Category Archives: ACCT 505 Midterm New

ACCT 505 Midterm New

ACCT 505 Midterm  New

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These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the “Details” section below.

Date Taken:        2015

Time Spent:        1 h , 56 min , 33 secs

Points Received:              144 / 150  (96%)

Question Type: # Of Questions:                # Correct:

Multiple Choice                10           9

Short     1              N/A

Essay     3              N/A

Question 1.         Question :           (TCO A) Wages paid to an assembly line worker in a factory are a

Question 2.         Question :           (TCO A)  The costs of staffing and operating the accounting department at Central Hospital would be considered by the Department of Surgery to be

Question 3.         Question :           (TCO A) Property taxes on a company’s factory building would be classified as a(n)

Question 4.         Question :           (TCO A) Within the relevant range, variable costs can be expected to

Question 5.         Question :           (TCO F) Which of the following statements is true?

  1. Overhead application may be made slowly as a job is worked on.
  2. Overhead application may be made in a single application at the time of completion of the job.

III. Overhead application should be made to any job not completed at year end in order to properly value the work in process inventory.

 

Question 6.         Question :           (TCO F) Which of the following statements about the process-costing system is incorrect?

Question 7.         Question :           (TCO F) The weighted-average method of process costing differs from the FIFO method of process costing in that the weighted-average method

Question 8.         Question :           (TCO B)  The contribution margin ratio always decreases when the

Question 9.         Question :           (TCO B)  Which of the following would not affect the break-even point?

Question 10.      Question :           (TCO E) Under variable costing,

 

 

 

Grade Details – All Questions

 

 

Question 1.        Question :           (TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larklin Corporation for the just-completed year.

 

Sales      $820

Purchases of raw materials          $195

Direct labor         $170

Manufacturing overhead             $250

Administrative expenses              $180

Selling expenses              $140

Raw materials inventory, beginning         $80

Raw materials inventory, ending               $35

Work-in-process inventory, beginning   $65

Work-in-process inventory, ending         $30

Finished goods inventory, beginning       $130

Finished goods inventory, ending             $165

Prepare a Schedule of Cost of Goods Manufactured statement in the text box below.

 

 

 

Question 2.        Question :           (TCO F) The Indiana Company manufactures a product that goes through three processing departments. Information relating to activity in the first department during June is given below.

 

Percentage Completed

Units     Materials             Conversion

Work in process, June 1                70,000   65%        45%

Work in process, Jun 30 60,000   75%        65%

The department started 290,000 units into production during the month and transferred 300,000 completed units to the next department.

Required: Compute the equivalent units of production for the first department for June, assuming that the company uses the weighted-average method of accounting for units and costs.

 

 

 

Question 3.        Question :           (TCO B) Drake Company’s income statement for the most recent year appears below.

 

Sales (45,000 units)         $1,350,000

Less: variable expenses                750,000

Contribution margin       600,000

Less: fixed expenses      375,000

Net operating income    $225,000

Required:

Calculate the unit contribution margin.

Calculate the the break-even point in dollars.

If the company desires a net operating income of $290,000, how many units must it sell?

Question 4.        Question :           (TCO E) Maffei Company, which has only one product, has provided the following data concerning its most recent month of operations.

 

Selling price        $175

 

Units in beginning inventory       0

Units produced 9,500

Units sold            8,000

Units in ending Inventory             1,500

 

Variable costs per unit:

Direct materials                $55

Direct labor         $38

Variable manufacturing overhead            $2

Variable selling and admin           $10

 

Fixed costs:

Fixed manufacturing overhead  $300,000

Fixed selling and admin $125,000

Required:

What is the unit product cost for the month under variable costing?

What is the unit product cost for the month under absorption costing?

Prepare an income statement for the month using the variable costing method.

Prepare an income statement for the month using the absorption costing method.