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ACC 310 Unit 9 Quiz Answers - FOUNDATIONS OF ACCOUNTING

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ACC 310 FOUNDATIONS OF ACCOUNTING Unit 9 Quiz Answers

Harms Shoe Company applies manufacturing overhead based on the number of units as the cost driver. Information concerning costs for July follows:

Direct labor costs

Manufacturing overhead Direct materials

800 hours and $14 PER HOUR

$8,000 $45,000

How much is the unit product cost if 1,000 units are produced? 

The income statement for a service firm distinguishes between which of the following costs? 

Smith & Sons Company provided the following information for the month of May:

Beginning raw materials Ending raw materials Purchases of raw materials Beginning work-in-process Ending work-in-process Direct labor

Manufacturing overhead
The company’s cost of goods manufactured for May is: 

The Gail Company incurred the following costs in the month of April: Direct materials purchased $18,000
Commissions paid to salespeople $9,000
Direct labor paid $7,000

Manufacturing plant utility costs $25,000 Advertising costs $4,000
The company’s product costs total: 

Harms Shoe Company applies manufacturing overhead based on direct labor hours as the allocation volume. Information concerning manufacturing overhead and labor for July follows:

How much overhead will be allocated during July to products with a direct labor of 5 hours? 

The following information is available for the Downtown Furniture Company which produces two types of tables. 

Sales volume (units) Revenue
Variable Costs
Direct materials
Direct labor
Contribution Margin $58,000 Fixed Costs

Manufacturing Administrative Profit before Tax

300 $78,000

$8,000 $21,000 $49,000

800 $158,000

$13,000 $38,000 $107,000

$40,000

$33,000 $34,000

500 $80,000

$5,000 $17,000

Management feels that the fixed administrative costs should be allocated based on units sold. The rate at which fixed administrative costs which should be allocated, and the administrative costs allocated to cherry tables are: 

which of the following statements is correct? 

Acme Manufacturing Company’s controller was classifying costs for the most recent financial statement period. Which of the following should be excluded from the calculation of gross margin? 

Doug Brown’s Corporation manufactures soccer balls and basketballs. Overhead costs are currently allocated using direct labor hours.

Direct labor hours (unit)

#Units Shipped

Total Overhead Cost

Soccer 25,000

60,000 $315,000

Basketballs 100,000

50,000

Total 125,000 110,000

What is the unit OH cost for basketballs if the total OH cost is allocated

based on labor hours? 

If a company’s revenue is $530,000, profit before taxes is $98,000, and product costs are $390,000 then: 

Grand Rapids Rafting Company recorded the following data for the month of October:

Cost of beginning inventory

Cost of ending inventory Cost of goods sold

$46,000

$32,000 $122,000

Inventory purchases for the month of October total: 

Which of the following costs are added to work-in-process during the period? 

Which of the following statements relating to period costs is not correct? 

The following information is available for the Downtown Furniture Company which produces two types of tables.

Sales volume (units) Revenue
Variable Costs
Direct materials
Direct labor
Contribution Margin $58,000 Fixed Costs

Oak 500 $80,000

Cherry 300

$78,000

$8,000 $21,000 $49,000

Total
800 $158,000

$13,000 $38,000 $107,000 

Manufacturing Administrative Profit before Tax

$40,000

$33,000 $34,000

Management feels that the fixed manufacturing costs should be allocated based on direct labor costs. The rate at which fixed manufacturing costs which should be allocated, and the manufacturing cost allocated to oak tables produced are: (rounded) 

Tiff’s Corporation manufactures travel clocks and watches. Overhead costs are currently allocated using direct labor hours. 

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