D) assigning indirect costs to products based on their activities. 1) Under activity based management, cost...

  

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D) assigning indirect costs to products based on their activities. 1) Under activity based management, cost management is achieved by: 2) When manufacturing overhead is applied to production, which of the following A) eliminating value-added activities. B) reducing production volume. C) managing the underlying activities. 2) accounts is credited? A) Work in Process Inventory C) Raw Materials Inventory B) Finished Goods Inventory D) Manufacturing Overhead ) Under process costing, which manufacturing costs are assigned to the product as it moves from one manufacturing process to the next? A) Direct materials, indirect materials, and manufacturing overhead B) Direct materials, direct labor, and manufacturing overhead C) Direct materials, direct labor, and indirect labor D) Direct materials, direct labor, and conversion costs 3) 4) Which of the following is a characteristic of a manufacturing environment that would use job order costing? A) Homogenous (same) products C) Continuous manufacturing B) Standardized production process D) Differentiated products 5) Garfield Personal Training Services is owned by Gina Garfield. Gina provides personal training and coaching to individuals or small groups using the local fitness facility and pool. Gina rents the group training room at the local fitness facility or the pool for scheduled classes. For one-on-one training, she meets clients at the fitness facility where she is a member. Gina is currently learning Zumba and plans to offer a Zumba class in the group training room on Wednesday mornings starting next month. The fir scheduled Zumba class is considered a activity for Garfield. B) facility-level D) customer-level A) service-level C) group-level 12 Jefferson, Inc, produces two different products (Product 5 and Product Z) using two different activities: Machining, which uses machine hours as an activity driver, and Inspection, which uses number of batches as an activity driver. The cost of Machining is S500,000, while the cost of Inspection is $30,000. The activity drivers are used as What proportion of Machining activity is used by Product 5? follows: Product 5 Product Z Total Machine hours 1,200 4,800 6,000 Number of batches 60 20 80 A) 20% D) 67% B) 75% C) 33% 15) Which of the following accounts will be treated differently by a process costing system as compared to a job order costing system? A) Work in Process Inventory C) Cost of Goods Sold B) Finished Goods Inventory D) Raw Materials Inventory 14) Which of the following is not a category used to reconcile the number of physical units using the weighted average method of process costing? A) Cost of goods sold C) Units started B) Ending units in inventory D) Units completed 15) If materials being placed into production are not traced to a specific job, debit: A) Raw Materials Inventory. C) Cost of Goods Sold. B) Work in Process Inventory. D) Manufacturing Overhead. 16) The approach to cost management that calls for setting cost reduction goals across numerous stages such as product introduction, growth, maturity, and decline is: A) Life cycle cost management. C) Total quality management. B) Just-in-time inventory. D) Target costing. 7) Manufacturing overhead was estimated to be $400,000 for the year along with 20,000 direct labor hours. Actual manufacturing overhead was $415,000, actual labor hours were 21,000. The amount of manufacturing overhead applied to production would be: A) $400,000. B) $435,750. C) $420,000. D) $415,000. D) assigning indirect costs to products based on their activities. 1) Under activity based management, cost management is achieved by: 2) When manufacturing overhead is applied to production, which of the following A) eliminating value-added activities. B) reducing production volume. C) managing the underlying activities. 2) accounts is credited? A) Work in Process Inventory C) Raw Materials Inventory B) Finished Goods Inventory D) Manufacturing Overhead ) Under process costing, which manufacturing costs are assigned to the product as it moves from one manufacturing process to the next? A) Direct materials, indirect materials, and manufacturing overhead B) Direct materials, direct labor, and manufacturing overhead C) Direct materials, direct labor, and indirect labor D) Direct materials, direct labor, and conversion costs 3) 4) Which of the following is a characteristic of a manufacturing environment that would use job order costing? A) Homogenous (same) products C) Continuous manufacturing B) Standardized production process D) Differentiated products 5) Garfield Personal Training Services is owned by Gina Garfield. Gina provides personal training and coaching to individuals or small groups using the local fitness facility and pool. Gina rents the group training room at the local fitness facility or the pool for scheduled classes. For one-on-one training, she meets clients at the fitness facility where she is a member. Gina is currently learning Zumba and plans to offer a Zumba class in the group training room on Wednesday mornings starting next month. The fir scheduled Zumba class is considered a activity for Garfield. B) facility-level D) customer-level A) service-level C) group-level 12 Jefferson, Inc, produces two different products (Product 5 and Product Z) using two different activities: Machining, which uses machine hours as an activity driver, and Inspection, which uses number of batches as an activity driver. The cost of Machining is S500,000, while the cost of Inspection is $30,000. The activity drivers are used as What proportion of Machining activity is used by Product 5? follows: Product 5 Product Z Total Machine hours 1,200 4,800 6,000 Number of batches 60 20 80 A) 20% D) 67% B) 75% C) 33% 15) Which of the following accounts will be treated differently by a process costing system as compared to a job order costing system? A) Work in Process Inventory C) Cost of Goods Sold B) Finished Goods Inventory D) Raw Materials Inventory 14) Which of the following is not a category used to reconcile the number of physical units using the weighted average method of process costing? A) Cost of goods sold C) Units started B) Ending units in inventory D) Units completed 15) If materials being placed into production are not traced to a specific job, debit: A) Raw Materials Inventory. C) Cost of Goods Sold. B) Work in Process Inventory. D) Manufacturing Overhead. 16) The approach to cost management that calls for setting cost reduction goals across numerous stages such as product introduction, growth, maturity, and decline is: A) Life cycle cost management. C) Total quality management. B) Just-in-time inventory. D) Target costing. 7) Manufacturing overhead was estimated to be $400,000 for the year along with 20,000 direct labor hours. Actual manufacturing overhead was $415,000, actual labor hours were 21,000. The amount of manufacturing overhead applied to production would be: A) $400,000. B) $435,750. C) $420,000. D) $415,000.