1.Compute conversion
costs given the following data: Direct Materials, $347,500; Direct Labor,
$196,300; Factory Overhead, $187,900; and Selling Expenses, $45,290
$543,800
$187,900
$731,700
$384,200
Top of Form
Compute conversion costs given the following data: Direct
Materials, $347,500; Direct Labor, $196,300; Factory Overhead, $187,900; and
Selling Expenses, $45,290
$543,800
$187,900
$731,700
$384,200
Question 3
Which of the following is an example of direct materials
cost for an automobile manufacturer?
cost of oil lubricants for factory machinery
cost of wages of assembly worker
cost of interior upholstery
salary of production supervisor
Question 4
A plant manager s salary is
an indirect cost
a direct cost
a direct cost and an indirect cost
a period cost
Question 5
What term refers to the cost of changing direct materials
into a finished manufactured product?
factory overhead cost
period cost
conversion cost
direct labor cost
Question 6
Which of the following is not a prime cost?
plant janitor’s wages
direct labor wages
machine operator wages
assembly line wages
Question 7
An example of a period cost is
advertising expense
indirect materials
depreciation on factory equipment
property taxes on plant facilities
Question 8
Direct labor and direct materials are
product costs and expensed when incurred
product costs and expensed when the goods are sold
period costs and expensed when incurred
period costs and expensed when the goods are sold
Question 9
Which of the following are the two main types of cost
accounting systems for manufacturing operations?
process cost and general accounting systems
process cost and replacement cost systems
job order and general accounting systems
job order cost and process cost systems
Question 10
Given the following data:
Cost of materials used
$45,000
Direct labor costs
48,000
Factory overhead
39,000
Work in process, beg.
28,000
Work in process, end.
18,000
Finished goods, beg.
28,000
Finished goods, end.
18,000
What is cost of goods sold?
$152,000
$142,000
$10,000
$128,000
Question 11
The Thomlin Company forecasts that total overhead for the
current year will be $15,500,000 with 250,000 total machine hours. Year to
date, the actual overhead is $16,000,000 and the actual machine hours are
330,000 hours. The predetermined overhead rate based on machine hours is
$48 per machine hour
$62 per machine hour
$45 per machine hour
$50 per machine hour
Question 12
The amount of time spent by an employee on an individual
job are recorded on
pay stubs
in-and-out cards
time tickets
employees’ earnings records
Question 13
At the end of the year, overhead applied was $42,000,000.
Actual overhead was $40,300,000. Closing over/under applied overhead into
Cost of Goods Sold would cause net income to
increase by $1,700,000
decrease by $1,700,000
increase by $3,400,000
decrease by $3,400,000
Question 14
The entry to record the flow of direct labor costs into
production in a job order cost accounting system is
debit Factory Overhead, credit Work in Process
debit Finished Goods, credit Wages Payable
debit Work in Process, credit Wages Payable
debit Factory Overhead, credit Wages Payable
Question 15
When Job 117 was completed, direct materials totaled
$4,400; direct labor, $5,600; and factory overhead, $2,400. A total of 1,000
units were produced at a per-unit cost of
$12,400
$1,240
$124
$12.40
Question 16
Materials purchased on account during the month totaled
$190,000. Materials requisitioned and placed in production totaled $165,000.
The journal entry to record the material purchase on account is
Materials
165,000
Accounts Payable
165,000
Materials
190,000
Accounts Payable
190,000
Materials
190,000
Cash
190,000
Accounts
Payable
190,000
Materials
190,000
Question 17
The journal entry to record the transfer of 1,600 units of
part number 1177 with a value of $2.50 each, to work in process is
Materials
4,000
Work in Process
4,000
Work in
Process
4,000
Factory Overhead
4,000
Work in
Process 4,000
Materials
4,000
Work in
Proces
4,000
Cash
4,000
Question 18
The three most common cost behavior classifications are
variable costs, product costs, and sunk costs
fixed costs, variable costs, and mixed costs
variable costs, period costs, and differential costs
variable costs, sunk costs, and opportunity costs
Question 19
Costs that remain constant in total dollar amount as the
level of activity changes are called
fixed costs
mixed costs
product costs
variable costs
Question 20
Strait Co. manufactures office furniture. During the most
productive month of the year, 3,000 desks were manufactured at a total cost
of $59,000. In the month of lowest production the company made 1,125 desks at
a cost of $38,000. Using the high-low method of cost estimation, total fixed
costs are
$21,000
$25,400
$42,000
$13,000
Question 21
If sales are $820,000, variable costs are 55% of sales,
and operating income is $260,000, what is the contribution margin ratio?
45%
55%
62%
32%
Question 22
A firm operated at 90% of capacity for the past year,
during which fixed costs were $420,000, variable costs were 40% of sales, and
sales were $1,000,000. Operating profit was
$1,080,000
$420,000
$180,000
$980,000
Question 23
If fixed costs are $250,000, the unit selling price is
$125, and the unit variable costs are $73, what is the break-even sales
(units)?
3,425 units
2,381 units
2,000 units
4,808 units
4 points
Question 24
Johnson’s Plumbing’s fixed costs are $700,000 and the unit
contribution margin is $17. What amount of units must be sold in order to
realize an operating income of $100,000?
5,000
41,176
47,059
58,882
Question 25
If Kaden Company’s fixed costs are $46,800, the unit
selling price is $42, and the unit variable costs are $24. What is the
break-even sale (units)?
2,400
1,950
1,114
2,600
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