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ACC 310 ACC310 Week 3 Quiz


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ACC 310 Week 3 Quiz

Question 1.1. The number of services provided by an accounting firm would be classified as a(n) (Points : 1)

Question 2.2. Volume-based costing allocates indirect product costs based on the volume of output, using such allocation bases as direct labor hours, machine hours, and the amount of direct material used in the production process. Activity-based costing (ABC) has consistently shown that Volume-based costing (Points : 1)

Question 3.3. Activity analysis is one of the first stages in implementing an activity-based costing system. Which of the following steps in "activity analysis" is usually performed first? (Points : 1)

Question 4.4. In a production-cost report using process costing, transferred-in costs are similar to (Points : 1)

Question 5.5. Smelly Perfume Company manufactures and distributes several different products. They currently use a plant-wide allocation method for allocating overhead at a rate of $7 per direct labor hour. Cindy is the department manager of Department C which produces Products J and P. Diane is the department manager of Department D which manufactures Product X. The product costs (per case of 24 bottles) and other information are as follows:

Question 6.6. If a company multiplies its predetermined overhead rate by the actual activity level of its allocation base, it is using (Points : 1)

Question 7.7. Which of the following accounts is used to accumulate the actual manufacturing overhead costs incurred during a period? (Points : 1)

Question 8.8. RST Company incurred $126,000 in material costs during July. Additionally, the 12,000 units in the Work-in-Process Inventory on July 01 had materials assigned to them of $32,000, even though they were only 5% complete as to materials. No additional units were started during July, and there were no incomplete units on hand on July 31. What is the material cost per unit for July, assuming RST uses weighted-average process costing? (Points : 1)

Question 9.9. The Viva Company had 20,000 units in process on December 31, 2008 which was 80% complete as to materials but only 40% complete as to conversion costs. The company's records show 40,000 units were transferred to the Finished Goods Inventory during January 2009. On January 31, 2009, 15,000 units were on hand which were 30% complete as to conversion costs and 60% complete as to materials. What are the equivalent units of production for the conversion costs in January, assuming Viva uses first-in, first-out (FIFO)? (Points : 1)

Question 10.10. The Blue Corporation started and completed 4,800 units during February. Blue started the month with 700 units in process (40% complete) and ended the month with 400 units in process (40% complete). How many units were transferred to the Finished Goods Inventory during February? (Points : 1)

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