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ACCT 346 Week 4 Midterm Set 2 | DeVry Online University Courses

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1. (TCO 1) Which of the following is not a difference between financial accounting and managerial accounting?

2. TCO 1) Which of the following statements regarding fixed costs is true?

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?

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?

5. (TCO 1) Which of the following is an example of a manufacturing overhead cost?

6. (TCO 1) Product costs

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?

8. (TCO 2) BCS Company applies manufacturing overhead based on direct labor hours. Information concerning manufacturing overhead and labor for August follows:

9. (TCO 2) Citrus Company incurred manufacturing overhead costs of $300,000. Total overhead applied to jobs was $306,000. What was the amount of overapplied or underapplied overhead?

10. (TCO 3) Companies in which of the following industries would not be likely to use process costing?

11. (TCO 3) The Blending Department began the period with 20,000 units. During the period the department received another 80,000 units from the prior department and at the end of the period 30,000 units remained, which were 40% complete. How much are equivalent units in The Blending Department’s work in process inventory at the end of the period?

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:

13. (TCO 4) Clearance Depot has total monthly costs of $8,000 when 2,500 units are produced and $12,400 when 5,000 units are produced. What is the estimated total monthly fixed cost?

1. (TCO 4) Which of the following will have no effect on the break-even point in units?

2. (TCO 4) Circle K Furniture has a contribution margin ratio of 16%. If fixed costs are $176,800, how many dollars of revenue must the company generate in order to reach the break-even point?

3. (TCO 4) Randy Company produces a single product that is sold for $85 per unit. If variable costs per unit are $26 and fixed costs total $47,500, how many units must Randy sell in order to earn a profit of $100,000?

4. (TCO 5) In full costing, when does fixed manufacturing overhead become an expense?

5. (TCO 5) Variable costing income is a function of

6. (TCO 5) Peak Manufacturing produces snow blowers. The selling price per snow blower is $100. Costs involved in production are:

7. (TCO 6) Which of the following is not a reason that companies allocate costs?

8. (TCO 6) Which of the following statements about cost pools is not true?

9. (TCO 6) The building maintenance department for Jones Manufacturing Company budgets annual costs of $4,200,000 based on the expected operating level for the coming year. The costs are allocated to two production departments. The following data relate to the potential allocation bases

10. (TCO 7) A company is currently making a necessary component in house (the company is producing the component for its own use). The company has received an offer to buy the component from an outside supplier. A machine is being rented to make the component. If the company were to buy the component, the machine would no longer be rented. The rent on the machine, in relation to the decision to make or buy the component, is:

11. (TCO 7) Ricket Company has 1,500 obsolete calculators that are carried in inventory at a cost of $13,200. If these calculators are upgraded at a cost of $9,500, they could be sold for $22,500. Alternatively, the calculators could be sold “as is” for $9,000. What is the net advantage or disadvantage of reworking the calculators?

12. (TCO 7) YXZ Company’s market for the Model 55 has changed significantly, and YXZ has had to drop the price per unit from $275 to $135. There are some units in the work in process inventory that have costs of $160 per unit associated with them. YXZ could sell these units in their current state for $100 each. It will cost YXZ $10 per unit to complete these units so that they can be sold for $135 each.

When the incremental revenues and expenses are analyzed, what is the financial impact?

1. (TCO 3) What are transferred-in costs? Which departments will never have transferred-in costs?

2. (TCO 7) Computer Boutique sells computer equipment and home office furniture. Currently, the furniture product line takes up approximately 50% of the company’s retail floor space. The president of Computer Boutique is trying to decide whether the company should continue offering furniture or just concentrate on computer equipment. If furniture is dropped, salaries and other direct fixed costs can be avoided. In addition, sales of computer equipment can increase by 13%. Allocated fixed costs are assigned based on relative sales.

3. (TCO 4) The following monthly data are available for RedEx, which produces only one product that it sells for $84 each. Its unit variable costs are $28 and its total fixed expenses are $64,960. Sales during April totaled 1,600 units.

 
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ACCT 346 Final Exam | DeVry Online University Courses

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1. (TCO 1) The principle managers follow when they only investigate significant departures from the plan is commonly known as

2. (TCO 1) Which of the following is not likely to be a fixed cost?

3. (TCO 2) Which of the following is not a manufacturing cost?

4. (TCO 2) An allocation base is

5. (TCO 3) Equivalent units are calculated by

6. (TCO 3) In the assembly department, all the direct materials are added at the beginning of the processing. Beginning Work in Process inventory consists of 2,000 units with a direct materials cost of $31,860. During the period, 15,000 units are started and direct materials costing $250,000 are charged to the department. If there are 1,000 units in ending inventory, what is the cost per equivalent unit?

7. (TCO 4) Regression analysis

8. (TCO 4) The number of units that must be sold to exactly cover its fixed and variable costs is the

9. (TCO 5) Which of the following is treated as a product cost in variable costing?

10. (TCO 5) If the number of units sold is less than the number of units produced

11. (TCO 6) A contract which specifies that the suppler will be paid for the cost of production as well as some fixed amount or percentage of cost is called a(n)

12. (TCO 6) Which of the following is not generally true when a company compares ABC and traditional costing?

13. (TCO 7) Fixed costs that will be eliminated if a particular course of action is undertaken are called

 

1. (TCO 7) Common costs

2. (TCO 8) Target costing

3. (TCO 8) Which of the following are relevant in deciding whether to accept or reject a special order?

4. (TCO 9) Present value techniques

5. (TCO 9) The internal rate of return

6. (TCO 10) A method of budget preparation that requires all budgeted amounts to be justified by the department, even if the amounts were supported in prior periods, is called

7. (TCO 10) Which budget is prepared first?

8. (TCO 10) The standard cost is

9. (TCO 10) In general, an unfavorable material variance arises from

10. (TCO 10) The type of center that has responsibility for generating revenue as well as controlling costs is a(n)

11. (TCO 10) Responsibility accounting holds managers responsible for

12. (TCO 10) Which ratio measures the rate earned on total capital provided by the owners?

1. (TCO 1) Distinguish managerial accounting from financial accounting. Include a brief discussion of the differences in the types of information provided to users as well as the differences of the users of the accounting information.

2. (TCO 6) Booth Financial Services, LLC has two revenue producing departments, Financial Planning and Business Consulting. The accounting department is trying to determine the best method to allocate $1,000,000 of common costs (secretarial staff, reception personnel, etc), either by salary or number of employees. Information on the revenue departments are as follows

3. (TCO 10) Charlie Corp sells it products on both credit and cash basis. Monthly sales are sold 20% for cash, 80% for credit. Credit sales are collected 40% in the month of sale and 60% the following month. Sales for the first quarter are as follows:

4. (TCO 2) Acme Fireworks uses a traditional overhead allocation based on direct labor hours. For the current year overhead is estimated at $1,000,000 and direct labor hours are budgeted at 200,000 hours. Actual hours worked were 195,000 and actual overhead was $978,000

 

1. (TCO 9) An investment of $185,575 is expected to generate returns of $65,000 per year for each of the next four years. What is the investment’s internal rate of return?

2. (TCO 4) Legal Docs Inc is a legal services firm that files incorporation papers for small businesses. They charge $1,000 per application.  This year’s income statement shows the following

3. (TCO 5) The following data has been taken from Air-Tite company in its first year of business

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ACCT 346 Course Project on Bravo Baking Company | DeVry Online University Courses

ACCT 346 Course Project on Bravo Baking Company | DeVry Online University Courses | ACCT 346 Full Course - DevryOnlineHELP | Scoop.it

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This course has a six-part project with deliverables due in six of the eight weeks.

The course project takes a new company through hypothetical scenarios to reinforce the TCOs. By using a single entity, in a variety of business situations, you will see the practical application of a number of managerial accounting concepts taught in this course.

You will have access to an interactive Excel Template in Doc Sharing to complete your work in proper format. Each week’s Assignment page will tell you which portion of the template you need to complete for that week.

You will have Dropbox deliverables in Weeks 1, 2, 3, 5, 6, and 7. Point values do vary in that Week 1 is worth 10 points, Week 2 is worth 30 points, and the remaining Weeks (3, 5, 6, and 7) are 40 points apiece. See Syllabus “Due Dates for Assignments & Exams” for due date information.

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ACCT 346 Week 4 Midterm Set 1 | DeVry Online University Courses

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1. Question : (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for

2. Question TCO 1) Which of the following statements regarding fixed costs is true?

3. Question : (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?

4. Question : (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?

5. Question : (TCO 1) Which of the following is an example of a manufacturing overhead cost?

6. Question : (TCO 1) Which of the following is a period cost?

7. Question : (TCO 1) If the balance in the Finished Goods Inventory account increased by $30,000 during the period and the cost of goods manufactured was $220,000, how much is cost of goods sold?

8. Question : (TCO 2) BCS Company applies manufacturing overhead based on direct labor cost. Information concerning manufacturing overhead and labor for August follows:

 

9. Question : (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?

10. Question : (TCO 3) Companies in which of the following industries would notbe likely to use process costing?

11. Question : (TCO 3) The Blending Department began the period with 45,000 units. During the period the department received another 30,000 units from the prior department and completed 60,000 units during the period. The remaining units were 75% complete. How much are equivalent units in The Blending Department’s work in process inventory at the end of the period?

12. Question : (TCO 3) During March, the varnishing department incurred costs of $90,250 for direct labor. The beginning inventory was 3,500 units and 10,000 units were transferred to the varnishing department from the sanding department during June. The direct labor cost in the beginning inventory was $27,270. The ending inventory consisted of 2,000 units, which were 25% complete with respect to direct labor. What is the cost per equivalent unit for direct labor?

13. Question : (TCO 4) Clearance Depot has total monthly costs of $8,000 when 2,500 units are produced and $12,400 when 5,000 units are produced. What is the estimated total monthly fixed cost?

 

1. Question : (TCO 4) The margin of safety is the difference between

2. Question : (TCO 4) Allen Company sells homework machines for $100 each. Variable costs per unit are $75 and total fixed costs are $62,000. Allen is considering the purchase of new equipment that would increase fixed costs to $84,000, but decrease the variable costs per unit to $60. At that level Allen Company expects to sell 3,000 units next year. What is Allen’s break-even point in units if it purchases the new equipment?

3. Question : (TCO 4) Paula Corporation sells a single product at a price of $275 per unit. Variable cost per unit is $135 and fixed costs total $356,860. If sales are expected to be $825,000, what is Paula’s margin of safety?

4. Question : (TCO 5) In variable costing, when does fixed manufacturing overhead become an expense?

5. Question : (TCO 5) Variable costing income is a function of:

6. Question : (TCO 5) Peak Manufacturing produces snow blowers. The selling price per snow blower is $100. Costs involved in production are:

7. Question : (TCO 6) Costs may be allocated to

8. Question : (TCO 5) An allocation base

9. Question : (TCO 6) The building maintenance department for Jones Manufacturing Company budgets annual costs of $4,200,000 based on the expected operating level for the coming year. The costs are allocated to two production departments. The following data relate to the potential allocation bases:

Question : (TCO 7) A company is trying to decide whether to sell partially completed goods in their current state or incur additional costs to finish the goods and sell them as complete units. Which of the following is not relevant to the decision?

11. Question : (TCO 7) BigByte Company has 12 obsolete computers that are carried in inventory at a cost of $13,200. If these computers are upgraded at a cost of $7,500, they could be sold for $15,300. Alternatively, the computers could be sold “as is” for $9,000. What is the net advantage or disadvantage of reworking the computers?

12. Question : (TCO 7) Olde Store has 12,000 cans of crab meat just a week past the expiration date. Each can cost $0.31. The cans could be sold as is for $0.20 each, or relabeled and sold as gourmet cat food. The cost of relabeling the cans would be $0.04 per can and the cans would then sell for $0.29 per can. What should be done with the cans and why?

1. Question : (TCO 3) Describe a process costing system, including the types of companies that commonly use this system. How can process costing information be used in incremental analysis?

2. Question : (TCO 7) Each year, ACE Engines surveys 7,600 former and prospective customers regarding satisfaction and brand awareness. For the current year, the company is considering outsourcing the survey to RBG Associates, who have offered to conduct the survey and summarize results for $50,000. Robert Ace, the president of ACE Engines, believes that RBG will do a higher-quality job than his company has been doing, but is unwilling to spend more than $12,000 above current costs. The head of bookkeeping for ACE has prepared the following summary of costs related to the survey in the prior year.

3. Question : (TCO 4) The following monthly data are available for RedEx, which produces only one product that it sells for $84 each. Its unit variable costs are $28 and its total fixed expenses are $64,960. Sales during April totaled 1,600 units.
(a) How much is the breakeven point in sales dollars for RedEx?
(b) How many units must RedEx sell in order to earn a profit of $24,640?
(c) A new employee suggests that RedEx sponsor a company softball team as a form of advertising. The cost to sponsor the team is $1,792. How many more units must be sold to cover this cost?

 
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ACCT 346 Entire Course Managerial Accounting | DeVry Online University Courses

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ACCT-346 Managerial Accounting – Complete Course ACCT346

Course Project on Bravo Baking Company – All 6 tabs completed

Quiz – Week 3 – 2 Sets included

Midterm – Week 4 – 2 Sets included

Quiz – Week 6 – 2 Sets included

Final Exam – Week 8

All 7 Weeks Discussions

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ACCT 346 All 7 Weeks Discussions | DeVry Online University Courses

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w1 dq1 Ethics and Ethical Behavior

w1 dq2 Managerial and Financial Accounting

w2 dq1 Job Order Costing

w2 dq2 Process Costing

w3 dq1 Cost-Volume-Profit Analysis

w3 dq2 Variable Costing and Full Costing

w4 dq1 Activity Based Costing

w4 dq2 Incremental Cost Analysis

w5 dq1 Pricing Techniques

w5 dq2 Capital Budgeting Techniques

w6 dq1 Budgeting

w6 dq2 Standard Costs and Variance Analysis

w7 dq1 Responsibility Centers

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