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acct 221 q3

Please answer all 18 multiple choice questions and 4 problems.

 

1.         Because of automation, which component of product cost is declining?

a.   Direct labor

b.   Direct materials

c.   Manufacturing overhead

d.   Advertising

 

2.         The management function that requires managers to look ahead and establish objectives is

a.   controlling.

b.   planning.

c.   directing.

d.   constraining.

 

3.         A manufacturing process requires small amounts of glue. The glue used in the production process is classified as a(n)

a.   period cost.

b.   indirect material

c.   direct material.

d.   miscellaneous expense

 

4.         All of the following would be entries in assigning accumulated costs to the Work In Process Inventory except:

a.   the purchase of raw materials.

b.   raw materials are used.

c.   overhead is applied.

d.   factory labor is used.

 

5.         Which one of the following is a source document that impacts the job cost sheet?

a.   Raw materials receiving slips.

b.   Materials purchase orders.

c    Labor time tickets

d.   Finished goods shipping documents.

 

6.         Process costing is not used when

a.   similar goods are being produced.

b.   jobs have distinguishing characteristics

c.   large volumes are produced.

d.   a series of connected manufacturing processes is necessary.

 

7.         When determining costs of jobs, how does a company account for indirect materials?

a.   It is added to work in process as used.

b.   It is transferred out of raw materials into manufacturing overhead when used

c.   It remains part of raw materials inventory..

d.   It is transferred out of raw materials into work in process as used.

 

8.         A process cost system would be used for all of the following products except

a.   chemicals.

b.   computer chips.

c.   motion pictures.

d.   soft drinks.

 

9.         The predetermined overhead rate is based on the relationship between

a. actual monthly costs and actual annual activity.

b.   estimated annual costs and expected annual activity.

c.   estimated monthly costs and actual monthly activity.

d.   estimated annual costs and actual activity

 

10.       When manufacturing overhead costs are assigned to production in a process cost system, they are debited to

a.   the Work in Process account.

b.   the Finished Goods Inventory account.

c.   Cost of Goods Sold.

d.   a Manufacturing Overhead account.

 

11.       A process with no beginning work in process, completed and transferred out 65,000 units during a period and had 50,000 units in the ending work in process inventory that were 30% complete. The equivalent units of production for the period were:

a.   75,000 equivalent units.

b.   125,000 equivalent units.

c.   37,500 equivalent units

d.   80,000 equivalent units

 

12.       Which of the following is not viewed as part of accumulating manufacturing costs in a job order cost system?

a.   Raw materials are purchased

b.   Cost of goods sold is recognized

c.   Factory labor is incurred

d.   Manufacturing overhead is incurred

 

13.       Cinder Company had the following department information for the month:

Total materials costs                                          $  80,000

Equivalent units of materials                                    8,000

Total conversion costs                                       $120,000

Equivalent units of conversion costs                     16,000

How much is the total manufacturing cost per unit?

a.    $8.33.

b.    $7.50

c.    $17.50

d.    $10.00.

 

14.       A cost which remains constant per unit at various levels of activity is a

a.   fixed cost.

b.   mixed cost.

c.   variable cost.

d.   manufacturing cost.

 

15.       Sales are $500,000 and variable costs are $400,000. What is the contribution margin ratio?

a.   43%

b.   20%

c.   70%

d.   Cannot be determined because amounts are not expressed per unit.

 

16.       Which of the following is not a necessary step in preparing a production cost report?

 a.        Compute the equivalent units of production.

 b.        Prepare the job order cost sheet

 c.        Compute the physical unit flow.

 d.        Prepare a cost reconciliation schedule.

 

17.       Fixed costs normally will not include

a.    property taxes

b.    supervisory salaries

c.    direct labor

d.    depreciation on buildings and equipment.

 

18.       In applying the high-low method, which months are relevant?

Month               Miles                Total Cost

January            80,000               $  96,000

February          50,000                   80,000

March               70,000                   94,000

April                  90,000                 130,000

 

a.   January and February

b.   January and April

c.   February and April

d.   February and March

 

 

 

PROBLEM 1

 

Jones Corporation has the following cost records for May 2013

http://edugen.wiley.com/edugen/courses/crs2496/common/art/pixel.gif

http://edugen.wiley.com/edugen/courses/crs2496/common/art/pixel.gif

 

 

Indirect factory labor

$ 7,000

Advertising Expense

$   8,000

Direct materials used

12,000

Depreciation, factory equipment

3,200

Work in process, 5/1/13

6,000

Direct labor

13,000

Work in process, 5/31/13

7,800

Maintenance, factory equipment

1,000

       

Factory supervisor’s salary  

4,500

Indirect materials

1,200

Sales Commission                   

10,000

Office Manager Salary

4,000

 

http://edugen.wiley.com/edugen/courses/crs2496/common/art/pixel.gif

http://edugen.wiley.com/edugen/courses/crs2496/common/art/pixel.gif

 

Instructionshttp://edugen.wiley.com/edugen/courses/crs2496/common/art/pixel.gif

(a)  

Prepare a cost of goods manufactured schedule for May 2013

 

 

 

  

 

 

JONES CORPORATION

Cost of Goods Manufactured

Schedule For the Year Ended May 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description: http://edugen.wiley.com/edugen/courses/crs2496/common/art/pixel.gif

 

 

  

 

PROBLEM 2

Newton, Inc. fixed costs are expected to be $85,000 and variable costs are expected to be $20 per product. Sales price is $40 per product.

 

Instructions

Determine the required sales in units to break even.

.

 

 

 

 

 

 

 

 

 

PROBLEM 3

Nison Company accumulates the following data concerning a mixed cost, using miles as the activity level.

 

Miles Driven

Total Cost

 

Miles Driven

Total Cost

January

10,000

$15,000

March

9,000

$12,500

February

8,000

$14,500

April

7,500

$12,000

Instructions

Compute the variable and fixed cost elements using the high-low method.

 

 

 

 
 
 
 
 
 PROBLEM 4

 

Rosa Winery has the following cost and production data for the Fermenting Department for December 2014

 

Cost data:

Beginning work in process inventory, December 1                          

        Direct Materials                                                                              $30,000

        Conversion Cost                                                                             $  6,000

                                                                                                               $36,000

       

Cost incurred during production in December

        Direct Materials                                                                              390,000

        Conversion costs                                                                           122,000

              Total Costs                                                                               $548,000

 

Production data

           

            Completed and transferred out           62,000

            Ending work in process (gallons)        8,000  

 

Ending work in process was 100% complete as to materials and 25% complete as to conversion costs.

 

 

 

 

Instructions

(a)   Compute the equivalent units of production.

(b)   Determine the unit production costs.

(c)   Determine the costs to be assigned to units transferred out and ending work in process.

 

 

 

Note: Can complete solutions in Excel and then paste in spaces below, or can type directly in spaces below.

 

 

 

 

 

 

 

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