ACCT 346 Week 4 Midterm 2 (Devry)

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1.Question :(TCO 1) Which of the following

is not a difference between financial accounting

and managerial accounting?2. Question :TCO 1)
Which of the following statements regarding fixed
costs is true?3. Question :(TCO 1) You own a car
and are trying to decide whether or not to trade it
in and buy a new car. Which of the following costs
is an opportunity cost in this situation?4. Question
:(TCO 1) Shulas 347 Grill has budgeted the
following costs for a month in which 1,600 steak
dinners will be produced and sold: materials,
$4,080; hourly labor (variable), $5,200; rent
(fixed), $1,700; depreciation, $800; and other fixed
costs, $600. Each steak dinner sells for $14.00
each. How much is the budgeted variable cost per
unit?5. Question :(TCO 1) Which of the following
is an example of a manufacturing overhead cost?
6. Question :(TCO 1) Product costs7. Question :
(TCO 1) At December 31, 2010, WDT Inc. has a

balance in the Work in Process Inventory account

of $62,000. At January 1, 2010, the balance was
$55,000. Current manufacturing costs for the year
are $292,000, and cost of goods sold is $284,000.
How much is cost of goods manufactured?8.
Question :(TCO 2) BCS Company applies
manufacturing overhead based on direct labor
hours. Information concerning manufacturing
overhead and labor for August
follows:EstimatedActual9. Question :(TCO 2)
Citrus Company incurred manufacturing overhead
costs of $300,000. Total overhead applied to jobs
was $306,000. What was the amount of
overapplied or underapplied overhead?10.
Question :(TCO 3) Companies in which of the
following industries would notbe likely to use
process costing?11.Question :(TCO 3) The
Blending Department began the period with

20,000 units. During the period the department

received another 80,000 units from the prior
department and at the end of the period 30,000
units remained, which were 40% complete. How
much are equivalent units in The Blending
Departments work in process inventory at the end
of the period?12. Question :(TCO 3) Ranger Glass
Company manufactures glass for French doors. At
the start of May, 2,000 units were in-process.
During May, 11,000 units were completed and
3,000 units were in process at the end of May.
These in-process units were 90% complete with
respect to material and 50% complete with
respect to conversion costs. Other information is
as follows:
Calculate the cost per equivalent unit for
conversion costs.13. Question :(TCO 4)

Clearance Depot has total monthly costs of

$8,000 when 2,500 units are produced and
$12,400 when 5,000 units are produced. What is
the estimated total monthly fixed cost?1. Question
:(TCO 4) Which of the following will have no effect
on the break-even point in units?2. Question :
(TCO 4) Circle K Furniture has a contribution
margin ratio of 16%. If fixed costs are $176,800,
how many dollars of revenue must the company
generate in order to reach the break-even point?3.
Question :(TCO 4) Randy Company produces a
single product that is sold for $85 per unit. If
variable costs per unit are $26 and fixed costs
total $47,500, how many units must Randy sell in
order to earn a profit of $100,000?4. Question :
(TCO 5) In full costing, when does fixed
manufacturing overhead become an expense?5.
Question :(TCO 5) Variable costing income is a

function of:6. Question :(TCO 5) Peak

Manufacturing produces snow blowers. The
selling price per snow blower is $100. Costs
involved in production are:7. Question :(TCO 6)
Which of the following is not a reason that
companies allocate costs?8. Question :(TCO 6)
Which of the following statements about cost
pools is not
true?9. Question :(TCO 6) The building
maintenance department for Jones Manufacturing
Company budgets annual costs of $4,200,000
based on the expected operating level for the
coming year. The costs are allocated to two
production departments. The following data relate
to the potential allocation bases:Production
Dept. 110. Question :(TCO 7) A company is
currently making a necessary component in
house (the company is producing the component

for its own use). The company has received an

offer to buy the component from an outside
supplier. A machine is being rented to make the
component. If the company were to buy the
component, the machine would no longer be
rented. The rent on the machine, in relation to the
decision to make or buy the component, is:11.
Question :(TCO 7) Ricket Company has 1,500
obsolete calculators that are carried in inventory at
a cost of $13,200. If these calculators are
upgraded at a cost of $9,500, they could be sold
for $22,500. Alternatively, the calculators could be
sold "as is" for $9,000. What is the net advantage
or disadvantage of reworking the calculators?12.
Question :(TCO 7) YXZ Companys market for the
Model 55 has changed significantly, and YXZ has
had to drop the price per unit from $275 to $135.
There are some units in the work in process

inventory that have costs of $160 per unit

associated with them. YXZ could sell these units
in their current state for $100 each. It will cost
YXZ $10 per unit to complete these units so that
they can be sold for $135 each.
When the incremental revenues and expenses are
analyzed, what is the financial impact?1. Question
:(TCO 3) What are transferred-in costs? Which
departments will never have transferred-in costs?
2. Question :(TCO 7) Computer Boutique sells
computer equipment and home office furniture.
Currently, the furniture product line takes up
approximately 50% of the company's retail floor
space. The president of Computer Boutique is
trying to decide whether the company should
continue offering furniture or just concentrate on
computer equipment. If furniture is dropped,

salaries and other direct fixed costs can be

avoided. In addition, sales of computer equipment
can increase by 13%. Allocated fixed costs are
assigned based on relative sales.ComputerHome
OfficeEquipmentFurniture3. Question :(TCO 4)
The following monthly data are available for
RedEx, which produces only one product that it
sells for $84 each. Its unit variable costs are $28
and its total fixed expenses are $64,960. Sales
during April totaled 1,600 units.