ACCT 346 Midterm Exam Answers
ACCT 346 Midterm Exam Answers http://www.homeworkwarehouse.com/downloads/acct-346-midterm-exam-answers/ ACCT 346 Midterm Exam Answers
1. Question : (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for
2. Question : (TCO 1) Which of the following costs does not change when the level of business activity changes?
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) Shula’s 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. What is the budgeted fixed cost per unit?
5. Question : (TCO 1) Which of the following costs is not part of manufacturing overhead?
6. Question : (TCO 1) Product costs
7. Question : (TCO 1) Red Runner’s Work in Process Inventory account has a beginning balance of $50,000 and an ending balance of $40,000. Direct materials used are $70,000 and direct labor used totals $35,000. Cost of goods sold totals $135,000. Manufacturing overhead applied is $20,000. How much is cost of goods manufactured?
8. Question : (TCO 2) BCS Company applies manufacturing overhead based on direct labor cost. Information concerning manufacturing overhead and labor for August follows:
Estimated Actual
Overhead cost $174,000 $171,000
Direct labor hours 5,800 5,900
Direct labor cost $87,000 $89,975
How much is the predetermined overhead rate?
9. Question : (TCO 2) During 2011, Madison Company applied overhead using a job-order costing system at a rate of $12
1. Question : (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for
2. Question : (TCO 1) Which of the following costs does not change when the level of business activity changes?
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) Shula’s 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. What is the budgeted fixed cost per unit?
5. Question : (TCO 1) Which of the following costs is not part of manufacturing overhead?
6. Question : (TCO 1) Product costs
7. Question : (TCO 1) Red Runner’s Work in Process Inventory account has a beginning balance of $50,000 and an ending balance of $40,000. Direct materials used are $70,000 and direct labor used totals $35,000. Cost of goods sold totals $135,000. Manufacturing overhead applied is $20,000. How much is cost of goods manufactured?
8. Question : (TCO 2) BCS Company applies manufacturing overhead based on direct labor cost. Information concerning manufacturing overhead and labor for August follows:
Estimated Actual
Overhead cost $174,000 $171,000
Direct labor hours 5,800 5,900
Direct labor cost $87,000 $89,975
How much is the predetermined overhead rate?
9. Question : (TCO 2) During 2011, Madison Company applied overhead using a job-order costing system at a rate of $12