Question 1

The journal entry to record wages earned by assembly line workers would include a:

Accepted Answer

A) credit to Indirect Labor 
B) debit to Manufacturing Overhead 
C) debit to Work-in-Process Inventory 
D) credit to Cost of Goods Manufactured 
A) credit to Indirect Labor 
B) debit to Manufacturing Overhead 
C) debit to Work-in-Process Inventory 
D) credit to Cost of Goods Manufactured

Question 2

Paltrow Corporation applies unit-related overhead at the rate of $100 per direct-labor hour.If 3,000 direct labor hours were used,which of the following entries should be made?

Accepted Answer

A) debit to finished goods and credit to manufacturing overhead 
B) debit to manufacturing overhead and credit to finished goods 
C) debit to work-in-process and credit to manufacturing overhead 
D) debit to manufacturing overhead and credit to work-in-process 
A) debit to finished goods and credit to manufacturing overhead 
B) debit to manufacturing overhead and credit to finished goods 
C) debit to work-in-process and credit to manufacturing overhead 
D) debit to manufacturing overhead and credit to work-in-process

Question 3

Which of the following is not considered manufacturing overhead?

Accepted Answer

A) Depreciation on factory equipment 
B) Supervisors salaries 
C) Cost of utilities for factory 
D) Depreciation on warehouse that stores finished goods 
A) Depreciation on factory equipment 
B) Supervisors salaries 
C) Cost of utilities for factory 
D) Depreciation on warehouse that stores finished goods

Question 4

Use the following to answer questions 
J & C Electronics, Inc. gathered the following direct materials cost information for the month of March:
  
-The direct materials usage variance is:

Accepted Answer

A) $4,250U 
B) $4,425F 
C) $6,800U 
D) $7,080F 
A) $4,250U 
B) $4,425F 
C) $6,800U 
D) $7,080F

Question 5

The activity "setting up machines" is part of the activity level:

Accepted Answer

A) product sustaining 
B) facility sustaining 
C) batch related 
D) unit related 
A) product sustaining 
B) facility sustaining 
C) batch related 
D) unit related

Question 6

Match between columns
                        Premises: Number of square feet in building
Number of tests required to test product
Assembling units
Set up cost
Machine time used to manufacture product
BTU's of head needed to heat building
Inspecting product
Insurance on buildings
Ordering cost
Designing products

Accepted Answer

The Answer of Product-sustaining and Facility-sustaining and Batch-related and Unit-related is...

Question 7

Ridgeline Computer Company,which manufactures computer parts,gathered the following information at its most recent year-end:
   Determine the (
A)cost of goods manufactured,(b)cost of goods sold,and (c)gross margin.Assume any over- underapplied manufacturing overhead is closed out to Cost of Goods Sold.

Accepted Answer

The answer of Ridgeline Computer Company,which manufactures computer parts,gathered the...

Question 8

Use the following to answer questions 
BAK Systems, Inc. gathered the following direct labor cost information for the month of July:
  
-The direct labor price variance is:

Accepted Answer

A) $15,730U 
B) $23,975U 
C) $15,275F 
D) $23,520F 
A) $15,730U 
B) $23,975U 
C) $15,275F 
D) $23,520F

Question 9

All of the following are activity levels except:

Accepted Answer

A) unit related 
B) driver related 
C) facility sustaining 
D) product sustaining 
A) unit related 
B) driver related 
C) facility sustaining 
D) product sustaining

Question 10

Use the following to answer questions
Hurricane, Inc. manufactures hurricane lamps. Selected data regarding standard costs follow:
   Selected actual results for the month of August are shown below:
  
-The direct materials inventory variance is:

Accepted Answer

A) $ 750U 
B) $ 780F 
C) $3,000U 
D) $3,750F 
A) $ 750U 
B) $ 780F 
C) $3,000U 
D) $3,750F

Question 11

The entry to deal with the over application of overhead during a time period is:

Accepted Answer

A)    
B)    
C)    
D)    
A)    
B)    
C)    
D)

Question 12

The direct labor usage variance is calculated as:

Accepted Answer

A) (Standard Price - Actual Price)x Actual Quantity 
B) (Actual Price - Standard Price)x Standard Quantity Allowed 
C) (Standard Quantity Allowed - Actual Quantity)x Actual Price 
D) (Actual Quantity - Standard Quantity Allowed)x Standard Price 
A) (Standard Price - Actual Price)x Actual Quantity 
B) (Actual Price - Standard Price)x Standard Quantity Allowed 
C) (Standard Quantity Allowed - Actual Quantity)x Actual Price 
D) (Actual Quantity - Standard Quantity Allowed)x Standard Price

Question 13

Which of the following documents does not generate an accounting entry?

Accepted Answer

A) Production order 
B) Materials requisition 
C) Job cost record 
D) All generate an accounting entry 
A) Production order 
B) Materials requisition 
C) Job cost record 
D) All generate an accounting entry

Question 14

Use the following to answer questions 
Dodd Corporation used $90,000 of direct material, $112,000 of direct labor, and applied $104,000 of manufacturing overhead during July. Its beginning and ending work-in-process and finished goods inventories were as follows:
  
-The standard cost for direct labor is $190,000 if the company produces 15,200 units of product.Actual direct labor cost to produce 15,800 units of product totaled $213,300.What is price variance and is it favorable or unfavorable?

Accepted Answer

A) $19,800 Unfavorable 
B) $23,300 Unfavorable 
C) $19,800 Favorable 
D) $23,300 Favorable 
A) $19,800 Unfavorable 
B) $23,300 Unfavorable 
C) $19,800 Favorable 
D) $23,300 Favorable

Question 15

When the amount of over-underapplied manufacturing overhead is large,the Manufacturing Overhead account is generally closed out to:

Accepted Answer

A) Cost of Goods Sold 
B) Work-in-Process Inventory 
C) Cost of Goods Manufactured 
D) Finished Goods Inventory,Work-in-Process Inventory,and Cost of Goods Sold 
A) Cost of Goods Sold 
B) Work-in-Process Inventory 
C) Cost of Goods Manufactured 
D) Finished Goods Inventory,Work-in-Process Inventory,and Cost of Goods Sold

Question 16

Winslett Company had a $34,000 beginning balance in its raw materials inventory and a $30,000 ending balance.During the period $197,000 of raw materials was purchased.What amount of raw materials was used?

Accepted Answer

A) $201,000 
B) $197,000 
C) $193,000 
D) $ 4,000 
A) $201,000 
B) $197,000 
C) $193,000 
D) $ 4,000

Question 17

Use the following to answer questions 
Dodd Corporation used $90,000 of direct material, $112,000 of direct labor, and applied $104,000 of manufacturing overhead during July. Its beginning and ending work-in-process and finished goods inventories were as follows:
  
-The standard cost for direct material is $45,000 if the company produces 10,000 units of product.Actual direct materials used to produce 10,500 units of product amounted to $48,300.What is the standard cost for the direct material at the actual level of production.

Accepted Answer

A) $45,000 
B) $46,000 
C) $47,250 
D) $48,300 
A) $45,000 
B) $46,000 
C) $47,250 
D) $48,300

Question 18

Use the following to answer questions 
J & C Electronics, Inc. gathered the following direct materials cost information for the month of March:
  
-The direct materials price variance is:

Accepted Answer

A) $ 4,250U 
B) $ 4,425F 
C) $11,865U 
D) $12,145F 
A) $ 4,250U 
B) $ 4,425F 
C) $11,865U 
D) $12,145F

Question 19

The journal entry to record the completion and transfer of the cost of goods manufactured includes a:

Accepted Answer

A) debit to Cost of Goods Sold 
B) debit to Manufacturing Overhead 
C) credit to Finished Goods Inventory 
D) credit to Work-in-Process Inventory 
A) debit to Cost of Goods Sold 
B) debit to Manufacturing Overhead 
C) credit to Finished Goods Inventory 
D) credit to Work-in-Process Inventory

Question 20

A group of costs that change in response to changes in the same cost driver referred to as:

Accepted Answer

A) a cost pool 
B) activity costs 
C) conversion costs 
D) a cost accumulation group 
A) a cost pool 
B) activity costs 
C) conversion costs 
D) a cost accumulation group

The journal entry to record wages earned by assembly line workers would include a:

Paltrow Corporation applies unit-related overhead at the rate of $100 per direct-labor hour.If 3,000 direct labor hours were used,which of the following entries should be made?

Which of the following is not considered manufacturing overhead?

Use the following to answer questions J & C Electronics, Inc. gathered the following direct materials cost information for the month of March: -The direct materials usage variance is:

The activity "setting up machines" is part of the activity level:

Use the following to answer questions BAK Systems, Inc. gathered the following direct labor cost information for the month of July: -The direct labor price variance is:

All of the following are activity levels except:

Use the following to answer questions Hurricane, Inc. manufactures hurricane lamps. Selected data regarding standard costs follow: Selected actual results for the month of August are shown below: -The direct materials inventory variance is:

The entry to deal with the over application of overhead during a time period is:

The direct labor usage variance is calculated as:

Which of the following documents does not generate an accounting entry?

When the amount of over-underapplied manufacturing overhead is large,the Manufacturing Overhead account is generally closed out to:

Winslett Company had a $34,000 beginning balance in its raw materials inventory and a $30,000 ending balance.During the period $197,000 of raw materials was purchased.What amount of raw materials was used?

Use the following to answer questions J & C Electronics, Inc. gathered the following direct materials cost information for the month of March: -The direct materials price variance is:

The journal entry to record the completion and transfer of the cost of goods manufactured includes a:

A group of costs that change in response to changes in the same cost driver referred to as:

Accounting and Business

Business Processes and Accounting Information

Operating Processes: Planning and Control

Short-Term Decision Making

Strategic Planning Regarding Operating Processes

Planning, The Balanced Scorecard, and Budgeting

Accounting Information Systems

Purchasinghuman Resourcespayment Process: Recording and Evaluating Expenditure Process Activities

Recording and Evaluating Revenue Process Activities

Time Value of Money

Planning Investments: Capital Budgeting

Planning Equity Financing

Planning Debt Financing

Recording and Evaluating Capital Resource Process Activities: Financing

Recording and Evaluating Capital Resource Process Activities: Investing

Company Performance: Profitability

Company Performance: Owners Equity and Financial Position

Company Performance: Cash Flows

Company Performance: Comprehensive Evaluation

Filters

Exam 9: Recording and Evaluating Conversion Process Activities

The journal entry to record wages earned by assembly line workers would include a:

Paltrow Corporation applies unit-related overhead at the rate of $100 per direct-labor hour.If 3,000 direct labor hours were used,which of the following entries should be made?

Which of the following is not considered manufacturing overhead?

Use the following to answer questions J & C Electronics, Inc. gathered the following direct materials cost information for the month of March: -The direct materials usage variance is:

The activity "setting up machines" is part of the activity level:

Use the following to answer questions BAK Systems, Inc. gathered the following direct labor cost information for the month of July: -The direct labor price variance is:

All of the following are activity levels except:

Use the following to answer questions Hurricane, Inc. manufactures hurricane lamps. Selected data regarding standard costs follow: Selected actual results for the month of August are shown below: -The direct materials inventory variance is:

The entry to deal with the over application of overhead during a time period is:

The direct labor usage variance is calculated as:

Which of the following documents does not generate an accounting entry?

When the amount of over-underapplied manufacturing overhead is large,the Manufacturing Overhead account is generally closed out to:

Winslett Company had a $34,000 beginning balance in its raw materials inventory and a $30,000 ending balance.During the period $197,000 of raw materials was purchased.What amount of raw materials was used?

Use the following to answer questions J & C Electronics, Inc. gathered the following direct materials cost information for the month of March: -The direct materials price variance is:

The journal entry to record the completion and transfer of the cost of goods manufactured includes a:

A group of costs that change in response to changes in the same cost driver referred to as:

Accounting and Business

Business Processes and Accounting Information

Operating Processes: Planning and Control

Short-Term Decision Making

Strategic Planning Regarding Operating Processes

Planning, The Balanced Scorecard, and Budgeting

Accounting Information Systems

Purchasinghuman Resourcespayment Process: Recording and Evaluating Expenditure Process Activities

Recording and Evaluating Revenue Process Activities

Time Value of Money

Planning Investments: Capital Budgeting

Planning Equity Financing

Planning Debt Financing

Recording and Evaluating Capital Resource Process Activities: Financing

Recording and Evaluating Capital Resource Process Activities: Investing

Company Performance: Profitability

Company Performance: Owners Equity and Financial Position

Company Performance: Cash Flows

Company Performance: Comprehensive Evaluation

Filters