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8 of 30

 

Selected financial information for Brookeville Manufacturing is

 

presented in the following table (000s omitted).

 

Sales revenue

 

$4,800

 

Purchases of direct materials

 

$480

 

Direct labo

 

$500

 

Manufacturing overhead

 

$710

 

Operating expenses

 

$650

 

Beginning raw materials inventory

 

$220

 

Ending raw materials inventory

 

$180

 

Beginning work in process inventory

 

$400

 

Ending work in process inventory

 

$430

 

Beginning finished goods inventory

 

$300

 

Ending finished goods inventory

 

$240

 

What was the operating income? $2,390, $4,800, $3,010, or

 

$4,150 10 of 30

 

Tall Timbers reports the following data for its first year of

 

operation:

 

Work in process inventory,

 

$0

 

beginning

 

Work in process inventory,

 

50,60

 

ending

 

0

 

25,00

 

Manufacturing overhead

 

0

 

Direct materials used

 

7,400 Finished goods inventory,

 

beginning

 

Finished goods inventory,

 

ending

 

Cost of goods manufactured 0

 

20,90

 

0

 

85,60

 

0 What is the cost of goods sold?

 

$64,700

 

$115,30

 

0

 

$118,00

 

0

 

$85,600 11 of 30

 

Product costs that can be inventoried for a manufactured product

 

include

 

the costs of direct materials, direct labor, and manufacturing

 

overhead.

 

the costs of direct materials and direct labor only.

 

marketing and research and development costs.

 

none of the above. 12 of 30

 

Selected information regarding a company's most recent quarter

 

follows (all data in thousands):

 

Ending work in process inventory $420

 

Manufacturing overhead

 

$840

 

$1,36

 

Cost of goods manufactured

 

0

 

Beginning work in process

 

$420

 

inventory Direct labor

 

$480

 

What was the cost of direct materials used for the quarter?

 

$1,36

 

0

 

$40

 

$840

 

$420 13 of 30

 

Assume that materials are added at the beginning of the process

 

and conversion costs are added uniformly.

 

Work in process, beginning

 

Number of units

 

17,000

 

$94,00

 

Transferred-in costs

 

0

 

$22,50

 

Direct materials (100%)

 

0

 

$25,40

 

Conversion costs (75%)

 

0

 

Units transferred in

 

Number of units

 

51,500

 

$640,5

 

Transferred-in costs

 

00

 

Units completed

 

37,000

 

Costs during the period

 

$155,4

 

Direct materials

 

75

 

$213,2

 

Conversion costs

 

25

 

Work in process, ending

 

Number of units

 

31,500

 

(100% complete for materials and 35%

 

complete for conversion) At period end, what would be the total equivalent units for direct

 

materials?

 

37,00

 

0

 

68,50

 

0

 

54,00

 

0

 

34,50

 

0

 

During a period, 46,200 units were completed and 4,700 units

 

were in ending WIP inventory. Ending WIP was 50% complete

 

for direct materials and 50% complete for conversion costs.

 

What are the equivalent units for direct materials?

 

25,450

 

48,550

 

50,900

 

516,20

 

0 16 of 30 In Step 1 of the process costing procedure, the "total units to

 

account for" is the sum of the

 

units in beginning WIP plus the units in ending WIP.

 

units completed and transferred out plus the units started in production during

 

month.

 

units in beginning WIP plus the units started in production during the month.

 

units in ending WIP plus the units started in production during the month. 17 of 30

 

The Jones Corporation uses a process system. During the

 

current period, 3,000 units were started and 2,100 units were completed and transferred out. Ending units were 60% complete

 

for materials and 35% complete for conversion costs. Direct

 

materials costs added were $35,405 and conversion costs added

 

were $25,870. There was no beginning WIP inventory, and

 

conversion costs are added evenly throughout the process. At

 

the end of the period, the cost per equivalent unit for conversion

 

costs would be closest to

 

$13.41

 

.

 

$10.71

 

.

 

$16.86

 

.

 

$12.32

 

. 18 of 30

 

The Jones Corporation uses a process system. During the

 

current period, 2,900 units were started and 1,600 units were

 

completed and transferred out. Ending units were 60% complete

 

for materials and 45% complete for conversion costs. Direct

 

materials costs added were $35,405 and conversion costs added

 

were $25,870. There was no beginning WIP inventory and

 

conversion costs are added evenly throughout the process. At

 

the end of the period, the cost per equivalent unit for direct

 

materials would be closest to

 

$14.88

 

.

 

$11.84

 

.

 

$22.13

 

.

 

$16.17

 

. 19 of 30

 

How is the cost of direct materials used in production recorded?

 

Credit to Direct Materials expense account

 

Credit to Work-in-Process Inventory

 

account

 

Credit to Raw Materials Inventory account

 

Credit to Manufacturing Overhead account 21 of 30

 

Here are some basic data for Shannon Company:

 

Cost of materials purchases on

 

$72,60

 

account

 

0

 

Cost of materials requisitioned

 

$53,00

 

(includes $2400 of indirect)

 

0

 

$79,00

 

Direct labor costs incurred

 

0

 

Manufacturing overhead costs

 

$87,60

 

incurred, including indirect

 

0

 

materials

 

$256,7

 

Cost of goods completed

 

50

 

$167,5

 

Cost of goods sold

 

00

 

Beginning raw materials inventory 17,600

 

Beginning work in process

 

33,900

 

inventory

 

Beginning finished goods inventory 35,700

 

Predetermined manufacturing

 

overhead rate (as % of direct labor 120%

 

cost)

 

The journal entry to record the cost of raw materials placed into

 

production involves a

 

debit to Work-in-Process inventory account for $50,600.

 

debit to Overhead account for $50,600.

 

debit to Work-in-Process Inventory account for

 

$53,000.

 

credit to Manufacturing Overhead account for $2400. Question 22 of 30

 

Federer Company is debating the use of direct labor cost or

 

direct labor hours as the cost allocation base for allocating

 

manufacturing overhead. The following information is available

 

for the most recent year:

 

Estimated direct labor cost

 

Actual direct labor cost

 

Estimated manufacturing overhead costs

 

Actual manufacturing overhead costs

 

Estimated direct labor hours

 

Actual direct labor hours

 

If Federer Company uses direct labor cost as the allocation

 

base, what would the predetermined manufacturing overhead

 

rate be?

 

85

 

%

 

70

 

%

 

91

 

%

 

75

 

% Question 23 of 30

 

Maryland Incorporated produces toys. Total manufacturing costs

 

are $400,000 when 90,000 toys are produced. Of this amount,

 

total variable costs are $110,000. What are the total production

 

costs when 115,000 toys are produced? (Assume the same relevant range for both production levels.)

 

$140,55

 

6

 

$430,55

 

6

 

$511,11

 

1

 

$540,55

 

6 Question 24 of 30

 

Schrute Farm Sales buys portable generators for $470 and sells

 

them for $760. The owner pays a commission of 5% of sales

 

revenue to his sales staff. Mr. Schrute pays $3,000 a month rent

 

for his store, and he also pays $2,000 a month to his staff in

 

addition to the commissions. Mr. Schrute sold 400 generators in

 

June. If Mr. Schrute prepares a contribution margin income

 

statement for the month of June, what would be his contribution

 

margin?

 

$304,00

 

0

 

$203,20

 

0

 

$507,20

 

0

 

$100,80

 

0 Question 25 of 30

 

On a Cost of Quality Report, which of the following cost items

 

should be classified as a prevention cost?

 

Supervision of quality inspections

 

Warranty expenses on defective

 

products

 

Net cost of spoiled units Technical support provided to suppliers Question 26 of 30

 

Which of the following cost of quality categories represents the

 

cost incurred "lost profits from lost customers"?

 

Prevention costs

 

External failure

 

costs

 

Appraisal costs

 

Internal failure costs Question 27 of 30

 

Bilingsly Limited, a manufacturer of a variety of products, uses

 

an activity-based costing system. Information from its system for

 

the year for all products follows:

 

Activity cost pool

 

Total cost

 

Assembly

 

$584,000

 

Inspection

 

$341,900

 

Packaging

 

$24,300

 

Bilingsly Limited makes 440 of its product B63 a year, which

 

requires a total of 45 machine hours, 15 inspection hours, and 17

 

orders. Product B63 requires $43.70 in direct materials per unit

 

and $58.20 in direct labor per unit. Product B63 sells for $245

 

per unit. What is the profit margin in total for Product B63?

 

(Round all answers to two decimal places.)

 

$105,719.0

 

1

 

$60,984.91

 

$62.53

 

$27,511.96 Question 28 of 30

 

The Cosmo Corporation manufactures and assembles office

 

chairs. Cosmo uses an activity-based costing system to allocate all manufacturing conversion costs. Each chair consists of 10

 

separate parts totaling $135 in direct materials and requires 3

 

hours of machine time to produce. Additional information follows:

 

Activity

 

Allocation Base

 

Materials handling

 

Number of parts

 

Machining

 

Machine hours

 

Assembling

 

Number of parts

 

Packaging

 

Number of finished units

 

What is the cost of assembly per chair?

 

$37.5

 

0

 

$25.0

 

0

 

$20.2

 

5

 

$18.0

 

0 Question 29 of 30

 

Platinum Company manufactures several different products and

 

uses an activity-based costing system. Information from its

 

system for the year for all products follows:

 

Activity cost pool

 

Total cost

 

Assembly

 

$506,000

 

24,000

 

Inspection

 

$94,800

 

4,800

 

Packaging

 

$45,150

 

4,000

 

The annual production and sales of one of its products, the

 

Zinger, are 700 units. The following data relate to the production

 

and sales of Widgets in the most recent year:

 

Annual machine hours

 

Annual number of orders

 

Annual number of inspections

 

Direct materials cost per unit Machine ho

 

Inspection

 

orders 7

 

1

 

8

 

$ Direct labor cost per unit

 

What is the average cost of one Zinger? (Round all answers to

 

two decimal places.)

 

$234.3

 

2

 

$26.06

 

$163.0

 

8

 

$208.2

 

6 Question 30 of 30

 

The cost of installing improved production equipment and

 

production processes is a(n) ________ cost.

 

prevention

 

external

 

failure

 

appraisal

 

internal failure $

 







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