ACCT 346 Midterm Exam Answer
ACCT 346 Midterm Exam Remedy
1 . Question: (TCO 1) Which with the following is definitely not a difference between economic accounting and managerial accounting? 2 . Problem: TCO 1) Which of the following claims regarding fixed costs is true? 3. Query: (TCO 1) You own a car and are aiming to decide regardless of whether to transact it in and buy a fresh car. Which usually of the pursuing costs can be an opportunity cost in this scenario?
4. Question: (TCO 1) Shula's 347 Grill features budgeted the subsequent costs for a month in which 1, six hundred steak dishes will be created and sold: materials, $4, 080; hourly labor (variable), $5, 2 hundred; rent (fixed), $1, seven hundred; depreciation, hundreds of dollars; and other set costs, $600. Each steak dinner markets for $14. 00 each. How much is the budgeted changing cost per unit?
five. Question: (TCO 1) which of the pursuing is among the a production overhead expense?
6. Query: (TCO 1) Product costs:
7. Query: (TCO 1) At January 31, 2010, WDT Incorporation. has a stability in the Operate Process Inventory account of $62, 1000. At January 1, 2010, the balance was $55, 1000. Current developing costs to get the year are $292, 1000, and expense of goods sold is $284, 000. What is the value of cost of products manufactured?
8. Question: (TCO 2) BCS Company can be applied manufacturing overhead based on direct labor several hours. Information with regards to manufacturing cost to do business and labor for Aug follows: Believed Actual
Cost to do business cost $174, 000 $171, 000
Immediate labor hours 5, 800 5, 900
Direct labor cost $87, 000 $89, 975
Simply how much overhead should be applied in total during August?
9. Problem: (TCO 2) Citrus Business incurred making overhead costs of $300, 000. Total overhead applied to jobs was $306, 000. What was the amount of overapplied or underapplied overhead?
10. Question: (TCO 3) Businesses in which in the following industrial sectors would not end up being likely to make use of process priced at?
11. Problem: (TCO 3) The Mixing Department commenced the period with 20, 1000 units. Throughout the period the department received another eighty, 000 units from the before department and at the end in the period 31, 000 models remained, that have been 40% total. How much happen to be equivalent devices in The Blending Department's operate process products on hand at the end in the period? �
12. Issue: (TCO 3) Ranger A glass Company produces glass intended for French doors. At the start of May, two, 000 products were in-process. During May, 11, 000 units had been completed and 3, 500 units had been in process at the end of May. These kinds of in-process models were 90% complete with esteem to material and fifty percent complete with admiration to alteration costs. Additional information is as employs: Work in method, May you:
Direct materials $36, 000
Conversion costs $45, 000
Costs incurred during May well:
Direct materials $186, 1000
Conversion costs $255, 000
Calculate the price per comparative unit to get conversion costs. �
13. Question: (TCO 4) Distance Depot provides total month to month costs of $8, 1000 when two, 500 units are produced and $12, 400 the moment 5, 000 units are produced. Precisely what is the estimated total monthly fixed expense? �
16. Question: (TCO 4) Which of the next will have no effect on the break-even justification in units? �
15. Problem: (TCO 4) Circle K Furniture contains a contribution perimeter ratio of 16%. If fixed costs are $176, 800, how many us dollars of revenue must the business generate to be able to reach the break-even point? �
of sixteen. Question: (TCO 4) Rowdy Company creates a single product that is certainly sold for $85 per unit. If varying costs per unit happen to be $26 and fixed costs total $47, 500, how a large number of units need to Randy sell off in order to generate a profit of $100, 500? �
seventeen. Question: (TCO 5) Fully costing, when ever does fixed manufacturing cost to do business become an expense? �
18. Question: (TCO 5) Adjustable costing profits is a function of: �
19. Issue: (TCO 5) Peak Making produces snow blowers. The value per snowblower is $22.99. Costs involved in production will be: Direct Material per...