Question 1

Anderson Enterprises   Refer to Anderson Enterprises.For March,prime cost incurred was

Accepted Answer

A) $75,000. 
B) $69,000. 
C) $45,000. 
D) $39,000. 
A) $75,000. 
B) $69,000. 
C) $45,000. 
D) $39,000.

Question 2

Period costs include

Accepted Answer

A) yes no yes 
B) no yes yes 
C) no no no 
D) yes yes yes 
A) yes no yes 
B) no yes yes 
C) no no no 
D) yes yes yes

Question 3

The assumed range of activity that reflects the company's normal operating range is referred to as the ______________________________.

Accepted Answer

The answer of The assumed range of activity that reflects...

Question 4

Retailers generally have a much higher degree of conversion than do manufacturing or professional firms.

Accepted Answer

A) True 
 B)False

Question 5

Goodwin Enterprises   Refer to Goodwin Enterprises.For April,prime cost incurred was

Accepted Answer

A) $78,000. 
B) $84,000 
C) $51,000. 
D) $45,000. 
A) $78,000. 
B) $84,000 
C) $51,000. 
D) $45,000.

Question 6

The three stages of production for a manufacturing firm are _________________________,______________________________,and _________________________.

Accepted Answer

raw materi

Question 7

Which of the following replaces the retailing component "Purchases" in computing Cost of Goods Sold for a manufacturing company?

Accepted Answer

A) direct material used 
B) cost of goods manufactured 
C) total prime cost 
D) cost of goods available for sale 
A) direct material used 
B) cost of goods manufactured 
C) total prime cost 
D) cost of goods available for sale

Question 8

Perry Company. Perry Company manufactures wood file cabinets.The following information is available for June of the current year.
  The direct labor rate is $9.60 per hour and overhead for the month was $9,600.
Refer to Perry Company.If there were 1,500 direct labor hours and $21,000 of raw material purchased,Cost of Goods Manufactured is:

Accepted Answer

A) $49,100. 
B) $45,000. 
C) $51,000. 
D) $49,500. 
A) $49,100. 
B) $45,000. 
C) $51,000. 
D) $49,500.

Question 9

Horner Corporation The following information has been taken from the cost records of Horner Corporation for the past year:
    Refer to Horner Company.Cost of Goods Manufactured was

Accepted Answer

A) $651 
B) $736 
C) $771 
D) $796 
A) $651 
B) $736 
C) $771 
D) $796

Question 10

Which of the following would generally be considered a fixed factory overhead cost?

Accepted Answer

A) no no no 
B) yes no yes 
C) yes yes no 
D) no yes no 
A) no no no 
B) yes no yes 
C) yes yes no 
D) no yes no

Question 11

Fixed cost per unit varies directly with production.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following always has a direct cause-effect relationship to a cost?

Accepted Answer

A) yes yes 
B) yes no 
C) no yes 
D) no no 
A) yes yes 
B) yes no 
C) no yes 
D) no no

Question 13

The following miscellaneous data has been collected for Bethany Manufacturing Company for the most recent year-end:
   Required: Prepare statements of cost of goods manufactured and cost of goods sold showing how all unknown amounts were determined.

Accepted Answer

The answer of The following miscellaneous data has been collected...

Question 14

Jordan Company The following information has been taken from the cost records of Jordan Company for the past year:
    Refer to Jordan Company.Cost of Goods Manufactured was

Accepted Answer

A) $636. 
B) $716. 
C) $736. 
D) $766. 
A) $636. 
B) $716. 
C) $736. 
D) $766.

Question 15

The formula to compute cost of goods manufactured is

Accepted Answer

A) beginning Work in Process Inventory plus purchases of raw material minus ending Work in Process Inventory. 
B) beginning Work in Process Inventory plus direct labor plus direct material used plus overhead incurred minus ending Work in Process Inventory. 
C) direct material used plus direct labor plus overhead incurred. 
D) direct material used plus direct labor plus overhead incurred plus beginning Work in Process Inventory. 
A) beginning Work in Process Inventory plus purchases of raw material minus ending Work in Process Inventory. 
B) beginning Work in Process Inventory plus direct labor plus direct material used plus overhead incurred minus ending Work in Process Inventory. 
C) direct material used plus direct labor plus overhead incurred. 
D) direct material used plus direct labor plus overhead incurred plus beginning Work in Process Inventory.

Question 16

Why should predetermined overhead rates be used?

Accepted Answer

Predetermined overhead rates should be u

Question 17

A cost that remains constant on a per unit basis within the relevant range is a ____________________ cost.

Accepted Answer

The answer of A cost that remains constant on a...

Question 18

Costs incurred for monitoring or inspecting products are known as ____________________ costs.

Accepted Answer

The answer of Costs incurred for monitoring or inspecting products...

Question 19

In a normal cost system,factory overhead is applied to Work in Process using a predetermined overhead rate.

Accepted Answer

A) True 
 B)False

Question 20

Perry Company. Perry Company manufactures wood file cabinets.The following information is available for June of the current year.
  The direct labor rate is $9.60 per hour and overhead for the month was $9,600.
Refer to Perry Company.What are prime costs and conversion costs,respectively if there were 1,500 direct labor hours and $21,000 of raw material was purchased?

Accepted Answer

A) $29,100 and $33,900 
B) $33,900 and $24,000 
C) $33,900 and $29,100 
D) $24,000 and $33,900 
A) $29,100 and $33,900 
B) $33,900 and $24,000 
C) $33,900 and $29,100 
D) $24,000 and $33,900

Anderson Enterprises Refer to Anderson Enterprises.For March,prime cost incurred was

Period costs include

The assumed range of activity that reflects the company's normal operating range is referred to as the ______________________________.

Retailers generally have a much higher degree of conversion than do manufacturing or professional firms.

Goodwin Enterprises Refer to Goodwin Enterprises.For April,prime cost incurred was

The three stages of production for a manufacturing firm are _,,and ___.

Which of the following replaces the retailing component "Purchases" in computing Cost of Goods Sold for a manufacturing company?

Horner Corporation The following information has been taken from the cost records of Horner Corporation for the past year: Refer to Horner Company.Cost of Goods Manufactured was

Which of the following would generally be considered a fixed factory overhead cost?

Fixed cost per unit varies directly with production.

Which of the following always has a direct cause-effect relationship to a cost?

The following miscellaneous data has been collected for Bethany Manufacturing Company for the most recent year-end: Required: Prepare statements of cost of goods manufactured and cost of goods sold showing how all unknown amounts were determined.

Jordan Company The following information has been taken from the cost records of Jordan Company for the past year: Refer to Jordan Company.Cost of Goods Manufactured was

The formula to compute cost of goods manufactured is

Why should predetermined overhead rates be used?

A cost that remains constant on a per unit basis within the relevant range is a ____________________ cost.

Costs incurred for monitoring or inspecting products are known as ____________________ costs.

In a normal cost system,factory overhead is applied to Work in Process using a predetermined overhead rate.

Introduction to Cost Accounting

Predetermined Overhead Rates, flexible Budgets, and Absorptionvariable Costing

Activity-Based Management and Activity-Based Costing

Job Order Costing

Process Costing

Standard Costing and Variance Analysis

The Master Budget

Break-Even Point and Cost-Volume-Profit Analysis

Relevant Information for Decision Making

Allocation of Joint Costs and Accounting for By-Products

Introduction to Cost Management Systems

Responsibility Accounting, support Department Allocations, and Transfer Pricing

Performance Measurement, balanced Scorecards, and Performance Rewards

Capital Budgeting

Managing Costs and Uncertainty

Implementing Quality Concepts

Inventory and Production Management

Emerging Management Practices

Filters

Exam 2: Cost Terminology and Cost Behaviors

Anderson Enterprises Refer to Anderson Enterprises.For March,prime cost incurred was

Period costs include

The assumed range of activity that reflects the company's normal operating range is referred to as the ______________________________.

Retailers generally have a much higher degree of conversion than do manufacturing or professional firms.

Goodwin Enterprises Refer to Goodwin Enterprises.For April,prime cost incurred was

The three stages of production for a manufacturing firm are _________________________,______________________________,and _________________________.

Which of the following replaces the retailing component "Purchases" in computing Cost of Goods Sold for a manufacturing company?

Horner Corporation The following information has been taken from the cost records of Horner Corporation for the past year: Refer to Horner Company.Cost of Goods Manufactured was

Which of the following would generally be considered a fixed factory overhead cost?

Fixed cost per unit varies directly with production.

Which of the following always has a direct cause-effect relationship to a cost?

The following miscellaneous data has been collected for Bethany Manufacturing Company for the most recent year-end: Required: Prepare statements of cost of goods manufactured and cost of goods sold showing how all unknown amounts were determined.

Jordan Company The following information has been taken from the cost records of Jordan Company for the past year: Refer to Jordan Company.Cost of Goods Manufactured was

The formula to compute cost of goods manufactured is

Why should predetermined overhead rates be used?

A cost that remains constant on a per unit basis within the relevant range is a ____________________ cost.

Costs incurred for monitoring or inspecting products are known as ____________________ costs.

In a normal cost system,factory overhead is applied to Work in Process using a predetermined overhead rate.

Introduction to Cost Accounting

Predetermined Overhead Rates, flexible Budgets, and Absorptionvariable Costing

Activity-Based Management and Activity-Based Costing

Job Order Costing

Process Costing

Standard Costing and Variance Analysis

The Master Budget

Break-Even Point and Cost-Volume-Profit Analysis

Relevant Information for Decision Making

Allocation of Joint Costs and Accounting for By-Products

Introduction to Cost Management Systems

Responsibility Accounting, support Department Allocations, and Transfer Pricing

Performance Measurement, balanced Scorecards, and Performance Rewards

Capital Budgeting

Managing Costs and Uncertainty

Implementing Quality Concepts

Inventory and Production Management

Emerging Management Practices

Filters

The three stages of production for a manufacturing firm are _,,and ___.