Which the the complying with items to represent a differencebetween financial and managerial accounting?A. Customers of informationB. Versatility of practiceC. Timeliness and time dimension of information reportedD. Nature that informationE. All of these


You are watching: The three major cost components of manufacturing a product are

Costs that room incurred as part of the production processbut room not clearly associated with certain units that productor batches that production, consisting of all production costsother than direct material and also direct job costs, arecalled:A. Administrative expensesB. Nonmanufacturing costsC. Sunk costsD. Manufacturing facility overheadE. Preproduction costs
A addressed costA. Requires the future outlay the cash and also is pertinent forfuture decision making.B. Does not readjust with changes in the volume that activitywithin the appropriate range.C. Is straight traceable to a expense object.D. Transforms with transforms in the volume of task within therelevant range.E. Has already been incurred and also cannot it is in avoided so the isirrelevant for decision making.
The three major cost contents of a manufactured productareA. Marketing, selling and also administrative costs.B. Indirect labor, indirect materials, and miscellaneousfactory expenses.C. Direct materials, straight labor, and also factory overhead.D. Differential costs, chance costs, and also sunk costs.E. General, selling and also administrative costs.
Period expenses for a manufacturing company would flowdirectly to:A. The current income statementB. Factory overheadC. The present balance sheetD. Job cost sheetE. The existing manufacturing statement
A project order cost accounting system would best fit the needsof a firm that makes:A. Shoes and apparelB. PaintC. CementD. Practice machineryE. Pencils and erasers
Canoe Company"s manufacturing accountancy system usesdirect labor hours to apply overhead to products in process andfinished products inventories. Canoe Company"s manufacturingcosts because that the year were: direct labor, $300,000; directmaterials, $50,000; and also factory overhead applied, $60,000.They occurs 30,000 direct labor hours and 10,000 indirectlabor hours throughout the year. The overhead application ratewas:A. $5.00B. $1.50C. $2.00D. $500.00E. $16.70MOHA = OH rate * really Activity$60,000 = OH price * 30,000 DLHOH rate = $60,000 / 30,000 DLHOH price = $2 per DLH
If overhead applied is less than actual overhead, that is:A. Fully appliedB. UnderappliedC. OverappliedD. ExpectedE. Normal
The overhead cost applied to a job during a period isrecorded through a credit to factory Overhead and also a debit to:A. Task Overhead ExpenseB. Price of goods SoldC. Finished goods InventoryD. Indirect LaborE. Work in procedure Inventory
The job-related in process Inventory for abdominal Corp follows:debits creditsBeginning Balance 4,500Direct products 47,100Direct labor 29,600 To perfect goods:Manf Overhead used 15,800 ???Ending balance 8,900The expense of units moved to Finished items isA. $97,000B. $105,900C. $88,100D. $95,200E. $92,5004500+47100+29600+15800-8900 = 88100
The adhering to data have been tape-recorded for recentlycompleted project 674 top top its job cost sheet. Direct Materialscost to be $2,039. A full of 32 DLHs and also 175 MHs wereworked top top the job. The direct labor wage price is $14 perlabor hour. The agency applied overhead top top the basis ofmachine hours. The predetermined overhead rate is $15 permachine hour. The complete cost of the job on that is job expense sheetisA. $2,967B. $2,487C. $2,068D. $5,112Total Job cost = DM + DL + MOH=$2039 + (32 DLH $14 per DLH) + ($15 per MH
175 MHs)=$5112
For i beg your pardon situation(s) listed below would an organization be morelikely to use a process costing device of fairly than a joborder costing system?A. A plant the produces the "radials" in radial tires.B. A shop the restores old cars to showroom quality.C. A framing shop the takes custom orders.D. A design firm that designs tradition outdoor kitchens
The Milling Department began the month v 35,000 devices inits start work in process inventory. Secondary 472,000units were transferred in from the front department throughout themonth to begin processing in the Milling Department. Therewere 34,000 devices in the ending work in procedure inventory that theMilling Department. How plenty of units were moved to thenext processing department during the month?A. 507,000B. 473,000C. 471,000D. 541,000Units C&T/O = systems in Beg WIP + Units started -Units in finish WIPUnits C&T/O = 35,000 + 472,000 - 34,000 =473,000
For the existing period, PencilCo began 15,000 units andcompleted 10,000 units, leaving 5,000 devices in process 30percent complete. How numerous equivalent systems ofproduction did PencilCo have actually for the period?A. 10,000B. 11,500C. 1,500D. 15,00010,000 systems + (5,000 devices × .30)= 11,500 identical units
Dean Corp provides the weighted-average technique in its procedure costing system.Department 1, the first process, started the month with 19,000 units in itsbeginning occupational in process inventory the were 30% complete with respect toconversion costs. The conversion expense in this beginning work in process inventorywas $44,890. Second 89,000 devices were started into production throughout themonth and also 84,000 devices were completed in department 1 and also transferred toDepartment 2. There were 24,000 systems in the finishing work in procedure inventoryof room 1 that were 15% finish with respect to conversion costs. Atotal of $678,800 in conversion costs were incurred in the department throughout themonth.What is the expense per identical unit because that conversion expenses for the month?A. $8.261B. $6.257C. $8.449D. $7.627Step 2:Total EUs: finish WIP (2400015%) + C&T/O (84000
100%)= 3600 EU + 84000 EU = 87,600 full EusStep 3:Total CC prices = $44,890 Beg WIP + $678,800 added = $723,690Cost every EU = $723,690 total Costs / 87,600 total EusCost per EU -= $8.261 per EU
Trapp Corporation uses the weighted-average technique in its procedure costingsystem. The beginning work in process inventory in its painting Departmentconsisted that 3,500 systems that to be 70% complete with respect to materials and60% complete with respect to conversion costs. The cost of the start workin process inventory in the room was recorded as $20,000. During theperiod, 11,500 units were completed and transferred on to the nextdepartment. The costs per indistinguishable unit for the period were $3.3 for materialand $4.1 because that conversion costs. The cost of units transferred out during themonth was:A. $73,715B. $66,240C. $86,400D. $85,10011,500 EU C&T/O * $3.30 / EU = $37,950 DM C&T/O+11,500 EU C&T/O * $4.10 / EU = $47,150 CC C&T/OTotal price C&T/O = $37,950+$47,150 = $85,100
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Fundamentals of corporate Finance11th EditionBradford D. Jordan, Randolph W. Westerfield, Stephen A. Ross
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Managerial bookkeeping Midterm 1
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