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(TCO 1) Which of the following is not a difference between financial accounting and managerial accounting? (Points : 4)
Financial accounting is primarily concerned with reporting the past, while managerial accounting is more concerned with the future.
Managerial accounting uses more nonmonetary information than is used in financial accounting.
Managerial accounting is primarily concerned with providing information for external users while financial accounting is concerned with internal users.
Financial accounting must follow GAAP while managerial accounting is not required to follow GAAP.
2. (TCO 1) Which of the following costs does not change when the level of business activity changes? (Points : 4)
total fixed costs
total variable costs
total direct materials costs
fixed costs per unit
3. (TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation? (Points : 4)
the trip to Cancun that you will not be able to take if you buy the car
the cost of the car you are trading in
the cost of your books for this term
the cost of your car insurance last year
4. (TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. How much is the budgeted variable cost per unit? (Points : 4)
5. (TCO 1) Which of the following is an example of a manufacturing overhead cost? (Points : 4)
security at the manufacturing plant
fabric used to produce shirts
cost of shipping product to customers
the salary of the president of the company
6. (TCO 1) Which of the following is a period cost? (Points : 4)
rent on a factory building
depreciation on production equipment
raw materials cost
commissions paid on each unit sold
7. (TCO 1) At December 31, 2010, WDT Inc. has a balance in the Work in Process Inventory account of $62,000. At January 1, 2010, the balance was $55,000. Current manufacturing costs for the year are $292,000, and cost of goods sold is $284,000. How much is cost of goods manufactured? (Points : 4)
8. (TCO 2) BCS Company applies manufacturing overhead based on direct labor cost. Information concerning manufacturing overhead and labor for August follows:
Direct labor hours
Direct labor cost
How much is the predetermined overhead rate? (Points : 4)
9. (TCO 2) During 2011, Madison Company applied overhead using a job-order costing system at a rate of $12 per direct labor hours. Estimated direct labor hours for the year were 150,000, and estimated overhead for the year was $1,800,000. Actual direct labor hours for 2011 were 140,000 and actual overhead was $1,670,000.
What is the amount of under or over applied overhead for the year? (Points : 4)
10. (TCO 3) Which of the following describes the differences between job-order and process costing? (Points : 4)
Job-order costing is used in financial accounting while process costing is used in managerial accounting.
Job-order costing can only be used by manufacturers; service enterprises must use process costing.
Job-order costing is voluntary while process costing is mandatory.
Job-order costing traces costs to jobs while process costing traces costs to departments and averages the costs among the units worked on during the period.
11. (TCO 3) Caliente Company uses process costing. At the beginning of the month, there were 3,000 units in process, 70% complete with respect to material and 60% complete with respect to conversion costs. 20,000 units were started during the month and 20,000 units were completed. The units in ending work in process inventory were 90% complete with respect to material and 30% complete with respect to conversion costs. How many equivalent units will be used in calculating the cost per unit for materials? (Points : 4)
12. (TCO 3) Ranger Glass Company manufactures glass for French doors. At the start of May, 2,000 units were in-process. During May, 11,000 units were completed and 3,000 units were in process at the end of May. These in-process units were 90% complete with respect to material and 50% complete with respect to conversion costs. Other information is as follows:
Work in process, May 1:
Costs incurred during May:
How much is the cost per equivalent unit for direct materials? (Points : 4)
13. (TCO 4) Total costs were $75,800 when 30,000 units were produced and $95,800 when 40,000 units were produced. Use the high-low method to find the estimated total costs for a production level of 32,000 units. (Points : 4)