ashworth college BU330 online exam 1 latest 2016 may.Part 1 of 1 – 90.0/ 100.0 PointsQuestion 1 of 2

 
   

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadlines.  

ashworth college BU330 online exam 1 latest 2016 may.Part 1 of 1 – 90.0/ 100.0 PointsQuestion 1 of 205.0/ 5.0 PointsThe IMA issues which of the following certifications?A. CMAB. CIAC. CFPD. CPAQuestion 2 of 205.0/ 5.0 PointsCommunicating information fairly and objectively is an example of which ethical standard?A. CredibilityB. IntegrityC. CompetenceD. ConfidentialityQuestion 3 of 205.0/ 5.0 PointsThe person who is directly responsible for all financial functions is the:A. Treasurer.B. CEO.C. CFO.D. COO.Question 4 of 205.0/ 5.0 PointsRefusing gifts or favors that could be perceived to influence your actions is an example of which ethical standard?A. CredibilityB. IntegrityC. ConfidentialityD. CompetenceQuestion 5 of 205.0/ 5.0 PointsPorches, Inc., sells lawn furniture. Selected financial information for the most recent year follows.Beginning merchandise inventory on January 1 was $33,000.Ending merchandise inventory on December 31 was $35,000.Purchases during the year were $92,000.Selling and administrative expenses were $75,000.Sales for year were $262,000.What was the value of goods available for sale?A. $125,000B. $127,000C. $170,000D. $ 90,000Question 6 of 205.0/ 5.0 PointsInternal parties receive information about past performance from:A. audit reports.B. budget reports.C. planning reports.D. managerial accounting reports.Question 7 of 205.0/ 5.0 PointsThe costs associated with reengineering machinery and its location within the factory to increase efficiency would be considered which part of the value chain?A. Customer serviceB. MarketingC. Research and developmentD. DesignQuestion 8 of 205.0/ 5.0 PointsWhich of the following types of companies has raw materials, work in process, and finished goods inventory?A. RetailersB. ManufacturersC. WholesalersD. Service companiesQuestion 9 of 205.0/ 5.0 Points__________ gathers, summarizes, and reports on the financial impact of changes to business operations.A. Managerial accountingB. PlanningC. DirectingD. ControllingQuestion 10 of 205.0/ 5.0 PointsEvaluating results against the plan is an example of which of the following management functions?A. PlanningB. ControllingC. AnalyzingD. DirectingQuestion 11 of 205.0/ 5.0 PointsA wave of accounting scandals around the turn of the 21st century prompted which of the following?A. XBRLB. IFRSC. SOXD. ISOQuestion 12 of 200.0/ 5.0 PointsCosts that remain the same among alternatives are:A. sunk costs.B. irrelevant costs.C. controllable costs.D. uncontrollable costs.Question 13 of 205.0/ 5.0 PointsWhich of the following people is most likely to use only financial accounting information?A. Vice president of plant operationsB. Product managerC. Plant managerD. Bank loan officerQuestion 14 of 205.0/ 5.0 PointsWhich of the following describes the way in which total fixed costs behave?A. They will decrease as production increases.B. They will decrease as production decreases.C. They will remain the same throughout production levels within the relevant range.D. They will increase as production decreases.Question 15 of 205.0/ 5.0 Points________ is the business philosophy and a strategy of manufacturing without waste.A. ISO 9001B. Lean thinkingC. TQMD. Thin manufacturingQuestion 16 of 205.0/ 5.0 PointsWhich of the following is NOT an example of an indirect cost incurred in manufacturing automobiles?A. Plant supervisor salaryB. Machinery depreciation in the factoryC. Plant utilitiesD. Cost of the automobile enginesQuestion 17 of 205.0/ 5.0 PointsWhich of the following costs could be found in work in process inventory for a candy bar manufacturer?A. Assembly worker wagesB. Utilities for administrative officesC. Depreciation on sales officeD. Customer order formsQuestion 18 of 200.0/ 5.0 PointsWinner’s Sporting Equipment manufactures sporting goods. Selected costs from the past year include the following.Plastics used to make products $151,000Heating and lighting costs for factory 65,000Factory janitor wages 67,000Costs of shipping to customers 11,000Lubricants used in factory equipment 2,000Lighting costs for sales office 20,000Depreciation on factory equipment 23,000Office supplies for sales office 6,000Insurance costs for factory 13,000Maintenance worker wages 99,000Freight-in (on plastics) 7,500Aluminum used to make products 175,000Assembly-line worker wages 142,000Salaries of salespeople 74,000Period costs for Winner’s Sporting Equipment totaled:A. $91,000.B. $37,000.C. $188,000.D. $111,000.Question 19 of 205.0/ 5.0 PointsLots of Stuff Company reports the following data for its first year of operation.Work in process inventory, beginning $0Work in process inventory, ending 140,000Direct materials used 110,000Direct Labor 115,000Manufacturing overhead 185,000Finished goods inventory, beginning 0Finished goods inventory, ending 90,000What are the total manufacturing costs?A. $455,000B. $410,000C. $750,000D. $520,000Question 20 of 205.0/ 5.0 PointsIndirect materials, indirect labor, and indirect manufacturing costs are what type of manufacturing cost?A. Direct laborB. Direct materialsC. Manufacturing overheadD. Prime costsashworth college BU330 online exam 1 latest 2016 may.Part 1 of 1 – 5.0/ 100.0 PointsQuestion 1 of 200.0/ 5.0 PointsWinner’s Sporting Equipment manufactures sporting goods. Selected costs from the past year include the following.Plastics used to make products $151,000Heating and lighting costs for factory 65,000Factory janitor wages 67,000Costs of shipping to customers 11,000Lubricants used in factory equipment 2,000Lighting costs for sales office 20,000Depreciation on factory equipment 23,000Office supplies for sales office 6,000Insurance costs for factory 13,000Maintenance worker wages 99,000Freight-in (on plastics) 7,500Aluminum used to make products 175,000Assembly-line worker wages 142,000Salaries of salespeople 74,000Period costs for Winner’s Sporting Equipment totaled:A. $91,000.B. $37,000.C. $188,000.D. $111,000.Question 2 of 205.0/ 5.0 PointsIndirect materials, indirect labor, and indirect manufacturing costs are what type of manufacturing cost?A. Direct laborB. Direct materialsC. Manufacturing overheadD. Prime costsQuestion 3 of 200.0/ 5.0 PointsLots of Stuff Company reports the following data for its first year of operation.Work in process inventory, beginning $0Work in process inventory, ending 140,000Direct materials used 110,000Direct Labor 115,000Manufacturing overhead 185,000Finished goods inventory, beginning 0Finished goods inventory, ending 90,000What are the total manufacturing costs?A. $455,000B. $410,000C. $750,000D. $520,000Question 4 of 200.0/ 5.0 PointsPorches, Inc., sells lawn furniture. Selected financial information for the most recent year follows.Beginning merchandise inventory on January 1 was $33,000.Ending merchandise inventory on December 31 was $35,000.Purchases during the year were $92,000.Selling and administrative expenses were $75,000.Sales for year were $262,000.What was the value of goods available for sale?A. $125,000B. $127,000C. $170,000D. $ 90,000Question 5 of 200.0/ 5.0 PointsThe person who is directly responsible for all financial functions is the:A. Treasurer.B. CEO.C. CFO.D. COO.Question 6 of 200.0/ 5.0 PointsThe IMA issues which of the following certifications?A. CMAB. CIAC. CFPD. CPAQuestion 7 of 200.0/ 5.0 PointsWhich of the following types of companies has raw materials, work in process, and finished goods inventory?A. RetailersB. ManufacturersC. WholesalersD. Service companiesQuestion 8 of 200.0/ 5.0 PointsWhich of the following describes the way in which total fixed costs behave?A. They will decrease as production increases.B. They will decrease as production decreases.C. They will remain the same throughout production levels within the relevant range.D. They will increase as production decreases.Question 9 of 200.0/ 5.0 PointsInternal parties receive information about past performance from:A. audit reports.B. budget reports.C. planning reports.D. managerial accounting reports.Question 10 of 200.0/ 5.0 PointsWhich of the following costs could be found in work in process inventory for a candy bar manufacturer?A. Assembly worker wagesB. Utilities for administrative officesC. Depreciation on sales officeD. Customer order formsQuestion 11 of 200.0/ 5.0 PointsA wave of accounting scandals around the turn of the 21st century prompted which of the following?A. XBRLB. IFRSC. SOXD. ISOQuestion 12 of 200.0/ 5.0 PointsWhich of the following people is most likely to use only financial accounting information?A. Vice president of plant operationsB. Product managerC. Plant managerD. Bank loan officerQuestion 13 of 200.0/ 5.0 PointsWhich of the following is NOT an example of an indirect cost incurred in manufacturing automobiles?A. Plant supervisor salaryB. Machinery depreciation in the factoryC. Plant utilitiesD. Cost of the automobile enginesQuestion 14 of 200.0/ 5.0 PointsCommunicating information fairly and objectively is an example of which ethical standard?A. CredibilityB. IntegrityC. CompetenceD. ConfidentialityQuestion 15 of 200.0/ 5.0 PointsCosts that remain the same among alternatives are:A. sunk costs.B. irrelevant costs.C. controllable costs.D. uncontrollable costs.Question 16 of 200.0/ 5.0 PointsEvaluating results against the plan is an example of which of the following management functions?A. PlanningB. ControllingC. AnalyzingD. DirectingQuestion 17 of 200.0/ 5.0 Points________ is the business philosophy and a strategy of manufacturing without waste.A. ISO 9001B. Lean thinkingC. TQMD. Thin manufacturingQuestion 18 of 200.0/ 5.0 Points__________ gathers, summarizes, and reports on the financial impact of changes to business operations.A. Managerial accountingB. PlanningC. DirectingD. ControllingQuestion 19 of 200.0/ 5.0 PointsRefusing gifts or favors that could be perceived to influence your actions is an example of which ethical standard?A. CredibilityB. IntegrityC. ConfidentialityD. CompetenceQuestion 20 of 200.0/ 5.0 PointsThe costs associated with reengineering machinery and its location within the factory to increase efficiency would be considered which part of the value chain?A. Customer serviceB. MarketingC. Research and developmentD. Designashworth college BU330 online exam 2 latest 2016 may.Part 1 of 1 – 75.0/ 100.0 PointsQuestion 1 of 205.0/ 5.0 PointsWhich of these documents informs the storeroom to send specific materials to the factory floor?A. Receiving reportB. Bill of materialsC. Purchase orderD. Materials requisitionQuestion 2 of 205.0/ 5.0 PointsThe cost of downtime caused by quality problems with the raw materials would be classified as what type of cost?A. Prevention costB. Appraisal costC. External failure costD. Internal failure costQuestion 3 of 200.0/ 5.0 PointsThe predetermined indirect cost allocation rate is computed as:A. total estimated indirect costs / total estimated amount of the allocation base.B. total amount of the allocation base / total estimated indirect costs.C. total estimated indirect costs + total estimated amount of the allocation base.D. total amount of the allocation base – total estimated indirect costs.Question 4 of 205.0/ 5.0 PointsKramer Company manufactures coffee tables and uses an activity-based costing system to allocate all manufacturing conversion costs. Each coffee table consists of 20 separate parts totaling $240 in direct materials, and each requires 5 hours of machine time to produce. Additional information follows.Activity Allocation Base Cost Allocation RateMaterials handling Number of parts $2.00 per partMachining Machine hours $2.75 per machine hourAssembling Number of parts $1.00 per partPackaging Number of finished units $3.00 per finished unitWhat is the cost of machining per coffee table?A. $15B. $21C. $13.75D. $55Question 5 of 200.0/ 5.0 PointsIf jobs have been under costed due to under allocation of manufacturing overhead, then cost of goods sold (COGS) is too low and which of the following corrections must be made?A. Decrease COGS for the amount of the under allocationB. Increase COGS for double the amount of the under allocationC. Decrease COGS for double the amount of the under allocationD. Increase COGS for the amount of the under allocationQuestion 6 of 205.0/ 5.0 PointsThe entry to record the purchase of raw materials on account using a job costing system would include a:A. credit to work-in-process inventory.B. debit to accounts payable.C. debit to work-in-process inventory.D. debit to raw materials inventory.Question 7 of 200.0/ 5.0 PointsWhich of the following is a result of cost distortion?A. Over costing of all productsB. Under costing of all productsC. Accurate costing of all productsD. Over costing of some products and under costing of other productsQuestion 8 of 205.0/ 5.0 PointsA(n) ________ is an estimated manufacturing overhead rate computed before the year begins.A. cost allocationB. cost driverC. predetermined manufacturing overhead rateD. actual manufacturing overhead rateQuestion 9 of 205.0/ 5.0 PointsThe first step in developing an ABC system is:A. calculate an activity cost allocation rate for each activity.B. allocate the costs to the cost object using the activity cost allocation rates.C. select an allocation base for each activity.D. identify the primary activities and estimate a total cost pool for each.Question 10 of 205.0/ 5.0 PointsWhich term listed below describes a system where companies purchase raw materials when needed in production and complete finished goods when needed by customers?A. Internal failure costsB. Backflush costingC. Just-in-timeD. External failure costsQuestion 11 of 205.0/ 5.0 PointsWhich term listed below describes costs incurred when the company fails to detect poor quality goods or services before delivery to the customer?A. Internal failure costsB. Value-added activityC. External failure costsD. Just-in-time productionQuestion 12 of 205.0/ 5.0 PointsA system that focuses on activities as the fundamental cost object and uses the costs for these activities to compile indirect costs of goods and services is:A. appraisal costs.B. value engineering.C. activity-based costing.D. prevention costs.Question 13 of 205.0/ 5.0 PointsVenus Crates manufactures custom crates for a variety of uses. The following data have been recorded for Job 551, which was recently completed. Direct materials used cost $7,200. There were 82 machine hours used on this job. The predetermined overhead rate is $30 per machine hour used. There were 175 direct labor hours worked on this job at a direct labor wage rate of $24 per hour. What is the total manufacturing cost of Job 551?A. $13,860B. $4,200C. $2,460D. $7,457Question 14 of 205.0/ 5.0 PointsWatson’s Computer Company uses ABC to account for its manufacturing process.Activities Indirect activity budget Allocation base (cost driver)Materials handling $52,000 Based on number of partsMachine setup 30,000 Based on number of setupsAssembling 9,750 Based on number of partsPackaging 15,300 Based on number of finished unitsWatson’s Computer Company expects to produce 2,250 computers. Watson’s Computer Company also expects to use 13,000 parts and have 20 setups. The allocation rate for materials handling will be:A. $4.B. $6.80.C. $23.11.D. $7.01.Question 15 of 205.0/ 5.0 PointsShowboat Corporation had actual manufacturing overhead costs for the most recent year of $29,500. Manufacturing overhead is allocated using a predetermined manufacturing overhead rate of $1.50 per direct labor hour. Direct labor cost is $19 per hour. At the end of the year, Cabaret Corporation found it had over allocated manufacturing overhead by $1,250. How much manufacturing overhead was allocated in total during the year?A. $28,250B. $29,500C. $30,750D. $1,250Question 16 of 205.0/ 5.0 PointsWhich of the following is a lean strategy?A. Group like machines together.B. Produce in smaller batches than a traditional system.C. Maintain a higher level of inventory than a traditional system.D. Lengthen setup times relative to a traditional system.Question 17 of 205.0/ 5.0 PointsIn job costing, the journal entry to record the use of direct materials on jobs is to debit work-in-process inventory and credit:A. raw materials inventory.B. finished goods inventory.C. manufacturing overhead.D. wages payable.Question 18 of 205.0/ 5.0 PointsService firms develop a predetermined rate for some costs. This rate is cal
ed the:A. labor rate.B. direct cost rate.C. indirect cost allocation rate.D. hourly cost rate.Question 19 of 200.0/ 5.0 PointsThe benefits of using the ABC costing system are higher if the company:A. has high indirect costs.B. produces many different products that use differing amounts of resources.C. has high indirect costs and produces many different products that use differing amounts of resources.D. produces only one product.Question 20 of 200.0/ 5.0 PointsHere are selected data for Sunny Sky Corporation.Beginning raw materials inventory $37,000 Beginning work-in-process inventory $62,200Beginning finished goods inventory 58,300 Cost of materials purchased 151,000Cost of direct materials requisitioned 91,300 Direct labor incurred 135,000Actual manufacturing overhead 160,000 Cost of goods manufactured 287,000Cost of goods sold 265,000 Manufacturing overhead rate (% of direct labor) 125%What is the ending work-in-process inventory balance?A. $161,500B. $170,250C. $211,200D. $229,950ashworth college BU330 online exam 2 latest 2016 may.Part 1 of 1 – 45.0/ 100.0 PointsQuestion 1 of 205.0/ 5.0 PointsVenus Crates manufactures custom crates for a variety of uses. The following data have been recorded for Job 551, which was recently completed. Direct materials used cost $7,200. There were 82 machine hours used on this job. The predetermined overhead rate is $30 per machine hour used. There were 175 direct labor hours worked on this job at a direct labor wage rate of $24 per hour. What is the total manufacturing cost of Job 551?A. $13,860B. $4,200C. $2,460D. $7,457Question 2 of 200.0/ 5.0 PointsWhich term listed below describes a system where companies purchase raw materials when needed in production and complete finished goods when needed by customers?A. Internal failure costsB. Backflush costingC. Just-in-timeD. External failure costsQuestion 3 of 200.0/ 5.0 PointsIf jobs have been under costed due to under allocation of manufacturing overhead, then cost of goods sold (COGS) is too low and which of the following corrections must be made?A. Decrease COGS for the amount of the under allocationB. Increase COGS for double the amount of the under allocationC. Decrease COGS for double the amount of the under allocationD. Increase COGS for the amount of the under allocationQuestion 4 of 205.0/ 5.0 PointsA system that focuses on activities as the fundamental cost object and uses the costs for these activities to compile indirect costs of goods and services is:A. appraisal costs.B. value engineering.C. activity-based costing.D. prevention costs.Question 5 of 205.0/ 5.0 PointsWhich of these documents informs the storeroom to send specific materials to the factory floor?A. Receiving reportB. Bill of materialsC. Purchase orderD. Materials requisitionQuestion 6 of 200.0/ 5.0 PointsIn job costing, the journal entry to record the use of direct materials on jobs is to debit work-in-process inventory and credit:A. raw materials inventory.B. finished goods inventory.C. manufacturing overhead.D. wages payable.Question 7 of 200.0/ 5.0 PointsHere are selected data for Sunny Sky Corporation.Beginning raw materials inventory $37,000 Beginning work-in-process inventory $62,200Beginning finished goods inventory 58,300 Cost of materials purchased 151,000Cost of direct materials requisitioned 91,300 Direct labor incurred 135,000Actual manufacturing overhead 160,000 Cost of goods manufactured 287,000Cost of goods sold 265,000 Manufacturing overhead rate (% of direct labor) 125%What is the ending work-in-process inventory balance?A. $161,500B. $170,250C. $211,200D. $229,950Question 8 of 205.0/ 5.0 PointsService firms develop a predetermined rate for some costs. This rate is called the:A. labor rate.B. direct cost rate.C. indirect cost allocation rate.D. hourly cost rate.Question 9 of 205.0/ 5.0 PointsWatson’s Computer Company uses ABC to account for its manufacturing process.Activities Indirect activity budget Allocation base (cost driver)Materials handling $52,000 Based on number of partsMachine setup 30,000 Based on number of setupsAssembling 9,750 Based on number of partsPackaging 15,300 Based on number of finished unitsWatson’s Computer Company expects to produce 2,250 computers. Watson’s Computer Company also expects to use 13,000 parts and have 20 setups. The allocation rate for materials handling will be:A. $4.B. $6.80.C. $23.11.D. $7.01.Question 10 of 200.0/ 5.0 PointsShowboat Corporation had actual manufacturing overhead costs for the most recent year of $29,500. Manufacturing overhead is allocated using a predetermined manufacturing overhead rate of $1.50 per direct labor hour. Direct labor cost is $19 per hour. At the end of the year, Cabaret Corporation found it had over allocated manufacturing overhead by $1,250. How much manufacturing overhead was allocated in total during the year?A. $28,250B. $29,500C. $30,750D. $1,250Question 11 of 200.0/ 5.0 PointsThe predetermined indirect cost allocation rate is computed as:A. total estimated indirect costs / total estimated amount of the allocation base.B. total amount of the allocation base / total estimated indirect costs.C. total estimated indirect costs + total estimated amount of the allocation base.D. total amount of the allocation base – total estimated indirect costs.Question 12 of 205.0/ 5.0 PointsWhich of the following is a lean strategy?A. Group like machines together.B. Produce in smaller batches than a traditional system.C. Maintain a higher level of inventory than a traditional system.D. Lengthen setup times relative to a traditional system.Question 13 of 200.0/ 5.0 PointsThe first step in developing an ABC system is:A. calculate an activity cost allocation rate for each activity.B. allocate the costs to the cost object using the activity cost allocation rates.C. select an allocation base for each activity.D. identify the primary activities and estimate a total cost pool for each.Question 14 of 205.0/ 5.0 PointsKramer Company manufactures coffee tables and uses an activity-based costing system to allocate all manufacturing conversion costs. Each coffee table consists of 20 separate parts totaling $240 in direct materials, and each requires 5 hours of machine time to produce. Additional information follows.Activity Allocation Base Cost Allocation RateMaterials handling Number of parts $2.00 per partMachining Machine hours $2.75 per machine hourAssembling Number of parts $1.00 per partPackaging Number of finished units $3.00 per finished unitWhat is the cost of machining per coffee table?A. $15B. $21C. $13.75D. $55Question 15 of 205.0/ 5.0 PointsThe benefits of using the ABC costing system are higher if the company:A. has high indirect costs.B. produces many different products that use differing amounts of resources.C. has high indirect costs and produces many different products that use differing amounts of resources.D. produces only one product.Question 16 of 205.0/ 5.0 PointsThe entry to record the purchase of raw materials on account using a job costing system would include a:A. credit to work-in-process inventory.B. debit to accounts payable.C. debit to work-in-process inventory.D. debit to raw materials inventory.Question 17 of 200.0/ 5.0 PointsWhich of the following is a result of cost distortion?A. Over costing of all productsB. Under costing of all productsC. Accurate costing of all productsD. Over costing of some products and under costing of other productsQuestion 18 of 200.0/ 5.0 PointsThe cost of downtime caused by quality problems with the raw materials would be classified as what type of cost?A. Prevention costB. Appraisal costC. External failure costD. Internal failure costQuestion 19 of 200.0/ 5.0 PointsA(n) ________ is an estimated manufacturing overhead rate computed before the year begins.A. cost allocationB. cost driverC. predetermined manufacturing overhead rateD. actual manufacturing overhead rateQuestion 20 of 200.0/ 5.0 PointsWhich term listed below describes costs incurred when the company fails to detect poor quality goods or services before delivery to the customer?A. Internal failure costsB. Value-added activityC. External failure costsD. Just-in-time productionashworth college BU330 online exam 3 latest 2016 may.Part 1 of 1 – 75.0/ 100.0 PointsQuestion 1 of 205.0/ 5.0 PointsWhich of the following is unique to a process costing system?A. Work is not started on a product until an order is received.B. Direct materials, direct labor, and manufacturing overhead are assigned to the first department only.C. Costs for each process stay with that process until the goods are moved to finished goods.D. Each process has its own WIP account.Question 2 of 200.0/ 5.0 PointsTotal fixed costs for Purple Figs Company are $52,000. Total costs, both fixed and variable, are $160,000 if 80,000 units are produced. The fixed cost per unit at 80,000 units would be:A. $1.35/unit.B. $0.65/unit.C. $2.00/unit.D. $2.65/unit.Question 3 of 205.0/ 5.0 PointsOn a traditional income statement, sales revenue less cost of goods sold equals:A. gross profit.B. contribution margin.C. operating income.D. operating expenses.Question 4 of 205.0/ 5.0 PointsThe contribution margin is equal to:A. sales minus cost of goods sold.B. sales minus operating expenses.C. sales minus fixed expenses.D. sales minus variable expenses.Question 5 of 205.0/ 5.0 PointsAt Hodgson Corporation, direct materials are added at the beginning of the process, and conversion costs are uniformly applied. Other details include the following.Beginning WIP direct materials $32,000Beginning WIP conversion costs $20,250Costs of materials added $384,100Costs of conversion added $271,125WIP beginning (50% for conversion) 19,200 unitsUnits started 119,500 unitsUnits completed and transferred out 115,700 unitsWIP ending (60% for conversion) 23,000 unitsWhat are the total equivalent units for conversion costs?A. 127,200B. 125,300C. 129,500D. 138,700Question 6 of 205.0/ 5.0 PointsWhich of the following does NOT appear on an income statement prepared using variable costing?A. Fixed production costsB. Contribution marginC. Gross marginD. Variable production costsQuestion 7 of 205.0/ 5.0 PointsThe first step of the 5-step process costing procedure is.A. compute output in terms of equivalent units.B. summarize total costs to account for.C. compute the cost per equivalent unit.D. summarize the flow of physical units.Question 8 of 205.0/ 5.0 PointsWhen units are moved from one processing department to the next, the cost associated with those units must also be moved from one WIP account to the next. What are these costs called?A. Transported costsB. Transmitted costsC. Transferred costsD. Conveyed costsQuestion 9 of 200.0/ 5.0 PointsFixed costs that are the result of previous management decisions that current managers have no control over in the short run are called ________ fixed costs.A. discretionaryB. committedC. standardD. pastQuestion 10 of 205.0/ 5.0 PointsA company manufactures mirrors. Last month’s costs were as follows.Direct materials $90,000Direct labor 144,000Manufacturing overhead 158,000What were the conversion costs for the month?A. $302,000B. $392,000C. $234,000D. $90,000Question 11 of 205.0/ 5.0 PointsIn process costing, ________ is/are found by taking the number of partially completed physical units and multiplying it by the percentage of the process completed.A. cost of goods soldB. equivalent unitsC. fixed manufacturing overhead costsD. conversion costsQuestion 12 of 200.0/ 5.0 PointsWhen predicting costs at other volumes using a cost equation derived from either the high-low method or regression analysis, managers should consider:A. outliers.B. general inflation.C. seasonality.D. All of the aboveQuestion 13 of 205.0/ 5.0 PointsThe following information is provided by Adametz Company.WIP inventory, January 1 0 unitsUnits started 7,500Units completed and transferred out 3,300WIP inventory, December 31 4,200Direct materials $15,500Direct labor $18,400Manufacturing overhead $9,000The units in ending WIP inventory were 90% complete for materials and 50% complete for conversion costs. At the end of the year, what are the equivalent units for conversion costs?A. 3,750B. 3,300C. 5,400D. 2,100Question 14 of 205.0/ 5.0 PointsFun Stuff Manufacturing produces ping pong balls using a three-step sequential process that includes molding, coloring, and finishing. When the balls and associated costs are transferred from the coloring process to the finishing process, which account is credited?A. WIP inventory-coloringB. WIP inventory-moldingC. Raw materials inventoryD. WIP inventory-finishingQuestion 15 of 200.0/ 5.0 PointsThe representation for fixed cost per unit of activity is:A. vx divided by v.B. vx divided by y.C. y divided by x.D. f divided by x.Question 16 of 205.0/ 5.0 PointsWhen absorption costing is used and management bonuses are related to operating income, managers are more likely to:A. decrease inventory levels.B. increase inventory levels.C. keep inventory levels consistent.D. steal from the company.Question 17 of 205.0/ 5.0 PointsThe use of either absorption or variable costing will make little difference in companies:A. using just-in-time inventory methods.B. with large inventories.C. with high fixed costs.D. with high variable costs.Question 18 of 200.0/ 5.0 PointsThe Jones Corporation uses a process system. During the current period, 2,500 units were started and 1,100 units were completed and transferred out. Ending units were 60% complete for materials and 45% complete for conversion costs. Direct materials costs added were $35,405 and conversion costs added were $32,870. There was no beginning WIP inventory and conversion costs are added evenly throughout the process. At the end of the period, what are the total equivalent units for conversion costs?A. 1,940B. 1,400C. 1,100D. 1,730Question 19 of 205.0/ 5.0 PointsSugartown Corporation has total sales revenues of $930,000. If its total fixed costs are $182,000 and its total variable costs are $267,000, then the total contribution margin is:A. total revenue minus total fixed costs.B. total revenue minus total variable costs.C. total variable costs minus total fixed costs.D. equal to operating income.Question 20 of 205.0/ 5.0 PointsFun Stuff Manufacturing produces Frisbees using a three-step process that includes molding, coloring, and finishing. Which of the following accounts is debited for conversion costs?A. WIP inventory-finishingB. Finished goods inventoryC. Raw materials inventoryD. Cost of goods soldashworth college BU330 online exam 3 latest 2016 may.Question 1 of 200.0/ 5.0 PointsIn process costing, ________ is/are found by taking the number of partially completed physical units and multiplying it by the percentage of the process completed.A. cost of goods soldB. equivalent unitsC. fixed manufacturing overhead costsD. conversion costsQuestion 2 of 200.0/ 5.0 PointsWhich of the following is unique to a process costing system?A. Work is not started on a product until an order is received.B. Direct materials, direct labor, and manufacturing overhead are assigned to the first department only.C. Costs for each process stay with that process until the goods are moved to finished goods.D. Each process has its own WIP account.Question 3 of 205.0/ 5.0 PointsAt Hodgson Corporation, direct materials are added at the beginning of the process, and conversion costs are uniformly applied. Other details include the following.Beginning WIP direct materials $32,000Beginning WIP conversion costs $20,250Costs of materials added $384,100Costs of conversion added $271,125WIP beginning (50% for conversion) 19,200 unitsUnits started 119,500 unitsUnits completed and transferred out 115,700 unitsWIP ending (60% for conversion) 23,000 unitsWhat are the total equivalent units for conversion costs?A. 127,200B. 125,300C. 129,500D. 138,700Question 4 of 200.0/ 5.0 PointsFixed costs that are the result of previous management decisions that current managers have no control over in the short run are called ________ fixed costs.A. discretionaryB. committedC. standardD. pastQuestion 5 of 200.0/ 5.0 PointsThe contribution margin is equal to:A. sales minus cost of goods sold.B. sales minus operating expenses.C. sales minus fixed expenses.D. sales minus vari