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ACC 349 Week 5 Final Exam (PHOENIX)

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ACC 349 Week 5 Final Exam (PHOENIX)

  1. Luca Company overapplied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the overapplied amount assuming the amount is material?
  2. An activity that has a direct cause-effect relationship with the resources consumed is a(n)

  3. Max Company uses 10,000 units of Part A in producing its products. A supplier offers to make Part A for $7. Max Company has relevant costs of $8 a unit to manufacture Part A. If there is excess capacity, the opportunity cost of buying Part A from the supplier is

  4. The difference between a budget and a standard is that

  5. Which of the following is NOT typical of traditional costing systems?

  6. Which of the following would be accounted for using a job order cost system?

  7. A company developed the following per-unit standards for its product: 2 pounds of direct materials at $6 per pound. Last month, 2,000 pounds of direct materials were purchased for $11,400. The direct materials price variance for last month was

  8. Poodle Company manufactures two products, Mini A and Maxi B. Poodle's overhead costs consist of setting up machines, $800,000; machining, $1,800,000; and inspecting, $600,000. Information on the two products is:

  9. A company must price its product to cover its costs and earn a reasonable profit in

  10. Manufacturing overhead costs are applied to work in process on the basis of

  11. Gottberg Mugs is planning to sell 2,000 mugs and produce 2,200 mugs during April. Each mug requires 2 pounds of resin and a half hour of direct labor. Resin costs $1 per pound and employees of the company are paid $12.50 per hour. Manufacturing overhead is applied at a rate of 120% of direct labor costs. Gottberg has 2,000 pounds of resin in beginning inventory and wants to have 2,400 pounds in ending inventory. How much is the total amount of budgeted direct labor for April?

  12. Which of the following represents the two basic types of cost accounting systems?

  13. Which one of the following is NEVER part of recording the issuance of raw materials in a job order cost system?

  14. Which of the following statements is FALSE?

  15. Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of $100,000. How much is Hess’s break-even point?

  16. H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin. If other factors are equal, which product should H55 push to customers?

  17. One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?

  18. The cost to produce Part A was $10 per unit in 2005. During 2006, it has increased to $11 per unit. In 2006, Supplier Company has offered to supply Part A for $9 per unit. For the make-or-buy decision,

  19. What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information?

  20. Managerial accounting

  21. The per-unit standards for direct labor are 2 direct labor hours at $12 per hour. If in producing 2,400 units, the actual direct labor cost was $51,200 for 4,000 direct labor hours worked, the total direct labor variance is

  22. Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company's net income increase?

  23. All of the following statements are correct EXCEPT that

  24. In most cases, prices are set by the

  25. Seran Company has contacted Truckel Inc. with an offer to sell it 5,000 of the wickets for $18 each. If Truckel makes the wickets, variable costs are $11 per unit. Fixed costs are $12 per unit; however, $5 per unit is avoidable. Should Truckel make or buy the wickets?

  26. What broad functions does the management of an organization perform?

  27. A standard cost is

  28. Which of the following factors would suggest a switch to activity-based costing?

  29. Which cost is NOT charged to the product under absorption costing?

  30. The per-unit standards for direct materials are 2 gallons at $4 per gallon. Last month, 11,200 gallons of direct materials that actually cost $42,400 were used to produce 6,000 units of product. The direct materials quantity variance for last month was

  31. At January 1, 2004, Barry, Inc. has beginning inventory of 4,000 widgets. Barry estimates it will sell 35,000 units during the first quarter of 2004 with a 10% increase in sales each quarter. Barry’s policy is to maintain an ending inventory equal to 25% of the next quarter’s sales. Each widget costs $1 and is sold for $1.50. How much is budgeted sales revenue for the third quarter of 2004?

  32. Which cost is charged to the product under variable costing?

  33. At the end of the year, manufacturing overhead has been overapplied. What occurred to create this situation?

  34. If the standard hours allowed are less than the standard hours at normal capacity,

  35. Waco’s Widgets plans to sell 22,000 widgets during May, 19,000 units in June, and 20,000 during July. Waco keeps 10% of the next month’s sales as ending inventory. How many units should Waco produce during June?

  36. Poodle Company manufactures two products, Mini A and Maxi B. Poodle's overhead costs consist of setting up machines, $800,000; machining, $1,800,000; and inspecting, $600,000. Information on the two products is:

  37. Prices are set by the competitive market when

  38. Which cost is NOT charged to the product under variable costing?

  39. Which one of the following is indirect labor considered?

  40. Which of the following statements is FALSE?

  41. What sometimes makes implementation of activity-based costing difficult in service industries is

  42. In traditional costing systems, overhead is generally applied based on

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