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ACCT 344 Week 8 Final Exam

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Question 1.1 (TCO 2) Which cost is NOT a period cost? (Points : 5)
Question 2.2. (TCO 2) Which product would use job-order costing? (Points : 5)
Question 3.3. (TCO 3) As production occurs, materials, direct labor, and applied
manufacturing overhead are recorded in (Points : 5)
Question 4.4. (TCO 8) A company keeps 60 days of materials inventory on hand
to avoid shutdowns due to materials shortages. Carrying costs average $5,000 per
day. A competitor keeps 30 days of inventory on hand, and the competitor's
carrying costs average $2,000 per day. The value-added costs are (Points : 5)
Question 5.5. (TCO 8) Which is a value-added activity? (Points : 5)
Question 6.6. (TCO 1) The break-even point is (Points : 5)
Question 7.7. (TCO 1) The Kringel Company provides the following information.
Sales (200,000 units) $500,000 Manufacturing costs Variable $170,000 Fixed
$30,000 Selling and administrative costs Variable $80,000 Fixed $20,000 Which is
the break-even point in units for Kringel? (Points : 5)
Question 8.8. (TCO 7) Which would be the most appropriate base for allocating
the costs of the maintenance department? (Points : 5)
Question 9.9. (TCO 7) Yo Department Store incurred $8,000 of indirect advertising
costs for its operations. The following data have been collected for 2013 for its three
departments.How much of the indirect advertising costs will be allocated to
the Cosmetics Department if newspaper ad space is the activity driver?(Points : 5)
Question 10.10. (TCO 5) Which best describes zero-base budgeting? (Points : 5)
Question 11.11. (TCO 5) Bug Company manufactures buggies. Manufacturing a
buggy takes 20 units of wood and 1 unit of steel. Scheduled production of buggies
for the next 2 months is 500 and 600 units, respectively. Beginning inventory is

4,000 units of wood and 30 units of steel. The ending inventory of wood is planned
to decrease 500 units in each of the next 2 months, and the steel inventory is
expected to increase 5 units in each of the next 2 months. How many units of wood
are expected to be used in production during the second month? (Points : 5)
Question 12.12. (TCO 4) Which statement is true? (Points : 5)
Question 13.13. (TCO 6) Using more highly skilled direct laborers might affect
which variance? (Points : 5)
Question 14.14. (TCO 6) Which equation measures the total budget variance?
(Points : 5)(TCO 1) George Corporation has an estimated monthly sales of
12,000 units for $80 per unit. Variable costs include manufacturing costs of $50 and
distribution costs of $20. Fixed costs are $60,000 per month. Required: Determine
each of the following values. a. Unit contribution margin b. Monthly break-even unit
sales volume Create a contribution margin-based income statement. (Points : 30)

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Question 1.1. (TCO 1) George Corporation has an estimated monthly sales of
12,000 units for $80 per unit. Variable costs include manufacturing costs of $50 and
distribution costs of $20. Fixed costs are $60,000 per monthRequired:
Determine each of the following values. a. Unit contribution margin b. Monthly
break-even unit sales volume Create a contribution margin-based income
statement. (Points : 30)
Question 2.2. (TCO 7) Darling Manufacturing Inc. manufactures two products, A
and B, from a joint process. A single production costs $5,000 and results in 200
units of A and 800 units of B. To be ready for sale, both products must be processed
further, incurring seperable costs of $3 per unit for A and $4 per unit for B. The
market price for Product A is $15 and for Product B is $10..Required: Allocate joint
production costs to each product using the net realizable value method. (Points : 30)
Question 3.3. (TCO 6) Santa Inc. manufactures toys based on the following
information....Required: Compute the following variances (show calculations). a.
Materials usage variance b. Labor rate variance -c. Fixed overhead budget variance
(Points : 30)
Question 4.4. (TCO 4) Toshi Company incurred the following costs in
manufacturing deskDuring the period, the company produced and sold 1,000
units. a. What is the inventory cost per unit using absorption costing? b. What is the
inventory cost per unit using variable costing? (Points : 30)
Question 5.5. (TCO 8) Musical Instruments Company manufactures two products
(trumpets and trombones). Overhead costs ($175,000) have been divided into three
cost pools that use the following activity drivers..........Required (show all
calculations) a. What is the allocation rate for trumpets per setup using activitybased costing? b. What is the allocation rate for trumpets per machine hours using
activity-based costing? c. What is the allocation rate for trumpets per packing order
using activity-based costing? (Points : 30)
Question 6.6. (TCO 5) The Baxter Corporation has the following budgeted and
actual resultsRequired: Prepare a performance report for all costs, showing
flexible budget variances (indicate F or U). 10. Question: (TCO 2) Action Corporation

uses activity-based costing to apply overhead to jobs within a job-order costing system. The
following overhead activities were budgeted for the year.

ACCT 344 Week 2 Quiz

1. Question: (TCO 3) The appropriate cost accounting system to use when inventory items are
produced on an assembly line is
2. Question: (TCO 3) As production occurs, materials, direct labor, and applied manufacturing
overhead are recorded in
3. Question: (TCO 3) Equivalent units expresses all activity of the period in terms of
4. Question: (TCO 3) Holly Inc. manufactures dolls. The following data were provided for
production results for the current month. 0 Units, beginning work-in-process 300 Units started ?
Units completed 100 Units, ending work-in-process (40% complete) Which are the equivalent
units?
5. Question: (TCO 3) When products and their costs are moved from one process to the next
process, these costs are referred to as
6. Question: (TCO 3) Keller Inc. manufactures office chairs. The following data were provided
for production results for the current month. 0 Units, beginning work-in-process 6,000 Units
started ? Units completed 2,000 Units, ending work-in-process $440,000 Cost of direct materials
$64,000 Cost of conversion Ending inventory is 100% complete for materials and 20% complete
for conversion. How many units were started and completed?
7. Question: (TCO 3) The two methods used to determine equivalent units of production are
8. Question: (TCO 3) Abby Corp. adds raw materials to production at the beginning of the
process in the Assembly Dept. Materials data for this department for the current month are as
follows.
9. Question: (TCO 3) The following information was provided by Sally Company...........How
many equivalent units for materials would there be using the weighted average method?
10. Question: (TCO 3) The material cost per equivalent unit using the weighted average method
is calculated as..........

ACCT 344 Week 3 Quiz


1. Question: (TCO 8) A predetermined overhead rate is calculated using which formula?
2. Question: (TCO 8) All of the following are unit-based activity drivers EXCEPT
3. Question: (TCO 8) A department that is capital intensive most likely would use a
predetermined departmental overhead rate based on which activity base?
4. Question: (TCO 8) Star Inc. uses a job-order costing system to account for product costs. The
following information was provided for the current year. Materials placed in production
$160,000 Indirect labor $50,000 Direct labor (10,000 hours) $180,000 Depreciation of factory
building $80,000 Other factory overhead $130,000 Increase in work-in-process inventory
$45,000 Factory overhead rate per direct labor hour $25 Which is the amount of under- or
overapplied overhead for Star Inc.?
5. Question: (TCO 8) Acme Company manufactures two products (anvils and barrels).
Overhead costs ($84,000) have been divided into three cost pools, which use the following
activity drivers.
6. Question: (TCO 8) Which is NOT a limitation of a plantwide overhead rate?
7. Question: (TCO 8) The resources consumed by the activity in producing its output are called
8. Question: (TCO 8) Which is NOT part of the cost dimension of the activity-based
management model?
9. Question: (TCO 8) Which is an example of a non-value-added manufacturing activity?
10. Question: (TCO 8) The process that involves choosing among various sets of activities that
are caused by competing strategies is called......

ACCT 344 Week 5 Quiz


1. Question: (TCO 7) A common cost occurs
2. Question: (TCO 7) Which would be the most appropriate base for allocating the costs of the
housekeeping department?
3. Question: (TCO 7) The Ruling Company assigns plant administration costs to the production
departments based on the number of employees. Which would NOT be a good combination of
common costs with an activity driver?
4. Question: (TCO 7) Joint costs are allocated because of
5. Question: (TCO 7) Which method allocates support department costs?
6. Question: (TCO 7) Joint costs are
7. Question: (TCO 7) Which method allocates joint production costs based on the pounds of
product produced?
8. Question: (TCO 7) DeeDee Corporation manufactures the following products in its factory.
$400,000 of costs were incurredHow much joint cost would be allocated to Product A
based on the physical units method?
9. Question: (TCO 7) Sally Corporation manufactures four products. The following data were
provided by the cost accountant for the current year.
10. Question: (TCO 7) Lamb Inc. processes wool into four grades of yarn as
follows.Which is the amount of joint costs assigned to Superwash Wool using the constant
gross margin percentage method?

ACCT 344 Week 6 Quiz


1. Question: (TCO 5) Which is NOT a component of the master budget?
2. Question: (TCO 5) The budgets that are comprehensive financial plans made up of various
individual departmental and activity budgets are the...........
3. Question: (TCO 5) The budget committee
4. Question: (TCO 5) Which is a financial budget?
5. Question: (TCO 5) When budgets are used for control,
6. Question: (TCO 5) Flexible budgets do NOT provide
7. Question: (TCO 5) Volume variances examine differences between
8. Question: (TCO 5) Goal congruence means
9. Question: (TCO 5) Participative budgeting has which potential problem?
10. Question: (TCO 5) Bored Manufacturing has projected the followingWhich is the
total amount of overhead included in the overhead budget?

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