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1. (TCO 2) An example of a period cost is (Points 5) ins.docxhyacinthshackley2629
1. (TCO 2) An example of a period cost is (Points : 5)
insurance on factory machines.
a controller’s salary.
property taxes on factory building.
wages of factory maintenance employees.
Question 2.2. (TCO 2) Which product would use job-order costing? (Points : 5)
Ink pens
Custom boot maker
Soda pop
Horse saddles
Question 3.3. (TCO 3) In a process costing system, which would be TRUE? (Points : 5)
There is no need to use time tickets to assign costs to processes.
There is no need to track materials to processes.
A process costing system is more expensive to maintain because it has more work-in-process accounts.
All of the above
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 non-value-added costs for the company are (Points : 5)
$300,000.
$150,000.
$60,000.
$0.
Question 5.5. (TCO 8) Non-value-added activities (Points : 5)
are unnecessary inputs.
are valued outputs to internal users.
are valued outputs to external users.
help meet the organization's needs, not the product needs.
Question 6.6. (TCO 1) The break-even point is (Points : 5)
the volume of activity where all fixed costs are recovered.
where fixed costs equal total variable costs.
where total revenues equal total costs.
where total costs equal total contribution margin.
Question 7.7. (TCO 1) The income statement for Thomas Manufacturing Company for 2011 is as follows.
Sales (10,000 units) $120,000
Variable expenses $72,000
Contribution margin $48,000
Fixed expenses $36,000
Operating income $12,000
Which is the contribution margin per unit? (Points : 5)
$7.20
$1.20
$4.80
$120,000
Question 8.8. (TCO 7) Which cost category would most likely use machine hours as its activity driver? (Points : 5)
Personnel
Maintenance
Purchasing
Payroll
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.
Shoes
Cosmetics
Crafts
Sales
$120,000
$100,000
$100,000
Direct advertising costs
$9,000
$7,000
$4,000
Newspaper ad space
60%
20%
20%
How much of the indirect advertising costs will be allocated to the Shoes Department if newspaper ad space is the activity driver? (Points : 5)
$8,000
$4,800
$5,400
$3,200
Question 10.10. (TCO 5.
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1. (TCO 2) An example of a period cost is (Points 5) ins.docxhyacinthshackley2629
1. (TCO 2) An example of a period cost is (Points : 5)
insurance on factory machines.
a controller’s salary.
property taxes on factory building.
wages of factory maintenance employees.
Question 2.2. (TCO 2) Which product would use job-order costing? (Points : 5)
Ink pens
Custom boot maker
Soda pop
Horse saddles
Question 3.3. (TCO 3) In a process costing system, which would be TRUE? (Points : 5)
There is no need to use time tickets to assign costs to processes.
There is no need to track materials to processes.
A process costing system is more expensive to maintain because it has more work-in-process accounts.
All of the above
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 non-value-added costs for the company are (Points : 5)
$300,000.
$150,000.
$60,000.
$0.
Question 5.5. (TCO 8) Non-value-added activities (Points : 5)
are unnecessary inputs.
are valued outputs to internal users.
are valued outputs to external users.
help meet the organization's needs, not the product needs.
Question 6.6. (TCO 1) The break-even point is (Points : 5)
the volume of activity where all fixed costs are recovered.
where fixed costs equal total variable costs.
where total revenues equal total costs.
where total costs equal total contribution margin.
Question 7.7. (TCO 1) The income statement for Thomas Manufacturing Company for 2011 is as follows.
Sales (10,000 units) $120,000
Variable expenses $72,000
Contribution margin $48,000
Fixed expenses $36,000
Operating income $12,000
Which is the contribution margin per unit? (Points : 5)
$7.20
$1.20
$4.80
$120,000
Question 8.8. (TCO 7) Which cost category would most likely use machine hours as its activity driver? (Points : 5)
Personnel
Maintenance
Purchasing
Payroll
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.
Shoes
Cosmetics
Crafts
Sales
$120,000
$100,000
$100,000
Direct advertising costs
$9,000
$7,000
$4,000
Newspaper ad space
60%
20%
20%
How much of the indirect advertising costs will be allocated to the Shoes Department if newspaper ad space is the activity driver? (Points : 5)
$8,000
$4,800
$5,400
$3,200
Question 10.10. (TCO 5.
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Multiple Choice 5
Short 9
Question 1. Question : (TCO 4) Assumptions underlying cost-volume-profit analysis include all of the following,
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ACC 434 Final Exams
1. (TCO 1) a significant limitation of activity-based costing is the (Points: 5)
2. (TCO 1) Ireland Company produces a special spray nozzle. The budgeted indirect total cost of inserting the spray nozzle is $180,000. The budgeted number of nozzles to be inserted is 80,000. What is the budgeted indirect cost allocation rate for this activity? (Points: 5)
3. (TCO 2) Overhead costs have been increasing due to all of the following except (Points: 5)
4. (TCO 2) Information pertaining to Brenton Corporation's sales revenue is presented in the following table:
February March April
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Multiple Choice 5
Short 9
Question 1. Question : (TCO 4) Assumptions underlying cost-volume-profit analysis include all of the following,
1) A cost management system provides ________.A) measures of i.docxdorishigh
1) A cost management system provides ________.
A) measures of inventory value and cost of goods sold for financial reporting
B) cost information for strategic management decisions
C) cost information for operational control
D) all of the above
2) Cost accounting is that part of the cost management system that measures costs for the sole purpose of financial reporting. True or False
3) Which of the following costs is a direct cost to a manufactured product?
A) depreciation expense on factory equipment used for the product
B) the wages of an assembly worker who works specifically on the product
C) accountants who accumulate the costs of the product
D) a factory supervisor who oversees the production of several different types of products
4) Physically tracing ________ costs is usually straightforward, but allocating ________ costs is usually more complex.
A) indirect; direct
B) direct; product
C) direct; indirect
D) unallocated; indirect
5) Unallocated costs ________.
A) have an identifiable relationship to a cost pool
B) lack an identifiable relationship to a cost pool
C) have an identifiable relationship to a cost object
D) lack an identifiable relationship to a cost object
6) Unallocated costs ________.
A) are not recorded in the cost accounting system
B) are not allocated to cost objects
C) are direct costs for service firms
D) are indirect costs for merchandising firms
7) The manufacturing division of an electronics company uses activity-based costing. The company has identified three activities and the related cost drivers for indirect production costs.
Activity
Cost Driver
Activity 1
Direct materials cost
Activity 2
Direct labor cost
Activity 3
Kilowatt hours
Three types of products are produced. Direct costs and cost-driver activity for each product for a month are as follows:
Product A
Product B
Product C
Direct materials cost
$75,000
$50,000
$125,000
Direct labor cost
$6,000
$1,000
$3,000
Direct labor hours
1,000
500
1,500
Kilowatt hours
150,000
200,000
150,000
Indirect production costs for the month are as follows:
Activity 1
$12,000
Activity 2
20,000
Activity 3
16,000
Total
$48,000
Required:
A) Compute the indirect production costs allocated to each product using the ABC system.
B) Compute the indirect production costs allocated to each product using a traditional costing system. Assume indirect production costs are allocated to each product using the cost driver: direct labor hours.
8) Historical or past information can have an indirect bearing on a decision because ________.
A) the past can be changed
B) it can help predict the future
C) past decisions are always good decisions
D) none of the above
9) ________ is the predicted future costs and revenues that will differ among alternative courses of action.
A) Relevant information
B) Sunk costs
C) Predictable information
D) Target pricing
10) Information is relevant in business decisions if it is a(n) ________.
A) expected future cost or it diffe ...
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ACCT 505 Week 1-7 All Discussion Questions
ACCT 505 Week 1 Case Study
ACCT 505 Week 2 Quiz Job Order and Process Costing Systems
ACCT 505 Week 2 Quiz Set 2
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1.Question :(TCO1) ABC systems create
2.Question :(TCO 1) Merriamn Company provides the following ABC
costing information:
Activities
Total Costs
Activity-cost drivers
Account inquiry hours
$400,000
10,000 hours
Account billing lines
$280,000
4,000,000 lines
Account verification accounts
$150,000
40,000 accounts
Correspondence letters
2. $ 50,000
4,000 letters
Total costs
$880,000
The above activities are used by Department A and B as follows:
Department A
Department B
Account inquiry hours
2,000 hours
4,000 hours
Account billing lines
400,000 lines
200,000 lines
Account verification accounts
10,000 accounts
8,000 accounts
Correspondence letters
1,000 letters
1,600 letters
How much of the account billing cost will be assigned to Department B?
3. 3.Question :(TCO 2) A master budget
4.Question :(TCO 2) Dalyrymple Company produces a special spray
nozzle. The budgeted indirect total cost of inserting the spray nozzle is
$80,000. The budgeted number of nozzles to be inserted is 40,000. What
is the budgeted indirect cost allocation rate for this activity?
5.Question :(TCO 3) Which cost estimation method analyzes accounts in
the subsidiary ledger as variable, fixed, or mixed using qualitative
methods?
6.Question :(TCO 4) In evaluating different alternatives, it is useful to
concentrate on
7.Question :(TCO 5) The theory of constraints is used for cost analysis
when
8.Question :(TCO 5) Schmidt Corporation produces a part that is used in
the manufacture of one of its products. The costs associated with the
production of 10,000 units of this part are as follows:
Direct materials
$45,000
Direct labor
65,000
Variable factory overhead
30,000
Fixed factory overhead
70,000
Total costs
4. $210,000
Of the fixed factory overhead costs, $30,000 is avoidable.
Phil Company has offered to sell 10,000 units of the same part to
Schmidt Corporation for $18 per unit. Assuming there is no other use for
the facilities, Schmidt should
9.Question :(TCO 3) The cost function + 10X
10.Question :(TCO 4) Sunk costs
1.Question :(TCO 1) For each of the following drivers identify an
appropriate activity.
a. # of machines
b. # of setups
c. # of inspections
d. # of orders
e. # of runs
f. # of bins or aisles
g. # of engineers
2.Question :(TCO 2) Favata Company has the following information:
Month Budgeted Sales
June $60,000
July 51,000
August 40,000
5. September 70,000
October 72,000
In addition, the cost of goods sold rate is 70% and the desired inventory
level is 30% of next month's cost of sales.
Prepare a purchases budget for July through September.
3.Question :(TCO 3) Patrick Ross, the president of Ross's Wild Game
Company, has asked for information about the cost behavior of
manufacturing overhead costs. Specifically, he wants to know how much
overhead cost is fixed and how much is variable. The following data are
the only records available:
Month Machine-hours Overhead Costs
February 1,700 $20,500
March 2,800 22,250
April 1,000 19,950
May 2,500 21,500
June 3,500 23,950
Using the high-low method, determine the overhead cost equation. Use
machine-hours as your cost driver.
4.Question :(TCO 5) Kirkland Company manufactures a part for use in
its production of hats. When 10,000 items are produced, the costs per
unit are:
Direct materials $0.60
Direct manufacturing labor 3.00
6. Variable manufacturing overhead 1.20
Fixed manufacturing overhead 1.60
Total $6.40
Mike Company has offered to sell to Kirkland Company 10,000 units of
the part for $6.00 per unit. The plant facilities could be used to
manufacture another item at a savings of $9,000 if Kirkland accepts the
offer. In addition, $1.00 per unit of fixed manufacturing overhead on the
original item would be eliminated.
a. What is the relevant per unit cost for the original part?
b. Which alternative is best for Kirkland Company? By how much?
7. Variable manufacturing overhead 1.20
Fixed manufacturing overhead 1.60
Total $6.40
Mike Company has offered to sell to Kirkland Company 10,000 units of
the part for $6.00 per unit. The plant facilities could be used to
manufacture another item at a savings of $9,000 if Kirkland accepts the
offer. In addition, $1.00 per unit of fixed manufacturing overhead on the
original item would be eliminated.
a. What is the relevant per unit cost for the original part?
b. Which alternative is best for Kirkland Company? By how much?