ACCT 505 Midterm Exam (New) 6 Sets

ACCT 505 Midterm Exam (New)  6 Sets

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This Tutorial contains 6 Sets of Midterm Exam
 
 
1. (TCO A)  Direct material cost is a part of (Points : 6)
         Conversion Cost NO.... Prime Cost NO.
         Conversion Cost YES.... Prime Cost NO.
         Conversion Cost YES.... Prime Cost YES.
         Conversion Cost NO.... Prime Cost YES.
 
 
Question 2.2. (TCO A)  Total fixed costs (Points : 6)
         will increase with increases in activity.
         will decrease with increases in activity.
         are not affected by activity.
         should be ignored in making decisions because they can never change.
 
 
Question 3.3. (TCO A) Property taxes on a company's factory building would be classified as a(n) (Points : 6)
         variable cost.
         opportunity cost.
         period cost.
         product cost.
 
 
Question 4.4. (TCO C) When the activity level is expected to increase within the relevant range, what effects would be anticipated with respect to each of the following? (Points : 6)
         Fixed costs per unit decrease and variable costs per unit do not change.
         Fixed costs per unit increase and variable costs per unit do not change.
         Fixed costs per unit do not change and variable costs per unit do not change.
         Fixed costs per unit do not change and variable costs per unit increase. 
 
 
Question 5.5. (TCO B) Which of the following statements is true? 
I. Overhead application may be made slowly as a job is worked on.
II. Overhead application may be made in a single application at the time of completion of the job.
III. Overhead application should be made to any job not completed at year end in order to properly value the work in process inventory. (Points : 6)
         Only statement I is true.
         Only statement II is true.
         Both statements I and II are true.
         Statements I, II, and III are true.
 
 
Question 6.6. (TCO B) Under a job-order costing system, the product being manufactured (Points : 6)
         is homogeneous.
         passes from one manufacturing department to the next before being completed.
         can be custom manufactured.
         has a unit cost that is easy to calculate by dividing total production costs by the units produced. 
 
 
Question 7.7. (TCO F)  Equivalent units for a process costing system using the FIFO method would be equal to (Points : 6)
         units completed during the period, plus equivalent units in the ending work-in-process inventory.
         units started and completed during the period, plus equivalent units in the ending work-in-process inventory.
         units completed during the period and transferred out.
         units started and completed during the period, plus equivalent units in the ending work-in-process inventory, plus work needed to complete units in the beginning work-in-process inventory. 
 
 
Question 8.8. (TCO C) The contribution margin equals (Points : 6)
         sales - expenses.
         sales - variable costs.
         sales - cost of goods sold.
         sales - fixed costs. 
 
 
Question 9.9. (TCO C)  Which of the following would not affect the break-even point? (Points : 6)
         Variable expense per unit
         Number of units sold
         Total fixed expenses
         Selling price per unit 
 
 
Question 10.10. (TCO D) Under variable costing, (Points : 6)
         inventory costs will be lower than under absorption costing.
         inventory costs will be higher than under absorption costing.
         net operating income will always be lower than under absorption costing.
         net operating income will always be higher than under absorption costing.  
 
 
 
1. (TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larop Corporation for the just-completed year.
Sales $950
Purchases of raw materials $225
Direct labor $250
Manufacturing overhead $295
Administrative expenses $150
Selling expenses $140
Raw materials inventory, beginning $30
Raw materials inventory, ending $45
Work-in-process inventory, beginning $20
Work-in-process inventory, ending $55
Finished goods inventory, beginning $100
Finished goods inventory, ending $135
 
Prepare a Schedule of Cost of Goods Manufactured statement in the text box below. (Points : 15)
        
        
 
Schedule of cost of goods manufactured
Direct materials:
 
 
 
 
Question 2.2. (TCO B) The Nebraska Company manufactures a product that goes through three processing departments. Information relating to activity in the first department during June is given below.
  Percentage Completed
  Units Materials Conversion
Work in process, June 1 140,000 65% 45%
Work in process, Jun 30 120,000 75% 65%
 
The department started 580,000 units into production during the month and transferred 600,000 completed units to the next department.
 
 
 
Question 3.3. (TCO C) A tile manufacturer has supplied the following data.
Boxes of tile produced and sold 625,000
Sales revenue $2,975,000
Variable manufacturing expense $1,720,000
Fixed manufacturing expense $790,000
Variable selling and admin expense $152,000
Fixed selling and admin expense $133,000
Net operating income $180,000
 
 
 
Question 4.4. (TCO D) The Hampton Company produces and sells a single product. The following data refer to the year just completed.
Selling price $450
 
Units in beginning inventory 0
Units produced 25,000
Units sold 22,000
 
Variable costs per unit:
Direct materials $150
Direct labor $75
Variable manufacturing overhead $25
Variable selling and admin $15
 
Fixed costs:
Fixed manufacturing overhead $275,000
Fixed selling and admin $200,000
 
 
Required: 
Compute the cost of a single unit of product under both the absorption costing and variable costing approaches. 
Prepare an income statement for the year using absorption costing. 
Prepare an income statement for the year using variable costing. (Points : 30)
 
 
Question 1. Question : (TCO A) The variable portion of advertising costs is a
 
  Student Answer: Conversion YES... Period NO.  
  Conversion YES .... Period YES.  
  Conversion NO.... Period NO.  
  Conversion NO.... Period YES.  
 
 
Question 2. Question : (TCO A)  A cost incurred in the past that is not relevant to any current decision is classified as a(n)
 
  Student Answer: period cost.  
  incremental cost.  
  opportunity cost.  
  None of the above  
 
 
 
Question 3. Question : (TCO A) Property taxes on a company's factory building would be classified as a(n)
 
  Student Answer: variable cost.  
  opportunity cost.  
  period cost.  
  product cost.  
 
 
 
Question 4. Question : (TCO C) Within the relevant range, variable costs can be expected to
 
  Student Answer: vary in total in direct proportion to changes in the activity level.  
  remain constant in total as the activity level changes.  
  increase on a per-unit basis as the activity level increases.  
  increase on a per-unit basis as the activity level decreases.  
  None of the above  
 
 
 
Question 5. Question : (TCO B) Which of the following statements is true? 
I. Overhead application may be made slowly as a job is worked on.
II. Overhead application may be made in a single application at the time of completion of the job.
III. Overhead application should be made to any job not completed at year end in order to properly value the work in process inventory.
 
  Student Answer: Only statement I is true.  
  Only statement II is true.  
  Both statements I and II are true.  
  Statements I, II, and III are true.  
 
 
Question 6. Question : (TCO B) A job-order cost system is employed in those situations when
 
  Student Answer: many different products, jobs, or batches of production are being produced each period. 
  manufacturing involves a single, homogeneous product that flows evenly through the production process on a continuous basis. 
  the product moves from department to department before being completed. 
  the unit cost of production is computed by dividing the total production costs by the number of units produced. 
 
 
Question 7. Question : (TCO B) The FIFO method only provides a major advantage over the weighted-average method in that
 
  Student Answer: the calculation of equivalent units is less complex under the FIFO method. 
  the FIFO method treats units in the beginning inventory as if they were started and completed during the current period. 
  the FIFO method provides measurements of work done during the current period. 
  the weighted-average method ignores units in the beginning and ending work-in-process inventories. 
 
 
Question 8. Question : (TCO C)  The contribution margin ratio always increases when the
 
  Student Answer: fixed expenses increase.  
  fixed expenses decrease.  
  variable expenses as a percentage of net sales increase.  
  variable expenses as a percentage of net sales decrease.  
 
 
Question 9. Question : (TCO C)  Which of the following would not affect the break-even point?
 
  Student Answer: Variable expense per unit  
  Number of units sold  
  Total fixed expenses  
  Selling price per unit  
  
 
Question 10. Question : (TCO D) Under variable costing,
 
  Student Answer: inventory costs will be lower than under absorption costing.  
  inventory costs will be higher than under absorption costing.  
  net operating income will always be lower than under absorption costing. 
  net operating income will always be higher than under absorption costing. 
 
 
  
Question 1. Question : (TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larden Corporation for the just-completed year. 
Sales $950 
Purchases of raw materials $170 
Direct labor $225 
Manufacturing overhead $220
Administrative expenses $180
Selling expenses $140
Raw materials inventory, beginning $90
Raw materials inventory, ending $80
Work-in-process inventory, beginning $30
Work-in-process inventory, ending $20
Finished goods inventory, beginning $100
Finished goods inventory, ending $70
 
Prepare a Schedule of Cost of Goods Manufactured statement in the text box below. 
 
 
 
Question 2. Question : (TCO B) The Florida Company manufactures a product that goes through three processing departments. Information relating to activity in the first department during June is given below. 
  Percentage Completed
 
 
 
Question 3. Question : (TCO C) Drake Company's income statement for the most recent year appears below. 
Sales (45,000 units) $1,350,000
Less: variable expenses 750,000
Contribution margin 600,000
Less: fixed expenses 375,000
Net operating income $225,000
 
 
 
Question 4. Question : (TCO D) The Hampton Company produces and sells a single product. The following data refer to the year just completed. 
Selling price $450
 
Units in beginning inventory 0
Units produced 25,000
Units sold 22,000
 
Variable costs per unit:
Direct materials $150
Direct labor $75
Variable manufacturing overhead $25
Variable selling and admin $15
 
Fixed costs:
Fixed manufacturing overhead $275,000
Fixed selling and admin $200,000

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