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Devry ACCT505 Week 4 Midterm Exam v.1- spring 2014

Question Type:# Of Questions:# Correct:
Multiple Choice109
Short1N/A
Essay3N/A

Grade Details – All Questions
Page:1 2

1.Question :(TCO A) Wages paid to an assembly line worker in a factory are a

Prime Cost YES…..Conversion Cost NO.

Prime Cost YES…..Conversion Cost YES.

Prime Cost NO….Conversion Cost NO.

Prime Cost NO…..Conversion Cost YES.

2.Question :(TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n)

period cost.

incremental cost.

opportunity cost.

None of the above

3.Question :(TCO A) Depreciation of office buildings and office equipment is also known as

variable costs.

conversion costs.

product costs.

period costs.

Instructor Explanation:Chapter 2

Points Received:6 of 6
Comments:

4.Question :(TCO A) When the activity level is expected to increase within the relevant range, what effects would be anticipated with respect to each of the following?

Fixed costs per unit increase and variable costs per unit increase.

Fixed costs per unit decrease 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.Instructor Explanation:Chapter 5

Points Received:6 of 6
Comments:

5.Question :(TCO F) When manufacturing overhead is applied to production, it is added to

the Cost of Goods Sold account.

the Raw Materials account.

the Direct Labor account.

None of the above

Instructor Explanation:Chapter 3

Points Received:6 of 6
Comments:

6.Question :(TCO F) Which of the following statements about the process-costing system is incorrect?

In a process-costing system, each processing department has a work-in-process account. In a process-costing system, equivalent units are separately computed for materials and for conversion costs. In a process-costing system, overhead can be under- or overapplied just as in job-order costing. In a process-costing system, materials costs are traced to units of products.Instructor Explanation:Chapter 4

Points Received:6 of 6
Comments:

7.Question :(TCO F) The FIFO method only provides a major advantage over the weighted-average method in that

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.Instructor Explanation:Chapter 4

Points Received:6 of 6
Comments:

8.Question :(TCO B) The contribution margin ratio always decreases when the

break-even point increases.

break-even point decreases.

variable expenses as a percentage of net sales increase.

variable expenses as a percentage of net sales decrease.

Instructor Explanation:Chapter 6

Points Received:6 of 6
Comments:

9.Question :(TCO B) To obtain the break-even point in terms of dollar sales, total fixed expenses are divided by which of the following?

Variable expense per unit

Variable expense per unit/Selling price per unit

Fixed expense per unit

(Selling price per unit – Variable expense per unit) /Selling price per unit.Instructor Explanation:Chapter 6

Points Received:6 of 6
Comments:

10.Question :(TCO E) Under variable costing

net operating income will tend to move up and down in response to changes in levels of production. inventory costs will be lower than under absorption costing.

net operating income will tend to vary inversely with production changes. net operating income will always be higher than under absorption costing.Instructor Explanation:Chapter 6

Points Received:6 of 6
Comments:

Page:1 2

Grade Details – All Questions
Page:1 2

1.Question :(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………………………………………………………………………$910Purchases of raw materials…………………………………………$225Direct labor……………………………………………………………..$245Manufacturing overhead…………………………………………….$265Administrative expenses…………………………………………….$150Selling expenses……………………………………………………….$140Raw materials inventory, beginning……………………………….$15Raw materials inventory, ending…………………………………..$45Work-in-process inventory, beginning……………………………$20Work-in-process inventory, ending……………………………….$55Finished goods inventory, beginning……………………………..$100Finished goods inventory, ending…………………………………$135 Required: Prepare a Schedule of Cost of Goods Manufactured in the text box below.

Points Received:14 of 15
Comments:

2.Question :(TCO F) The Indiana 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 70,000 65% 45% Work in process, Jun 30 60,000 75% 65% The department started 290,000 units into production during the month and transferred 300,000 completed units to the next department. Required: Compute the equivalent units of production for the first department for June, assuming that the company uses the Comments:

3.Question :(TCO B) 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 Required:

a. Calculate the company’s unit contribution margin.
b. Calculate the company’s unit contribution ratio.
c. If the company increases its unit sales volume by 5% without increasing its fixed expenses, what would the company’s net operating income be?

Comments:

4.Question :(TCO E) Lehne Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $ 125

Units in beginning inventory600
Units oroduced3000
Units sold3500
Units in ending inventory100

Variable costs per unit:
Direct materials $ 15

Direct labor $ 50
Variable manufacturing overhead $ 8
Variable selling and admin $ 12

Fixed costs:
Fixed manufacturing overhead $ 75,000
Fixed selling and admin $ 20,000
The company produces the same number of units every month, although the sales in units vary from month to month. The company’s variable costs per unit and total fixed costs have been constant from month to month. Required:

a. What is the unit product cost for the month under variable costing? b. What is the unit product cost for the month under absorption costing? c. Prepare an income statement for the month using the variable costing method. d. Prepare an income statement for the month using the absorption costing method.

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