ACCT346

ACCT 346 DEVRY WEEK 4 MIDTERM EXAM (2 DIFFERENT SETS)

ACCT 346 DeVry Week 4 Midterm Exam (2 Different Sets)

ACCT 346 DeVry Week 4 Midterm Exam (Version-1)

1. Question :(TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for

2. Question :TCO 1) Which of the following statements regarding fixed costs is true?

3. Question :(TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation?

4. Question :(TCO 1) Shula’s 347 Grill has 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?

5. Question :(TCO 1) Which of the following is an example of a manufacturing overhead cost?

6. Question :(TCO 1) Which of the following is a period cost?

7. Question :(TCO 1) If the balance in the Finished Goods Inventory account increased by $30,000 during the period and the cost of goods manufactured was $220,000, how much is cost of goods sold?

8. Question :(TCO 2) BCS Company applies manufacturing overhead based on direct labor cost. Information concerning manufacturing overhead and labor for August follows:

Estimated

Actual

9.Question :(TCO 2) During 2011, Madison Company applied overhead using a job-order costing system at a rate of $12 per direct labor hours. Estimated direct labor hours for the year were 150,000, and estimated overhead for the year was $1,800,000. Actual direct labor hours for 2011 were 140,000 and actual overhead was $1,670,000.

What is the amount of under or over applied overhead for the year?

10. Question :(TCO 3) Companies in which of the following industries would not be likely to use ACCT346DeVry process costing?

11. Question :(TCO 3) The Blending Department began the period with 45,000 units. During the period the department received another 30,000 units from the prior department and completed 60,000 units during the period. The remaining units were 75% complete. How much are equivalent units in The Blending Department’s work in process inventory at the end of the period?

12. Question :(TCO 3) During March, the varnishing department incurred costs of $90,250 for direct labor. The beginning more info inventory was 3,500 units and 10,000 units were transferred to the varnishing department from the sanding department during ACCT346 June. The direct labor cost in the beginning inventory was $27,270. The ending inventory consisted of 2,000 units, which were 25% complete with respect to direct labor. What is the cost per equivalent unit for direct labor?

13. Question :(TCO 4) Clearance Depot has total monthly costs of $8,000 when 2,500 units are produced and $12,400 when 5,000 units are produced. What is the estimated total monthly fixed cost?

1. Question :(TCO 4) The margin of safety is the difference between

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