DeVry ACCT 344 Week 1 and Week 2 Quiz Latest

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DeVry ACCT 344 Week 1 and Week 2 Quiz Latest

DeVry ACCT 344 Week 1 Quiz Latest

  1. 1.Question : (TCO 2) Which cost assignment method would likely assign the cost of heating in a plant that makes beds and dressers when the bed product line is the cost object?

Driver tracing

Direct tracing

Allocation

Arbitration

  1. 2.Question : (TCO 2) Which cost is an example of product costs?

Selling commissions

Nonfactory office salaries

Direct materials

Advertising expense

  1. 3.Question : (TCO 2) Period costs do not include

order-getting costs.

order-filling costs.

order-making costs.

All of the above are period costs.

  1. 4.Question : (TCO 2) Based on the following information, which are the conversion costs?

Beginning work-in-process inventory $160,000

Ending work-in-process inventory $180,000

Cost of goods manufactured $500,000

Direct materials used $130,000

$210,000

$320,000

$340,000

$390,000

  1. 5.Question : (TCO 2) Based on the following information, which are the prime costs for the year?

Cost of goods manufactured $380,000

Beginning work-in-process inventory $140,000

Ending work-in-process inventory $120,000

Manufacturing overhead $70,000

$310,000

$570,000

$290,000

$330,000

  1. 6.Question : (TCO 2) The absolute maximum production activity of a manufacturing firm is called

expected activity level

normal activity level

theoretical activity level

practical activity level

  1. 7.Question : (TCO 2) Which item is a basic costing system record in a job-order costing system?

Materials requisition form

Job-order cost sheet

Job time ticket

All of the above

  1. 8.Question : (TCO 2) Which firm would make extensive use of job-order costing?

Dental and medical services

Canned foods

Discount brokers

Petroleum

  1. 9.Question : (TCO 2) ABC Manufacturing Company has the following total job cards.

Job A $6,500

Job B $5,630

Job C $3,825

Job D $3,800

Job E $6,300

Job F $4,200

Jobs A and B were in Finished Goods Inv. at the beginning of the month.

Jobs C and D were in Work-in-Process at the beginning of the month.

Jobs E and F were started during the month.

At the end of the month, Jobs A and E were sent to customers.

At the end of the month, Jobs C, E, and F were completed and sent to finished goods.

Which is the cost of goods sold for the month?

$12,130

$14,325

$12,800

None of the above

  1. 10.Question : (TCO 2)

Action Corporation uses activity-based costing to apply overhead to jobs within a job-order costing system. The following overhead activities were budgeted for the year.

Activity Cost Driver Amount of Driver

Setups $480,000 # of setups 8,000

Purchasing $240,000 # of parts 20,000

Other overhead $500,000 Direct labor hours 80,000

The following information about the jobs was given for May.

Job 1 Job 2 Job 3 Job 4

Balance 4/1 $84,900 $50,880 $61,000 $ –

Direct materials $44,000 $36,900 $50,000 $10,000

Direct labor $60,000 $41,000 $83,000 $18,000

# of setups 30 12 35 150

# of parts 250 75 600 350

Direct labor hours 4,000 2,600 6,000 900

By May 30, Jobs 1, 2, and 3 were completed and sold. The remaining jobs were still in process.

Which is the cost of Job 2?

$146,650

$95,770

$128,780

None of the above

 

 

DeVry ACCT 344 Week 2 Quiz Latest

<pclass=”msonormal” style=”box-sizing: border-box; user-select: initial !important;”>1. Question : (TCO 3) The appropriate cost accounting system to use when inventory items are produced on an assembly line is

weighted average.

job-order costing.

process costing.

perpetual method.

  1. 2.Question : (TCO 3) As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in

cost of goods sold.

work-in-process.

materials.

finished goods.

3 of 3

Comments:

  1. 3.Question : (TCO 3) “Equivalent units” expresses all activity of the period in terms of

direct labor hours.

partially completed units.

fully completed units.

units of input.

  1. 4.Question : (TCO 3) Holly Inc.manufactures dolls. The following data were provided for production results for the current month.

0 Units, beginning work-in-process

300 Units started

? Units completed

100 Units, ending work-in-process (40% complete)

Which are the equivalent units?

300

240

260

200

None of the above

  1. 5.Question : (TCO 3) When products and their costs are moved from one process to the next process, these costs are referred to as

unit costs.

transferred-in costs.

WIP inventory costs.

3

Comments:

  1. 6.Question : (TCO 3) Keller Inc.manufactures office chairs. The following data were provided for production results for the current month.

0 Units, beginning work-in-process

6,000 Units started

? Units completed

2,000 Units, ending work-in-process

$440,000 Cost of direct materials

$64,000 Cost of conversion

Ending inventory is 100% complete for materials and 20% complete for conversion.

How many units were started and completed?

4,000

2,000

6,000

12,000

None of the above

  1. 7.Question : (TCO 3) The two methods used to determine equivalent units of production are

FIFO and LIFO.

weighted average and LIFO.

weighted average and FIFO.

FIFO and specific identification.

  1. 8.Question : (TCO 3) Abby Corp.adds raw materials to production at the beginning of the process in the Assembly Dept. Materials data for this department for the current month are as follows.

Costs

Units Materials Conversion

Beginning work-in-process 10,000 $70,750 $175,350

Started during month 65,000 $250,000 $736,350

Ending work-in-process 6,000

Beginning inventory was 70% complete. Ending inventory was 40% complete.

How many equivalent units for materials would there be for Abby Corp. during the month using the FIFO method?

71,000

65,000

75,000

72,800

  1. 9.Question : (TCO 3) The following information was provided by Sally Company.

% complete Units

Begninning work-in-process 25% 25,000

Units transferred in 75,000

Ending work-in-process 50% 15,000

All materials are added at the beginning of the process.

How many equivalent units for materials would there be using the weighted average method?

100,000

115,000

75,000

82,500

  1. 10.Question : (TCO 3) The material cost per equivalent unit using the weighted average method is calculated as

total material costs to account for / equivalent units for materials.

material costs added during the period / equivalent units for materials.

total material costs to account for / number of partially completed units for materials.

material costs added during the period / number of partially completed units for materials.

 

 

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DeVry ACCT 344 Week 1 and Week 2 Quiz Latest

Best DeVry ACCT 344 Week 1 and Week 2 Quiz Latest

DeVry ACCT 344 Week 1 and Week 2 Quiz Latest