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1. Sitwell Corporation manufactures titanium and aluminum tennis racquets. Sitwell's total overhead costs consist of assembly costs and inspection costs. The following information is available: Costs Cost Titanium Aluminum Total Cost Assembl y 500 mach. 500 mach. $45,000 350 150 Inspecti $75,000 ons 2,100 Labor 1,900 Labor Hours Hours 2. Sitwell is considering switching from one overhead rate based on labor hours to activitybased costing. Using activity-based costing, how much inspections cost is assigned to titanium raquets? 3. A $35,62 . 5. B $52,50 . 0. C $37,50 . 0. D $22,50 . 0. 2 points 1. QUESTION 2 The presence of any of the following factors would suggest a switch to ABC except when A . B . C . D . overhead costs constitute a minor portion of total costs. production managers are ignoring data provided by the existing system. product lines differ greatly in volume. the manufacturing process has changed significantly. 2 points QUESTION 3 1. Which of the following is a unit-level activity? A . B . C . Material handling Inspection Purchase ordering D Painting . 2 points 1. QUESTION 4 All of the following statements are correct except that A . B . C . the general approach to identifying activities and activity cost pools is the same in a service company as in a manufacturing company. activity-based costing has been widely adopted in service industries. a larger proportion of overhead costs are company-wide costs in service industries. D the objective of installing ABC in service firms is different than it is in a . manufacturing firm. 2 points QUESTION 5 1. Value-added activities increase the perceived worth of a product or service to customers. B involve those activities that are essential to a . company's operations. C include engineering design, machining, and . assembly. D all of the above. A . . 2 points 1. QUESTION 6 Mask Company manufactures two products, pillows and comforters. The company has estimated its overhead in the order-processing department to be $480,000. The company produces 50,000 pillows and 80,000 comforters each year. Pillow production requires 25,000 machine hours, comforter production requires 50,000 machine hours. The company places raw materials orders 10 times per month, 2 times for raw materials for pillows and the remainder for raw materials for comforters. How much of the order processing overhead should be allocated to comforters? A . B . $240,0 00 $384,0 00 $295,3 86 D $320,0 . 00 C . 2 points QUESTION 7 1. Port Accounting performs two types of services, Audit and Tax. Port's overhead costs consist of computer support, $240,000; and legal support, $120,000. Information on the two services is: Overhead Overhead Tax Audit Direct Labor Cost $50,000 CPU Minutes 40,000 Legal Hours Used 200 $100,000 10,000 800 2. Port Accounting performs tax services for Cathy Kane. Direct labor cost is $1,200; 600 CPU minutes were used; and 1 legal hour was used. What is the total cost of the Kane job using activity-based costing? A $4,2 . 00 B $3,0 . 00 C $4,0 . 80 D $2,8 . 80 2 points QUESTION 8 1. A non-value-added activity in a service enterprise is A . B . C . bookkeeping. providing legal research. consulting. D . delivering packages. 2 points 1. QUESTION 9 Just-in-time processing A . B . C . is based on a just-in-case philosophy. results in a push approach. minimizes inventory storage and waiting time. D all of these. . 2 points QUESTION 10 1. Comparing the U.S. to Japan, A . B . C . D . activity-based costing is used less than in the U.S. labor cost reduction is less of a priority in the U.S. developing more accurate product costs is less of a priority in the U.S. U.S. companies show a stronger preference to volume measures such as direct labor hours to assign overhead costs. 2 points 1. QUESTION 11 Addison Company manufactures two products, Regular and Supreme. Addison's overhead costs consist of machining, $2,500,000; and assembling, $1,250,000. Information on the two products is: Products Overhead Regular Supreme Direct labor hours 10,000 15,000 Machine hours 10,000 Number of parts 90,000 30,000 160,000 2. Overhead applied to Regular using activity-based costing is A . B . C . $2,250,0 00. $2,675,0 00. $1,075,0 00. D . $1,500,0 00. 2 points 1. QUESTION 12 Value-added activities A . B . C . should be minimized or eliminated. add cost to a product without affecting selling price. involve those activities that are essential to a company's operations. D cannot be differentiated from non-value-added . activities. 2 points QUESTION 13 1. Which of the following is a limitation of just-in-time processing? A . B . C . D . Significant reduction of manufacturing inventories Less emphasis on product quality Higher production costs None of the above 2 points 1. QUESTION 14 Teller, Inc. produces 3 products: P1, Q2, and R3. P1 requires 400 purchase orders, Q2 requires 600 purchase orders, and R3 requires 1,000 purchase orders. Teller has identified an ordering and receiving activity cost pool with allocated overhead of $180,000 for which the cost driver is purchase orders. Direct labor hours used on each product are 50,000 for P1, 40,000 for Q2, and 110,000 for R3. How much ordering and receiving overhead is assigned to each product?P1 Q2 R3 A . $45,0 00 $36,0 00 $99,0 B . 00 $40,5 00 $45,0 00 C . $94,5 00 $36,0 00 $54,0 00 $90,0 00 D $60,0 . 00 $60,0 00 $60,0 00 2 points 1. QUESTION 15 An activity-based overhead rate is computed as follows: A . actual overhead divided by estimated use of cost drivers. B estimated overhead divided by estimated use . of cost drivers. C estimated overhead divided by actual use of . cost drivers. D actual overhead divided by actual use of cost . drivers. 2 points QUESTION 16 1. Assigning overhead using ABC will usually A . B . increase the cost per unit for low volume products as compared to a traditional overhead allocation. result in the same cost per unit for low volume products as does traditional costing. provide less accurate cost per unit for low volume products than will traditional costing. D decrease the cost per unit for low volume products as compared to a . traditional overhead allocation. C . 2 points 1. QUESTION 17 In a job order cost system, it would be correct in recording the purchase of raw materials to debit A . B . C . D . Finished Goods Inventory. Work in Process Inventory. Raw Materials Inventory. Work in Process and Manufacturing Overhead. 2 points QUESTION 18 1. If manufacturing overhead has been underapplied during the year, the adjusting entry at the end of the year will show a A . B . C . debit to Cost of Goods Sold. credit to Cost of Goods Sold. debit to Work in Process Inventory. D debit to Manufacturing . Overhead. 2 points 1. QUESTION 19 A company assigned overhead to work in process. At year end, what does the amount of overapplied overhead mean? A . The overhead assigned to work overhead costs. B The overhead assigned to work . estimated overhead costs. C The overhead assigned to work . overhead incurred. D The overhead assigned to work . overhead. in process is less than the estimated in process is greater than the in process is greater than the in process is less than the actual 2 points QUESTION 20 1. Process costing is not used when A . B . C . D . large volumes are produced. similar goods are being produced. jobs have distinguishing characteristics. a series of connected manufacturing processes is necessary. 2 points 1. QUESTION 21 Cost of goods sold is obtained from A . B . C . D . the Raw Materials Inventory control account. analysis of all the control accounts in the cost system. the finished goods inventory records. the work in process inventory records. 2 points QUESTION 22 1. The existence of under- or overapplied overhead at the end of the year: A . B . C . D . is written off as a bad estimate expense. requires a retroactive adjustment to the cost of all jobs completed. requires an adjustment to Cost of Goods Sold. indicates that an error has been made. 2 points 1. QUESTION 23 If actual overhead is less than applied manufacturing overhead, then manufacturing overhead is: A . B . C . considered a miscellaneous expense. underapplied. a loss on the income statement under "Other Expenses and Losses." D overapplied. . 2 points QUESTION 24 1. Gulick Company developed the following data for the current year: Beginning work in process inventory $160,000 Direct materials used 96,000 Actual overhead 192,000 Overhead applied 144,000 Cost of goods manufactured 176,000 Total manufacturing costs 480,000 Gulick Company's ending work in process inventory is $144,0 00. B $464,0 . 00. C $320,0 . 00. D $304,0 . 00. A . 2 points 1. QUESTION 25 A company expected its annual overhead costs to be $1,800,000 and direct labor costs to be $1,000,000. Actual overhead was $1,740,000, and actual labor costs totaled $1,100,000. How much is the company's predetermined overhead rate to the nearest cent? A . $1.8 0 B $1.6 . 4 C $1.7 . 4 D $1.5 . 7 2 points QUESTION 26 1. Simmons Inc. applies overhead to production at a predetermined rate of 90% based on direct labor cost. Job No. 250, the only job still in process at the end of August, has been charged with manufacturing overhead of $7,200. What was the amount of direct materials charged to Job 250 assuming the balance in Work in Process inventory is $30,000? A . B . C . $8,000 . $7,500 . $30,00 0. D . $14,80 0. 2 points 1. QUESTION 27 The two major steps in the flow of costs are A . accumulating and assigning. B acquiring and . accumulating. C accumulating and . amortizing. D allocating and . assigning. 2 points QUESTION 28 1. As of December 31, 2013, Nilsen Industries had $2,000 of raw materials inventory. At the beginning of 2013, there was $1,600 of materials on hand. During the year, the company purchased $324,000 of materials; however it paid for only $314,000. How much inventory was requisitioned for use on jobs during 2013? $314,4 00 B $323,6 . 00 C $313,6 . 00 D $324,4 . 00 A . 2 points 1. QUESTION 29 If Manufacturing Overhead has a credit balance at the end of the period, then A . B . C . D . overhead has been underapplied. overhead has been overapplied. management must take corrective action. the overhead assigned to Work in Process Inventory is less than the overhead incurred. 2 points QUESTION 30 1. Madison Inc. uses job order costing for its brand new line of sewing machines. The cost incurred for production during 2013 totaled $18,000 of materials, $9,000 of direct labor costs, and $6,000 of manufacturing overhead applied. The company ships all goods as soon as they are completed which results in no finished goods inventory on hand at the end of any year. Beginning work in process totaled $15,000, and the ending balance is $9,000. During the year, the company completed 20 machines. How much is the cost per machine? $2,4 00 B $1,9 . 50 C $1,3 . 50 D $1,6 . 50 A . 2 points 1. QUESTION 31 In a job order cost accounting system, the Raw Materials Inventory account is A . B . C . not used. a period cost. a control account. D an expense. . 2 points QUESTION 32 1. If the manufacturing overhead costs applied to jobs worked on were greater than the actual manufacturing costs incurred during a period, overhead is said to be A . B . C . overapplie d. prepaid. underappli ed. D in error. . 2 points QUESTION 33 1. If the Manufacturing Overhead account has a debit balance at the end of a period, it means that A . B . C . D . actual overhead costs were equal to overhead costs applied to jobs. actual overhead costs were greater than overhead costs applied to jobs. no jobs have been completed. actual overhead costs were less than overhead costs applied to jobs. 2 points 1. QUESTION 34 Managerial accounting is applicable to A . B . service entities. manufacturing entities. C not-for-profit . entities. D all of these. . 2 points QUESTION 35 1. Given the following data for Glennon Company, compute (A) total manufacturing costs and (B) costs of goods manufactured: Direct materials used $270,000 Direct labor 200,000 Manufacturing overhead 300,000 Operating expenses 350,000 Beginning work in process $40,000 Ending work in process 20,000 Beginning finished goods 50,000 Ending finished goods 30,000 (A) (B) A . $790,000 $810,000 B . $770,000 $750,000 C . $750,000 $790,000 D . $770,000 $790,000 2 points QUESTION 36 1. Which one of the following is not a cost element in manufacturing a product? A . B . C . Direct labor Office salaries Manufacturing overhead D Direct materials . 2 points 1. QUESTION 37 Given the following data for Mehring Company, compute (A) total manufacturing costs and (B) cost of goods manufactured: Direct materials used $230,000 Direct labor 150,000 Manufacturing overhead 225,000 Operating expenses 263,000 Beginning work in process $30,000 Ending work in process 15,000 Beginning finished goods 38,000 Ending finished goods 23,000 (A) (B) A . $605,000 $590,000 B . $590,000 $620,000 C . $620,000 $635,000 D . $605,000 $620,000 2 points QUESTION 38 1. The work of factory employees that can be physically and directly associated with converting raw materials into finished goods is A . indirect labor. B . C . D . indirect materials. direct labor. manufacturing overhead. 2 points 1. QUESTION 39 The major reporting standard for presenting managerial accounting information is A . B . C . D . the current tax law. the cost principle. relevance. generally accepted accounting principles. 2 points QUESTION 40 1. Edmiston Company reported the following year-end information: beginning work in process inventory, $80,000; cost of goods manufactured, $780,000; beginning finished goods inventory, $50,000; ending work in process inventory, $70,000; and ending finished goods inventory, $40,000. How much is Edmiston's cost of goods sold for the year? $780,0 00 B $800,0 . 00 C $770,0 . 00 D $790,0 . 00 A . 2 points 1. QUESTION 41 Gammil Company has beginning and ending raw materials inventories of $96,000 and $120,000, respectively. If direct materials used were $440,000, what was the cost of raw materials purchased? A . B . C . $464,0 00. $440,0 00. $416,0 00. D . $470,0 00. 2 points 1. QUESTION 42 Ogleby Inc.'s accounting records reflect the following inventories: Ogleby Inc.'s Ogleby Inc.'s Dec. 31, 2012 Dec. 31, 2013 Raw materials inventory $120,000 $96,000 Work in progress inventory 156,000 174,000 150,000 138,000 Finished goods inventory 2. During 2013, Ogleby purchased $840,000 of raw materials, incurred direct labor costs of $150,000, and incurred manufacturing overhead totaling $192,000. How much is total manufacturing costs incurred during 2013 for Ogleby? A . $1,200,0 00 B $1,182,0 . 00 C $1,188,0 . 00 D $1,206,0 . 00 2 points QUESTION 43 1. The sum of the direct materials costs, direct labor costs, and manufacturing overhead incurred is the cost of goods manufactured. B total manufacturing . overhead. C total manufacturing . costs. D total cost of work in . process. A . 2 points QUESTION 44 1. Cost of goods sold A . B . C . D . appears on both manufacturing and merchandising companies' income statements. is calculated exactly the same for merchandising and manufacturing companies. only appears on merchandising companies' income statements. only appears on manufacturing companies' income statements. 2 points 1. QUESTION 45 If the total manufacturing costs are greater than the cost of goods manufactured, which of the following is correct? A . Finished Goods Inventory has increased. B Work in Process Inventory has . decreased. C Work in Process Inventory has . increased. D Finished Goods Inventory has . decreased. 2 points QUESTION 46 1. Cotter pins and lubricants used irregularly in a production process are classified as A . B . C . D . nonmaterial materials. indirect materials. direct materials. miscellaneous expense. 2 points 1. QUESTION 47 Which of the following is not classified as direct labor? A . B . C . Wages of supervisors Bakers in a bakery Copy machine operators at a copy shop D Bottlers of beer in a brewery . 2 points QUESTION 48 1. A distinguishing feature of managerial accounting is A . B . C . D . external users. quarterly and annual reports. very detailed reports. general-purpose reports. 2 points 1. QUESTION 49 Given the following data for Harder Company, compute cost of goods manufactured: Direct materials used $120,000 Direct labor 200,000 Manufacturing overhead 150,000 Operating expenses 175,000 Beginning work in process $20,000 Ending work in process 10,000 Beginning finished goods 25,000 Ending finished goods 15,000 A . $470,0 00 B $480,0 . 00 C $460,0 . 00 D $490,0 . 00 2 points QUESTION 50 1. The principal difference between a merchandising and a manufacturing income statement is the A . B . C . cost of goods sold section. revenue section. extraordinary item section. D operating expense . section. 2 points Click Save and Submit to save and submit. 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