ACCT 346 Midterm Exam (Fall Term)
(Multiple Choice):
- Question: (TCO 1) Comparing budgets versus actuals is an example of which management responsibility?
- Question: (TCO 1) Which of the following statements regarding financial accounting and managerial accounting is incorrect?
- Question: (TCO 1) Which of the following professional standards applies to disclosing all relevant information that could reasonably … expected to influence an intended user’s understanding?
- Question: (TCO 1) Which of the following is not part of manufacturing overhead?
- Question: (TCO 1) Which of the following is a variable cost?
- Question: (TCO 1) Which of the following is a conversion cost?
- Question: (TCO 1) ……. XYZ Inc. has a balance in the Finished Goods Inventory account of $50,000. On January 1, 2015, the balance in the Finished Goods Inventory account was $75,000………. the balance in the Work-in-Process inventory account is $25,000…… January 1, 2015, the balance in the Work-in-Process inventory account is $10,000. Cost of goods manufactured is $160,000. How … is cost of goods sold?
- Question: (TCO 2) Which of the companies below would be most likely to use job-order costing?
- Question: (TCO 2) Cindy Company applies manufacturing overhead based on labor hours. Information concerning manufacturing overhead cost and hours for August follows.
- Question: (TCO 2) During 2015, Kim Company applied overhead using a job-order costing system at a rate of $12 per direct labor hour…….. overhead for the year was $1,500,000. Actual direct labor hours for 2015 were 130,000, and actual overhead was $1,650,000……… year?
(Essay):
- Question: (TCO 2) XYZ Company uses budgeted overhead rates to apply overhead to individual jobs. It uses a system based on machine hours. Last year, the company made the following estimates for this year.
- Question: (TCO 3) James Company uses process costing to track its costs in two sequential production departments: Forming and Finishing. The following information is … regarding the Forming Department:
- Question: (TCO 6) Classify each of the costs below within the ABC costing hierarchy as either unit-level, batch-level, product-level, or facility-level.
- Question: (TCO 2) Drake Company incurred costs of $77,000 for direct materials (raw) purchased. Direct labor was $45,000 and factory overhead was $22,000 for March.
ACCT 346 Midterm Exam (Summer Term)
(Multiple Choice):
- Question : (TCO 1) Using managerial accounting reports to run operations is an example of which management responsibility?
- Question : (TCO 1) Which of the following statements regarding financial accounting and managerial accounting is correct?
- Question : (TCO 1) Which of the following professional standards applies to not engaging in any activity that would discredit the profession?
- Question : (TCO 1) Which of the following is an inventoriable product cost?
- Question : (TCO 1) Which of the following is a variable cost?
- Question : (TCO 1) Which of the following is a conversion cost?
- Question : (TCO 1) On December 31, 2015, XYZ Inc. has a balance in the Finished Goods Inventory account of $50,000. On January 1, 2015, the balance in the Finished Goods Inventory account was $75,000…….the balance in the Work-in-Process inventory account is $25,000…… January 1, 2015, the balance in the Work-in-Process inventory account is $10,000. Cost of goods manufactured is $160,000. How much is cost of goods sold?
- Question : (TCO 2) Which of the companies below would be most likely to not use job-order costing?
- Question : (TCO 2) James Company applies manufacturing overhead based on machine hours. Information concerning manufacturing overhead cost and hours for August follows.
- Question : (TCO 2) During 2015, Thompson Company applied overhead using a job-order costing system at a rate of $15 per direct labor hour. Estimated direct labor hours for the year were 110,000, and … overhead for the year was $1,650,000. Actual direct labor hours for 2015 were 100,000, and actual overhead was $1,520,000. What is the amount of under- or over-applied overhead for the year?
(Essay):
- Question : (TCO 2) ABC Company uses budgeted overhead rates to apply overhead to individual jobs. It uses a system based on direct labor hours. Last year, the company made the following estimates for this year.
- Question : (TCO 3) James Company uses process costing to track its costs in two sequential production departments: Forming and Finishing. The following information is … regarding the Forming Department:
- Question : (TCO 6) Classify each of the costs below within the ABC costing hierarchy as either unit-level, batch-level, product-level, or facility-level.
- Cost to inspect each product as it is finished
- Factory depreciation
- Machine setup
- Costs to hire human resource personnel
- Salary for a product-line manager
- Receiving raw materials from vendors
4. Question : (TCO 2) Drake Company incurred costs of $77,000 for direct materials (raw) purchased. Direct labor was $45,000 and factory overhead was $22,000 for March.
- Inventories were as follows:
- Raw materials beginning $10,000; raw materials ending $14,000
- Work-in-process beginning $36,000; work-in-process ending $24,000
- Finished goods beginning $5,000; finished goods ending $10,000
- Required: Calculate the cost of goods manufactured for March for Drake Company. Show your work.