $ 10.20 . If production is expected to increase , which of the following statements is TRUE ?
a . The fixed cost per pot will not change ; the variable cost per pot will decrease .
b . Total fixed costs will decrease ; the variable cost per pot will not change .
c . The fixed cost per pot will decrease ; the variable cost per pot will not change .
d . Total costs will increase ; the total cost per pot will not change .
e . The fixed cost per pot will increase ; total variable costs will increase .
Answer:  c .   The fixed cost per pot will decrease ; the variable cost per pot will not change .
18 .   CHP 1 Financial and Managerial accounting are similar in that both :
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19 .   CHP 1 Champagne of the South , Inc. , a manufacturer of bottled sweet tea , had the following beginning and ending inventories for the year ended December 31 , 2007 : January 1 December 31 Raw Materials Inventory $ 10,000 $ 8,000 Work in Process Inventory $ 18,000 $ 17,000 Finished Goods Inventory $ 21,000 $ 16,500 In addition , direct labor costs of $ 30,000 were incurred , manufacturing overhead totaled $ 42,000 , materials purchased were $ 27,000 , and selling and administrative costs were $ 22,000 . Champagne sold 25,000 units of product during the year at a sales price of $ 5.00 per unit . What were the total manufacturing costs for the year assuming indirect materials used totaled $ 3,000 ? ( note : the indirect materials cost is already included in the manufacturing overhead total )
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20 .   CHP 3 Which of the following is a key assumption of Cost Volume Profit Analysis ?
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21 .   CHP 2 We Sit Around All Day and Make Faces , Inc. , a manufacturer of clocks , had utilities cost of $ 95,000 at an output level of 30,000 clocks . The utilities cost was a mixed cost and the fixed portion was $ 50,000 . What would the estimate of total utilities cost be at an output level of 40,000 clocks ? ( assume a relevant range of 25,000-50,000 clocks )
a. $ 65,000 .
b. $ 95,000 .
c. $ 110,000 .
d. $ 125,000 .
e. $ 126,667 .
Answer:  c.   $ 110,000 .
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Chapter 19 / Exercise 19-1B
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14. CHP 4 In regards to calculating a predetermined overhead rate, which of the following statements is incorrect?a.The calculation of the predetermined overhead rate is made at the beginning of the period under a normal costing system.b.The formula to arrive at the predetermined overhead rate is budgeted total manufacturing overhead divided by budgeted activity level/amount of the cost driver.c.The predetermined overhead rate is multiplied by the budgeted cost driver level to determine the application of overhead to a particular job.d.Two cost drivers often used in practice are: direct labor hours and machine hours.e.The Manufacturing Overhead account is credited when applying manufacturing overhead to production.
15. CHP 1 Which of the following accounts would NOT be considered a product cost for General Motors?
02e6b94be2cef90342b35b39542f27346a011248.doctest 1 practicePage 6 of 10
We have textbook solutions for you!
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Accounting Using Excel for Success
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Chapter 19 / Exercise 19-1B
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Accounting 2102PracticeFarmerTest 1 . . . Chapters 1, 2, 3, and 416. CHP 2 Which of the following statements concerning cost estimation models is correct?
17. CHP 2 Warm Water Please, LLC, a manufacturer of orchid pots, incurs only fixed and variable costs in its operations. When 10,000 orchid pots are produced, the company’s managerial accountant noted a fixed cost per pot of $5.50 and a variable cost per pot of $10.20. If production is expected to increase, which of the following statements is TRUE?
18. CHP 1 Financial and Managerial accounting are similar in that both:a.primarily emphasize future operating results and goals.b.use information provided by the internal accounting system.c.are regulated by outside regulatory agencies and commissions.d.provide information primarily to external users.e.are designed to meet the needs of managers.
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Accounting 2102PracticeFarmerTest 1 . . . Chapters 1, 2, 3, and 4

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