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DeVry ACCT 344 Week 1 and Week 2 Quiz Latest
DeVry ACCT 344 Week 1 Quiz Latest
- 1.Question : (TCO 2) Which cost assignment method would likely assign the cost of heating in a plant that makes beds and dressers when the bed product line is the cost object?
Driver tracing
Direct tracing
Allocation
Arbitration
- 2.Question : (TCO 2) Which cost is an example of product costs?
Selling commissions
Nonfactory office salaries
Direct materials
Advertising expense
- 3.Question : (TCO 2) Period costs do not include
order-getting costs.
order-filling costs.
order-making costs.
All of the above are period costs.
- 4.Question : (TCO 2) Based on the following information, which are the conversion costs?
Beginning work-in-process inventory $160,000
Ending work-in-process inventory $180,000
Cost of goods manufactured $500,000
Direct materials used $130,000
$210,000
$320,000
$340,000
$390,000
- 5.Question : (TCO 2) Based on the following information, which are the prime costs for the year?
Cost of goods manufactured $380,000
Beginning work-in-process inventory $140,000
Ending work-in-process inventory $120,000
Manufacturing overhead $70,000
$310,000
$570,000
$290,000
$330,000
- 6.Question : (TCO 2) The absolute maximum production activity of a manufacturing firm is called
expected activity level
normal activity level
theoretical activity level
practical activity level
- 7.Question : (TCO 2) Which item is a basic costing system record in a job-order costing system?
Materials requisition form
Job-order cost sheet
Job time ticket
All of the above
- 8.Question : (TCO 2) Which firm would make extensive use of job-order costing?
Dental and medical services
Canned foods
Discount brokers
Petroleum
- 9.Question : (TCO 2) ABC Manufacturing Company has the following total job cards.
Job A $6,500
Job B $5,630
Job C $3,825
Job D $3,800
Job E $6,300
Job F $4,200
Jobs A and B were in Finished Goods Inv. at the beginning of the month.
Jobs C and D were in Work-in-Process at the beginning of the month.
Jobs E and F were started during the month.
At the end of the month, Jobs A and E were sent to customers.
At the end of the month, Jobs C, E, and F were completed and sent to finished goods.
Which is the cost of goods sold for the month?
$12,130
$14,325
$12,800
None of the above
- 10.Question : (TCO 2)
Action Corporation uses activity-based costing to apply overhead to jobs within a job-order costing system. The following overhead activities were budgeted for the year.
Activity Cost Driver Amount of Driver
Setups $480,000 # of setups 8,000
Purchasing $240,000 # of parts 20,000
Other overhead $500,000 Direct labor hours 80,000
The following information about the jobs was given for May.
Job 1 Job 2 Job 3 Job 4
Balance 4/1 $84,900 $50,880 $61,000 $ –
Direct materials $44,000 $36,900 $50,000 $10,000
Direct labor $60,000 $41,000 $83,000 $18,000
# of setups 30 12 35 150
# of parts 250 75 600 350
Direct labor hours 4,000 2,600 6,000 900
By May 30, Jobs 1, 2, and 3 were completed and sold. The remaining jobs were still in process.
Which is the cost of Job 2?
$146,650
$95,770
$128,780
None of the above
DeVry ACCT 344 Week 2 Quiz Latest
<pclass=”msonormal” style=”box-sizing: border-box; user-select: initial !important;”>1. Question : (TCO 3) The appropriate cost accounting system to use when inventory items are produced on an assembly line is
weighted average.
job-order costing.
process costing.
perpetual method.
- 2.Question : (TCO 3) As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in
cost of goods sold.
work-in-process.
materials.
finished goods.
3 of 3
Comments:
- 3.Question : (TCO 3) “Equivalent units” expresses all activity of the period in terms of
direct labor hours.
partially completed units.
fully completed units.
units of input.
- 4.Question : (TCO 3) Holly Inc.manufactures dolls. The following data were provided for production results for the current month.
0 Units, beginning work-in-process
300 Units started
? Units completed
100 Units, ending work-in-process (40% complete)
Which are the equivalent units?
300
240
260
200
None of the above
- 5.Question : (TCO 3) When products and their costs are moved from one process to the next process, these costs are referred to as
unit costs.
transferred-in costs.
WIP inventory costs.
3
Comments:
- 6.Question : (TCO 3) Keller Inc.manufactures office chairs. The following data were provided for production results for the current month.
0 Units, beginning work-in-process
6,000 Units started
? Units completed
2,000 Units, ending work-in-process
$440,000 Cost of direct materials
$64,000 Cost of conversion
Ending inventory is 100% complete for materials and 20% complete for conversion.
How many units were started and completed?
4,000
2,000
6,000
12,000
None of the above
- 7.Question : (TCO 3) The two methods used to determine equivalent units of production are
FIFO and LIFO.
weighted average and LIFO.
weighted average and FIFO.
FIFO and specific identification.
- 8.Question : (TCO 3) Abby Corp.adds raw materials to production at the beginning of the process in the Assembly Dept. Materials data for this department for the current month are as follows.
Costs
Units Materials Conversion
Beginning work-in-process 10,000 $70,750 $175,350
Started during month 65,000 $250,000 $736,350
Ending work-in-process 6,000
Beginning inventory was 70% complete. Ending inventory was 40% complete.
How many equivalent units for materials would there be for Abby Corp. during the month using the FIFO method?
71,000
65,000
75,000
72,800
- 9.Question : (TCO 3) The following information was provided by Sally Company.
% complete Units
Begninning work-in-process 25% 25,000
Units transferred in 75,000
Ending work-in-process 50% 15,000
All materials are added at the beginning of the process.
How many equivalent units for materials would there be using the weighted average method?
100,000
115,000
75,000
82,500
- 10.Question : (TCO 3) The material cost per equivalent unit using the weighted average method is calculated as
total material costs to account for / equivalent units for materials.
material costs added during the period / equivalent units for materials.
total material costs to account for / number of partially completed units for materials.
material costs added during the period / number of partially completed units for materials.
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