acct 346 managerial accounting course project on bravo baking company,acct 346 week 4 midterm 1,acct 346 week 4 midterm 2,acct 346,acct 346 entire course,acct 346 devry,devry acct 346,acct 346 course project,acct 346 entire dq’s,acct 346 week 8 final exam

1. ACCT 346 Midterm Set 2 (New)
Check this A+ tutorial guideline at
http://www.assignmentcloud.com/acct-
346/acct-346-midterm-set-2-new
For more classes visit
http://www.assignmentcloud.com/
ACCT 346 Midterm Set 2 (New)
Multiple Choice 10
Short 4
Grade Details - All Questions
Page: 1 2
Question 1. Question : (TCO 1) The goal of managerial accounting is to provide
information that managers need for which of the below?

2. Question 2. Question : (TCO 1) Josie’s Grill budgeted the following costs for a month
in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly
labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed
costs, $600. Each steak dinner sells for $14.00 each. How much is the budgeted
variable cost per unit?
Question 3. Question : (TCO 1) Which of the following is NOT a period cost?
Question 4. Question : (TCO 1) On December 31, 2015, GLE Inc. has a balance in the
Work-in-Process Inventory account of $62,000. At January 1, 2015, the balance was
$47,000. Current manufacturing costs for the year are $292,000, and cost of goods
sold is $284,000. How much is cost of goods manufactured?
Question 5. Question : (TCO 2) Paul Company applies manufacturing overhead based
on direct labor cost. Information concerning manufacturing overhead and labor for
August follows.
Estimated Actual
Overhead cost $174,000 $171,000
Direct labor hours 5,800 5,900
Direct labor cost $87,000 $89,975

3. How much is the predetermined overhead rate?
Question 6. Question : (TCO 2) During 2015, Michael Company applied overhead
using a job-order costing system at a rate of $15 per direct labor hours. Estimated
direct labor hours for the year were 150,000, and estimated overhead for the year
was $2,250,000. Actual direct labor hours for 20x1 were 140,000, and actual
overhead was $2,400,000.
What is the amount of under- or over-applied overhead for the year?
Question 7. Question : (TCO 2) Manufacturers follow four steps to implement a
manufacturing overhead allocation system. What is the first step?
Question 1. Question : (TCO 1) Which of the following topics is the focus of
managerial accounting?
Question 2. Question : (TCO 6) Smile Labs develops 35mm film using a four-step
process that moves progressively through four departments. The company
specializes in overnight service and has the largest drug store chain as its primary
customer. Currently, direct labor, direct materials, and overhead are accumulated by
department. The cost accumulation system that best describes the system that Smile
Labs is using is:

4. Question 3. Question : (TCO 3) Kerner Manufacturing uses a process cost system to
manufacture laptop computers. The following information summarizes operations
relating to laptop computer model #KJK20 during the quarter ending March 31:
Units Direct Labor
Work-in-process inventory, January 1 100 $50,000
Started during the quarter 500
Completed during the quarter 400
Work-in-process inventory, March 31 200
Costs added during the quarter $720,000
Beginning work-in-process inventory was 50% complete for direct labor costs.
Ending work-in-process inventory was 75% complete for direct labor costs. What is
the equivalent unit of production using the weighted-average unit cost inventory
valuation method?
Question 4. Question : (TCO 2) Sweet Co. uses budgeted overhead rates to apply
overhead to individual jobs. They use a system based on direct labor hours. Last
year, the company made the following estimates for this year.
Direct labor costs $48,000,000
Factory overhead costs $6,400,000
Direct Labor Hours 80,000
Machine Hours 110,000
(a) What is the budgeted overhead rate for the company?
(b) If Job #34567 had the following:

5. Material costs were $500,000;
Direct labor costs were $450,000;
Direct labor hours were 25,000; and
Machine hours were 36,000,
then what is the total cost of Job #34567?
Question 5. Question : (TCO 3) Adnan Company uses process costing. At the
beginning of the month, there were 8,000 units in process, 90% complete with
respect to material and 80% complete with respect to conversion costs. 40,000 units
were started during the month and 40,000 units were completed. The units in ending
Work-In-Process Inventory were 70% complete with respect to material and 10%
complete with respect to conversion costs. How many equivalent units will be used
in calculating the cost per unit for materials?
Question 6. Question : (TCO 6) Handy Display Company manufactures display cases
to be sold to retail stores. The cases come in three sizes: large, medium, and small.
Currently, Handy Display Company uses a single plant-wide overhead rate to allocate
its $3,357,800 of annual manufacturing overhead. Of this amount, $900,000 is
associated with the Large Case line, $1,404,480 is associated with the Medium Case
line, and $1,350,000 is associated with the Small Case line. Handy Display Company
is currently running a total of 39,600 machine hours: 12,000 in the Large Case line,
15,960 in the Medium Case line, and 12,000 in the Small Case line. Handy Display
Company uses machine hours as the cost driver for manufacturing overhead costs.
Requirement: Calculate the departmental overhead rate for each of the three
departments listed.

6. Question 7. Question : (TCO 2)
Fred Co. incurred costs of $700,000 for direct materials (raw) purchased. Direct
labor was $5,000 and factory overhead was $20,000 for March.
Inventories were as follows:
Raw materials beginning $6,000; raw materials ending $8,000;
Work-in-process beginning $230,000; work-in-process ending $210,000;
Finished goods beginning $16,000; finished goods ending $15,500;
What is the cost of goods manufactured? Please show your work.

7. Question 7. Question : (TCO 2)
Fred Co. incurred costs of $700,000 for direct materials (raw) purchased. Direct
labor was $5,000 and factory overhead was $20,000 for March.
Inventories were as follows:
Raw materials beginning $6,000; raw materials ending $8,000;
Work-in-process beginning $230,000; work-in-process ending $210,000;
Finished goods beginning $16,000; finished goods ending $15,500;
What is the cost of goods manufactured? Please show your work.