ACCT 344 Cost Accounting Final Exam Answers

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ACCT 344 Cost Accounting Final Exam Answers

Question 1.1 (TCO 2) Which cost is NOT a period cost? (Points : 5)

Question 2.2. (TCO 2) Which product would use job-order costing? (Points : 5)

Question 3.3. (TCO 3) As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in (Points : 5)

Question 4.4. (TCO 8) A company keeps 60 days of materials inventory on hand to avoid shutdowns due to materials shortages. Carrying costs average $5,000 per day. A competitor keeps 30 days of inventory on hand, and the competitor’s carrying costs average $2,000 per day. The value-added costs are (Points : 5)

Question 5.5. (TCO 8) Which is a value-added activity? (Points : 5)

Question 6.6. (TCO 1) The break-even point is (Points : 5)

Question 7.7. (TCO 1) The Kringel Company provides the following information. Sales (200,000 units) $500,000 Manufacturing costs Variable $170,000 Fixed $30,000 Selling and administrative costs Variable $80,000 Fixed $20,000 Which is the break-even point in units for Kringel? (Points : 5)

Question 8.8. (TCO 7) Which would be the most appropriate base for allocating the costs of the maintenance department? (Points : 5)

Question 9.9. (TCO 7) Yo Department Store incurred $8,000 of indirect advertising costs for its operations. The following data have been collected for 2013 for its three departments……….How much of the indirect advertising costs will be allocated to the Cosmetics Department if newspaper ad space is the activity driver?(Points : 5)

Question 10.10. (TCO 5) Which best describes zero-base budgeting? (Points : 5)

Question 11.11. (TCO 5) Bug Company manufactures buggies. Manufacturing a buggy takes 20 units of wood and 1 unit of steel. Scheduled production of buggies for the next 2 months is 500 and 600 units, respectively. Beginning inventory is 4,000 units of wood and 30 units of steel. The ending inventory of wood is planned to decrease 500 units in each of the next 2 months, and the steel inventory is expected to increase 5 units in each of the next 2 months. How many units of wood are expected to be used in production during the second month? (Points : 5)

Question 12.12. (TCO 4) Which statement is true? (Points : 5)

Question 13.13. (TCO 6) Using more highly skilled direct laborers might affect which variance? (Points : 5)

Question 14.14. (TCO 6) Which equation measures the total budget variance? (Points : 5)…………(TCO 1) George Corporation has an estimated monthly sales of 12,000 units for $80 per unit. Variable costs include manufacturing costs of $50 and distribution costs of $20. Fixed costs are $60,000 per month. Required: Determine each of the following values. a. Unit contribution margin b. Monthly break-even unit sales volume Create a contribution margin-based income statement. (Points : 30)

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Question 1.1. (TCO 1) George Corporation has an estimated monthly sales of 12,000 units for $80 per unit. Variable costs include manufacturing costs of $50 and distribution costs of $20. Fixed costs are $60,000 per month……Required: Determine each of the following values. a. Unit contribution margin b. Monthly break-even unit sales volume Create a contribution margin-based income statement. (Points : 30)

Question 2.2. (TCO 7) Darling Manufacturing Inc. manufactures two products, A and B, from a joint process. A single production costs $5,000 and results in 200 units of A and 800 units of B. To be ready for sale, both products must be processed further, incurring seperable costs of $3 per unit for A and $4 per unit for B. The market price for Product A is $15 and for Product B is $10…..Required: Allocate joint production costs to each product using the net realizable value method. (Points : 30)

Question 3.3. (TCO 6) Santa Inc. manufactures toys based on the following information……….Required: Compute the following variances (show calculations). a. Materials usage variance b. Labor rate variance -c. Fixed overhead budget variance (Points : 30)

Question 4.4. (TCO 4) Toshi Company incurred the following costs in manufacturing desk……During the period, the company produced and sold 1,000 units. a. What is the inventory cost per unit using absorption costing? b. What is the inventory cost per unit using variable costing? (Points : 30)

Question 5.5. (TCO 8) Musical Instruments Company manufactures two products (trumpets and trombones). Overhead costs ($175,000) have been divided into three cost pools that use the following activity drivers……….Required (show all calculations) a. What is the allocation rate for trumpets per setup using activity-based costing? b. What is the allocation rate for trumpets per machine hours using activity-based costing? c. What is the allocation rate for trumpets per packing order using activity-based costing? (Points : 30)

Question 6.6. (TCO 5) The Baxter Corporation has the following budgeted and actual results……Required: Prepare a performance report for all costs, showing flexible budget variances (indicate F or U).