Review assessment online assignment 1 s2 2012

Paper type: Financing,

Words: 1607 | Published: 03.26.20 | Views: 300 | Download now

1 . The service department cost allocation method that completely neglects reciprocal services between assistance departments is referred to as the: Solution

Picked Answer:

direct approach.

2 . So as to have a top quality finished product:

Solution

Chosen Answer:

the product’s design requirements must meet customers’ targets AND the merchandise must fulfill the standards of its design.

3. The ‘direct method’ ignores the very fact that:

Answer

Selected Solution:

a lot of service departments provide companies to additional service departments

4. Consider the following data.

Direct material used$150 000

Selling costs$5 000

Indirect labour$7 000

Administrative costs$10 000

Depreciation on factory equipment$70 000

Direct labour$40 000

Overtime rates paid$20 000

Roundabout materials$45 500

The product costs are:

Answer

Selected Answer:

$332 000

5. The Casual Household furniture Company companies outdoor household furniture, and received the following costs during the month of January. Timber$25 1000

Paint$5 000

Glue$500

Wages”assembly personnel$20 000

Wages”factory supervisor$3 500

Factory cleaner’s wages$2 500

Sales commissions$10 500

Management staff salaries$4 000

Depreciation”factory equipment$3 000

Depreciation”sales workplace equipment$1 1000

Utilities, insurance”factory$6 000

Utilities, insurance”sales office$2 000

Advertising$8 000

Total costs$90 1000

The making overhead is definitely:

Correct Answer: $15 000

6th. Cost of Products Manufactured = Beginning Operate Process & Total Production Costs ” Ending Operate Process. Response

Chosen Answer: Authentic

7. Once recording products on hand in the financial statements, the accounting requirements prescribe which the companies make use of the lower of cost or perhaps net realisable value. Response

Picked Answer: Accurate

8. The Lots More Store has a Sanitizing Department and a Employees Department which provide services to three Sales Departments. The Sanitizing Department value is allocated depending on space plus the Personnel Section cost is allotted based on workers. The following info is available.

PersonnelJanitorialSalesSalesSales

DeptDept#1#2#3

Budget$45 000$30 000

Space (sq m)4 0001 00020 00030 00050 000

No . of Employees510154530

Using the step-down technique, calculate the number of Janitorial Office cost invested in Sales Section #2, if the Personnel Division is given first. Solution

Picked Answer:

$10 350

on the lookout for. Quality of conformance refers to:

Answer

Chosen Answer:

the degree where the product fulfills its design and style specifications. twelve. Which in the following is not an objective of administration accounting? Answer

Picked Answer:

Providing information for income and damage statements

11. Evaluation costs make reference to costs sustained:

Appropriate Answer: in determining if defects can be found.

12. Leisure time Life makes a variety of sporting goods items. The business predetermined overhead application price was one hundred and fifty per cent of direct work cost. Job 101 included direct elements of $15 000 and direct labour of $6 000. The manufacturing over head applied to Task 101 during the year was: Solution

Selected Answer:

$9 000

13. Which of the subsequent is not only a cost of quality?

Answer

Picked Answer:

Productive ineffectiveness cost

18. If development increases, varying cost will: Correct Response: remain continuous on a per unit basis.

12-15. The support department price allocation technique that completely accounts for the mutual dotacion of companies between support departments is referred to as the: Solution

Picked Answer:

reciprocal technique.

18. Which of the following assertions is correct?

Answer

Selected Answer:

Price accounting is a subset of management accounting.

17. Richardson & Daughters purchased immediate material well worth $15 1000 during the most current period. By the end of the period the direct material account balance was $6 000 bigger than the beginning harmony. Cost of products sold was $150 500. Overhead is applied at 50 % of immediate labour expense. Other account balances happen to be:

BeginningEnding

Work in process$75 000$20 1000

Done goods$110 000$60 000

What is the amount of prime cost added to production to get the period? Solution

Chosen Answer:

$33 000

18. Product costs comprise:

Answer

Selected Solution:

immediate materials, direct labour and manufacturing overhead.

nineteen. The stream of manufacturing costs through the system is:

Solution

Picked Answer:

raw materials products on hand; work in method inventory; completed goods products on hand; cost of goods sold. twenty. Whether a expense is classified while direct or indirect would depend on: Answer

Selected Solution:

the size of the cost subject AND whether or not the cost can be economically followed to the cost object. twenty one. Barrett Companies began the month of June having a finished goods inventory of $15 500. The completed goods products on hand at the end of June was $10 1000 and the expense of goods offered during the month was 20 dollars 000.

The cost of goods manufactured throughout the month of June was: Answer

Selected Answer:

$15 500

twenty-two. In the developing firm, stocks consist of:

Answer

Selected Answer:

raw materials, work in method and done goods.

23. Which usually of the following statements is correct in relation to determining whether a value is direct or indirect? Solution

Selected Answer:

The wider the definition off the cost object the greater costs that is to be direct costs. 24. Make reference to the following info.

Immediate material used$150 000

Selling costs$5 000

Indirect labour$7 000

Administrative costs$10 000

Depreciation about factory equipment$70 000

Direct labour$40 000

Overtime rates paid$20 1000

Roundabout materials$45 1000

The prime costs are:

Answer

Selected Response:

$190 000

25. A courier business may watch kilometres influenced as a possible cost driver. Response

Selected Answer: True

26. Rappaport Corporation reported the following info for the month of February:

The direct components cost pertaining to February is:

Answer

Picked Answer:

$88, 500

twenty-seven. During the month of August, direct labor cost totaled $13, 1000 and direct labor price was twenty percent of prime cost. In the event total making costs during August had been $88, 000, the developing overhead was: Answer

Chosen Answer:

$23, 000

28. Rappaport Corporation reported the following data for the month of February:

The adjusted cost of goods sold that looks on the profits statement to get February is definitely: Answer

Selected Solution:

$240, 000

30. A partial report on costs received at Peggs Corporation during September appears below:

The overall of the period costs listed above for Sept is: Response

Chosen Answer:

$318, 500

35. The following info pertain to Harriman Company’s operations during July:

The ending finished goods inventory was:

Answer

Selected Solution:

$7, 000

31. To get the current year, Paxman Organization incurred $150, 000 in actual manufacturing overhead expense. The Production Overhead account showed that overhead was overapplied inside the amount of $6, 000 for the entire year. If the established overhead price was $8. 00 every direct labor-hour, how many hours had been worked in the past year? Answer

Selected Answer:

19, five-hundred hours

32. Supervision of Berndt Corporation has asked your help as an intern in organizing some key reports to get August. First balance inside the raw materials products on hand account was $33, 500. During the month, the company produced raw materials acquisitions amounting to $62, 1000. At the end of the month, the balance in the unprocessed trash inventory account was $30, 000. Immediate labor price was $46, 000 and manufacturing over head was $74, 000. The beginning balance inside the work in process account was $13, 500 and the stopping balance was $19, 1000. The beginning equilibrium in the done goods account was $54, 000 plus the ending harmony was $50, 000. Sales totaled $270, 000. Advertising expense was $18, 000 and management expense was $49, 500.

The net operating income intended for August was:

Solution

Picked Answer:

$20, 500

thirty-three. Management of Berndt Corporation has asked your help as an intern in preparing several key reports for Aug. The beginning equilibrium in the unprocessed trash inventory accounts was $33, 000. Throughout the month, the corporation made unprocessed trash purchases amounting to $62, 000. Towards the end of the month, the balance in the raw materials inventory account was $30, 000. Direct labor cost was $46, 1000 and manufacturing overhead was $74, 000. The beginning harmony in the work in process consideration was $13, 000 plus the ending stability was $19, 000. The start balance inside the finished goods account was $54, 000 and the finishing balance was $50, 000. Sales totaled $270, 1000. Selling expenditure was $18, 000 and administrative expenditure was $49, 000.

The expense of goods sold for August was:

Response

Chosen Answer:

$183, 000

thirty four. The corporate controller’s salary can be considered a(n): Answer

Selected Solution:

management cost.

thirty-five. Choice of share base needs to be made based on:

Answer

Picked Answer:

whether the base actually pushes the cost staying allocated.

36. The three standard elements of developing cost happen to be direct materials, direct labor, and: Answer

Chosen Answer:

manufacturing expense.

thirty seven. An opportunity expense is:

Response

Chosen Answer:

the benefit forgone by selecting 1 alternative rather than another. 37. Which conditions below appropriately describe the cost of the dark paint accustomed to paint the dots over a pair of cube?

Answer

Selected Solution:

Decision B

39. Buford Company rent out a little unused part of its manufacturer to another organization for $1, 000 each month. The leasing agreement will expire next month, and instead of renew the agreement Buford Company is definitely thinking about using the space itself to store components. The term to explain the $1, 000 each month is: Response

Selected Response:

chance cost.

40. Cost of goods made will usually include:

Solution

Picked Answer:

some costs incurred throughout the prior period as well as costs incurred during the current period.

one particular

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