ACCT 344 Final Exam Answers

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ACCT 344 FINAL EXAM LATEST 2014 – DEVRY Download Now or visit this link ACCT 344 FINAL EXAM LATEST 2014 - DEVRY (TCO 2) WHICH COST IS NOT A PERIOD COST? (POINTS : 5) Lumber for furniture Executive administrative assistant salary Depreciation on sales staff's cars Sales commission Question 2.2.(TCO 2) Which product would use job-order costing? (Points : 5) Ink pens Custom boot maker Soda pop Horse saddles Question 3.3.(TCO 3) As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in (Points : 5) cost of goods sold. work-in-process. materials. finished goods. Question 4.4.(TCO 8) A company keeps…show more content…
(Points : 5) A budget that is developed for a single level of activity A budget that analyzes existing activities (and continuation of that activity must be justified and resources needed must be justified by each manager) A budget that is based solely on prior period information, adjusted for inflation A budget that is continuous or rolling Question 11.11.(TCO 5) Bug Company manufactures buggies. Manufacturing a buggy takes 20 units of wood and 1 unit of steel. Scheduled production of buggies for the next 2 months is 500 and 600 units, respectively. Beginning inventory is 4,000 units of wood and 30 units of steel. The ending inventory of wood is planned to decrease 500 units in each of the next 2 months, and the steel inventory is expected to increase 5 units in each of the next 2 months. How many units of wood are expected to be used in production during the second month?(Points : 5) 12,500 units 10,000 units 15,000 units 12,000 units Question 12.12.(TCO 4) Which statement is true? (Points : 5) Absorption costing net income exceeds variable costing net income when units produced and sold are…show more content…
Direct materials $14 Indirect materials (variable) 4 Direct labor 8 Indirect labor (variable) 6 Other variable factory overhead 10 Fixed factory overhead 28 Variable selling expenses 20 Fixed selling expenses 14 During the period, the company produced and sold 1,000 units. a. What is the inventory cost per unit using absorption costing? b. What is the inventory cost per unit using variable costing?(Points : 30) Question 5.5.(TCO 8) Musical Instruments Company manufactures two products (trumpets and trombones). Overhead costs ($175,000) have been divided into three cost pools that use the following activity drivers. Product Number of setups Machine hours Packing orders Trumpets 50 1,500 150 Trombones 50 4,500 250 Cost per pool $60,000 $90,000 $25,000 Required (show all calculations) a. What is the allocation rate for trumpets per setup using activity-based costing? b. What is the allocation rate for trumpets per machine hours using activity-based costing? c. What is the allocation rate for trumpets per packing order using activity-based costing? (Points :

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