ACCT 505 Midterm Exam (Package)

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ACCT 505 Week 4 Midterm (Version 1)

1.
Page One (TCO A) Direct material cost
is a part of:(Points : 6)
2.
(TCO A) A cost incurred in the past that
is not relevant to any current decision is
classified as a(n): (Points : 6)

3.
(TCO A) The cost of lubricants used to
grease a production machine in a
manufacturing company is an example of
a(n): (Points : 6)
4.
(TCO A) When the activity level is
expected to increase within the relevant
range, what effects would be anticipated
with respect to each of the following?
5.
(TCO F) Emco Company uses direct
labor cost as a basis for computing its
predetermined overhead rate. In computing
the predetermined overhead rate for last
year, the company included in direct labor
cost a portion of indirect labor. The effect of
this misclassification will be to: (Points : 6)
6.
(TCO F) Which of the following
statements about process costing system is
incorrect?(Points : 6)
7.
(TCO F) The weighted-average method
of process costing differs from the FIFO

method of process costing in that the

weighted-average method: (Points : 6)
8.
(TCO B) The contribution margin ratio
always increases when the:(Points : 6)
9.
(TCO B) The unit sales needed to attain
the target profit is found by: (Points : 6)
10. (TCO E) In an income statement
prepared using the variable costing
method, variable selling and administrative
expenses would: (Points : 6)
11. Page Two: (TCO A). The following data
(in thousands of dollars) have been taken
from the accounting records of Larklin
Corporation for the just completed
year.. Required: Prepare a Schedule of
Cost of Goods Manufactured statement in
the text box below.(Points : 15)
12. (TCO F) The Indiana Company
manufactures a product that goes through
three processing departments. Information

relating to activity in the first department

during June is given below:..The
department started 290,000 units into
production during the month and
transferred 300,000 completed units to the
next department. (Points : 20)
13. (TCO B) A tile manufacturer has
supplied the following data:Calculate
the company's unit contribution ratioc. If
the company increases its unit sales volume
by 5% without increasing its fixed
expenses, what would the company's net
operating income be? (Points : 25)
14. (TCO E) Lehne Company, which has
only one product, has provided the
following data concerning its most recent
month of operations:The company
produces the same number of units every
month, although the sales in units vary
from month to month. The company's

variable costs per unit and total fixed costs

have been constant from month to
month..(Points : 30)
ACCT 504 Week 4 Midterm (Version 2)
1.
Page One: 1. (TCO A) The variable
portion of advertising costs is a
2.
(TCO A) The costs of staffing and
operating the accounting department at
Central Hospital would be considered by the
Department of Surgery to be
3.
(TCO A) The cost of lubricants used to
grease a production machine in a
manufacturing company is an example of
a(n):
4.
(TCO A) When the activity level is
expected to increase within the relevant
range, what effects would be anticipated
with respect to each of the following?
5.
(TCO F) Which of the following
statements is true? I. Overhead application

may be made slowly as a job is worked on.

II. Overhead application may be made in a
single application at the time of completion
of the job. III. Overhead application should
be made to any job not completed at year
end in order to properly value the work in
process inventory.
6.
(TCO F) Which of the following
statements about the process-costing
system is incorrect?
7.
(TCO F) The weighted-average method
of process costing differs from the FIFO
method of process costing in that the
weighted-average method
8.
(TCO B) The contribution margin equals
9.
(TCO B) Which of the following would
not affect the break-even point?
10. (TCO E) In an income statement
prepared using the variable costing

method, variable selling and administrative

expenses would
11. Page Two: (TCO A) The following data
(in thousands of dollars) have been taken
from the accounting records of Larden
Corporation for the just-completed year.
12. (TCO F) The Illinois Company
manufactures a product that goes through
three processing departments. Information
relating to activity in the first department
during June is given below.
13. (TCO B) Drake Company's income
statement for the most recent year appears
below.
14. (TCO E) Maffei Company, which has
only one product, has provided the
following data concerning its most recent
month of operations:
ACCT 505 Week 4 Midterm (Version 3)

1.
Page One: (TCO A) Wages paid to an
assembly line worker in a factory are a:
2.
(TCO A) A cost incurred in the past that
is not relevant to any current decision is
classified as a(n):
3.
(TCO A) Property taxes on a company's
factory building would be classified as a(n):
4.
(TCO A) When the activity level is
expected to increase within the relevant
range, what effects would be anticipated
with respect to each of the following?
5.
Fixed Cost Per Unit Variable Cost Per Unit
6.
(TCO F) Which of the following
statements is true? I. Overhead application
may be made slowly as a job is worked
on. II. Overhead application may be made in
a single application at the time of
completion of the job. III. Overhead
application should be made to any job not

completed at year-end in order to properly

value the work in process inventory.
7.
(TCO F) Which of the following
statements about process costing system is
incorrect?
8.
(TCO F) Equivalent units for a process
costing system using the FIFO method
would be equal to:
9.
(TCO B) The contribution margin ratio
always increases when the:
10. (TCO B) Which of the following would
not affect the break-even point?
11. (TCO E) In an income statement
prepared using the variable costing
method, variable selling and administrative
expenses would:
12. Page Two: (TCO A) The following data
(in thousands of dollars) have been taken
from the accounting records of Larden
Corporation for the just completed year.

13. (TCO F) The Illinois Company

manufactures a product that goes through
three processing departments. Information
relating to activity in the first department
during June is given below:
14. (TCO B) Drake Company's income
statement for the most recent year appears
below:
15. (TCO E) The Dean Company produces
and sells a single product. The following
data refer to the year just completed:
ACCT 505 Week 4 Midterm (Version 4)
1.
(TCO A) Wages paid to a timekeeper in
a factory are a ______.
2.
(TCO A) The costs of staffing and
operating the accounting department at
Central Hospital would be considered by the
Department of Surgery to be ______.
3.
(TCO A) Inventoriable costs are also
known as ______.

4.
(TCO A) Within the relevant range,
variable costs can be expected to ______.
5.
(TCO F) When manufacturing overhead
is applied to production, it is added to
______.
6.
(TCO F) Under a job-order costing
system, the dollar amount transferred from
Work in Process to Finished Goods is the
sum of the costs charged to all jobs ______.
7.
(TCO F) Equivalent units for a process
costing system using the FIFO method
would be equal to___.
8.
(TCO B) The contribution margin ratio
always decreases when the ______.
9.
(TCO B) The break-even point in unit
sales is found by dividing total fixed
expenses by______.
10. (TCO E) Under variable costing, ______.