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Accounting Test

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Text Preview Chapter 2

1. Which of the following would be considered a product cost for external financial reporting purposes?

a.

Cost of a warehouse used to store finished goods. b. Cost of guided public tours through the company's facilities. c. Cost of travel necessary to sell the manufactured product.

d. Cost of sand spread on the factory floor to absorb oil from manufacturing machines.

1. Which of the following would be considered a product cost for external financial reporting purposes?

a.

Cost of a warehouse used to store finished goods. b. Cost of guided public tours through the company's facilities. c. Cost of travel necessary to sell the manufactured product.

d. Cost of sand spread on the factory floor to absorb oil from manufacturing machines.

Cost of goods manufactured
2. Beginning work in process was $125,000. Manufacturing costs incurred for the month were $835,000. There were $200,000 of partially finished goods remaining in work in process inventory at the end of the month. What was the cost of goods manufactured during the month?

a. b. c. d.

$1,160,000 $ 910,000 $ 760,000 $ 730,000

Cost of goods manufactured
2. Beginning work in process was $125,000. Manufacturing costs incurred for the month were $835,000. There were $200,000 of partially finished goods remaining in work in process inventory at the end of the month. What was the cost of goods manufactured during the month?

a. b. c. d.

$1,160,000 $ 910,000 $ 760,000 $ 730,000

Cost Behaviour
3. Last month, when 10,000 units of a product were manufactured, the average cost per unit was $60. At this level of activity, variable costs are 50% of total unit costs. If 10,500 units are manufactured next month and cost behavior patterns remain unchanged, how will costs be affected?

A) Total variable costs will remain unchanged. B) Fixed costs will increase in total. C) Variable cost per unit will increase. D) Total cost per unit will decrease.

Cost Behaviour
3. Last month, when 10,000 units of a product were manufactured, the average cost per unit was $60. At this level of activity, variable costs are 50% of total unit costs. If 10,500 units are manufactured next month and cost behavior patterns remain unchanged, how will costs be affected?

A) Total variable costs will remain unchanged. B) Fixed costs will increase in total. C) Variable cost per unit will increase. D) Total cost per unit will decrease.

Chapter 3

Self-test #1
1. Which of the following companies is most likely to use a job-order costing system rather than a process costing system? A)Fast food restaurant B)Shipbuilder C)Crude oil refinery D)Candy maker

Self-test #1
1. Which of the following companies is most likely to use a job-order costing system rather than a process costing system? A)Fast food restaurant B)Shipbuilder C)Crude oil refinery D)Candy maker

Self-test #2
2.Which of the following statements about labour time and cost in a job-order costing system is NOT correct? – A)Time tickets are kept by employees showing the amount of work on specific jobs. – B)The job cost sheet for a job contains all direct labour charges to that particular job. – C)Labour cost that can be traced to a job only with a great deal of effort is treated as part of manufacturing overhead. – D)A machine operator performing routine annual maintenance work on a piece of equipment charges the maintenance time to a specific job.

Self-test #2
2.Which of the following statements about labour time and cost in a job-order costing system is NOT correct? – A)Time tickets are kept by employees showing the amount of work on specific jobs. – B)The job cost sheet for a job contains all direct labour charges to that particular job. – C)Labour cost that can be traced to a job only with a great deal of effort is treated as part of manufacturing overhead. – D)A machine operator performing routine annual maintenance work on a piece of equipment charges the maintenance... Show More

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