Exam 2: Measuring Product Costs

Cost flow model.Oxford Penley's accountant resigned and left the books a mess.Oxford is trying to compute unknown values in inventory accounts in four regions.Knowing of your expertise in cost flows,he asks for your help and provides you with the following information about each store: Required: Tell Oxford what the missing values (?)are for each region.

Which of the following companies would most likely use a job costing system?

Little League Baseball Manufacturer The Little League Baseball Manufacturer purchases materials for the production of customized little league baseball bats,hires workers to convert the materials to customized finished baseball bats,and then offers the customized baseball bats for sale to little league teams and the general public. Refer to Little League Baseball Manufacturer. Manufacturing costs such as the cost of production supervisors overseeing the production of several different products fall into which of the following categories?

Which of the following companies would most likely use a process costing system?

Which of the following isfalse about process costing?

Normal costing uses actual direct material and direct labor costs,plus an amount representing "normal"

Little League Baseball Manufacturer The Little League Baseball Manufacturer purchases materials for the production of customized little league baseball bats,hires workers to convert the materials to customized finished baseball bats,and then offers the customized baseball bats for sale to little league teams and the general public. Refer to Little League Baseball Manufacturer. Manufacturing costs such as cleaning supplies which are not easily traced to a specific customized baseball bat fall into which of the following categories?

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,what was the cost of goods sold?

Which costing system is generally used by companies producing high value,customized products?

Which of the following is true regarding cost drivers?

Which of the following is not a characteristic of an effective cost system?

Leon Manufacturing Company Leon Manufacturing Company uses a normal costing system.During the current year,the following events took place: Refer to Leon Manufacturing Company.Calculate the direct materials ending inventory (there was no beginning direct materials inventory).

Assume a normal costing system.Calculate the predetermined overhead rate based on the following assumptions:

Accounting for factory overhead costs involves averaging in Job Order Costing Process Costing

Under normal costing,the Predetermined Manufacturing Overhead Rate equals

Which of the following lists presents the accounts in the order in which product costs flow?

Little League Baseball Manufacturer The Little League Baseball Manufacturer purchases materials for the production of customized little league baseball bats,hires workers to convert the materials to customized finished baseball bats,and then offers the customized baseball bats for sale to little league teams and the general public. Refer to Little League Baseball Manufacturer. Manufacturing costs such as the cost of the high quality hard woods specifically selected by the customer for producing their own customized baseball bat fall into which of the following categories?

Which of the following is not normally added to the work-in-process account?

Leon Manufacturing Company Leon Manufacturing Company uses a normal costing system.During the current year,the following events took place: Refer to Leon Manufacturing Company.Calculate the finished goods ending inventory (there was no beginning finished goods inventory).

Which of the following is true?