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Neo
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Category: Homework
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Experience:  BS Accounting
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I would like to know if you are available tonight. I have question

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I would like to know if you are available tonight. I have question that I need assistance with that are time sensitive.
Submitted: 2 years ago.
Category: Homework
Expert:  Neo replied 2 years ago.
Good day!

Yes; I am available right now.

Is it an exam?


Customer: replied 2 years ago.

It is a timed homework assignment I have been given 2 hours to complete.

 

Direct material cost is a part of
Conversion Cost YES.... Prime Cost NO.
Conversion Cost NO.... Prime Cost YES.
Conversion Cost YES.... Prime Cost YES.
Conversion Cost NO.... Prime Cost NO.

 

2. (TCO A) Fixed costs expressed on a per-unit basis
will increase with increases in activity.
will decrease with increases in activity.
are not affected by activity.
should be ignored in making decisions because they cannot change.

 

3. (TCO A) Property taxes on a company's factory building would be classified as a(n)
sunk cost.
opportunity cost.
period cost.
variable cost.
manufacturing cost.

 

4. (TCO A) When the activity level is expected to increase within the relevant range, what effects would be anticipated with respect to each of the following? (Points : 6)
Fixed costs per unit increase and variable costs per unit increase.
Fixed costs per unit decrease and variable costs per unit do not change.
Fixed costs per unit do not change and variable costs per unit do not change.
Fixed costs per unit do not change and variable costs per unit increase.

 

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

I. Overhead application may be made slowly as a job is worked on.

II. 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.
Only statement I is true.
Only statement II is true.
Both statements I and II are true.
Statements I, II, and III are all true.

 

6. (TCO F) Under a job-order costing system, the product being manufactured (Points : 6)
is homogeneous.
passes from one manufacturing department to the next before being completed.
can be custom manufactured.
has a unit cost that is easy to calculate by dividing total production costs by the units produced.

 

7. (TCO F) The weighted-average method of process costing differs from the FIFO method of process costing in that the weighted-average method (Points : 6)
can be used under any cost-flow assumption.
does not require the use of predetermined overhead rates.
keeps costs in the beginning inventory separate from current period costs.
does not consider the degree of completion of units in the beginning work-in-process inventory when computing equivalent units of production.

 

8. (TCO B) The contribution margin ratio always decreases when the (Points : 6)
break-even point increases.
break-even point decreases.
variable expenses as a percentage of net sales increase.
variable expenses as a percentage of net sales decrease.

 

9. (TCO B) The unit sales needed to attain the target profit is found by (Points : 6)
dividing fixed costs by the contribution margin.
adding variable expenses to fixed expenses and dividing the total by the contribution margin.
adding target profit to the fixed expenses and then dividing the total by the unit contribution margin.
adding target profit to the fixed expenses and then dividing the total by the contribution margin.

 

10. (TCO E) In an income statement prepared using the variable costing method, fixed manufacturing overhead would (Points : 6)
not be used.
be used in the computation of the contribution margin.
be used in the computation of net operating income but not in the computation of the contribution margin.
be treated the same as variable manufacturing overhead.

 

 

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

Sales.................................................................................

$910

Purchases of raw materials................................................

$225

Direct labor.......................................................................

$245

Manufacturing overhead....................................................

$265

Administrative expenses....................................................

$150

Selling expenses................................................................

$140

Raw materials inventory, beginning.....................................

$15

Raw materials inventory, ending.........................................

$45

Work-in-process inventory, beginning.................................

$20

Work-in-process inventory, ending.....................................

$55

Finished goods inventory, beginning...................................

$100

Finished goods inventory, ending.......................................

$135

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

 

 

2. (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.

 

 

3. (TCO B) A cement manufacturer has supplied the following data:

Tons of cement produced and sold 220,000

Sales revenue $924,000

Variable manufacturing expense $297,000

Fixed manufacturing expense $280,000

Variable selling and admin expense $165,000

Fixed selling and admin expense $82,000

Net operating income $100,000

Required:

a. Calculate the company's unit contribution margin.

b. Calculate the company's unit contribution ratio.

c. If the company increases its unit sales volume by 5% without increasing its fixed expenses, what would the company's net operating income be?

 

 

4. (TCO E) The Dean Company produces and sells a single product. The following data refer to the year just completed:

Selling price

$450

Units in beginning Inventory

0

Units produced

25,000

Units sold

22,000

Variable costs per unit:

Direct materials

$ 200

Direct labor

$ 50

Variable manufacturing overhead

$ 30

Variable selling and admin

$ 15

Fixed Costs:

Fixed manufacturing overhead

$ 275,000

Fixed selling and admin

$ 230,000

Assume that direct labor is a variable cost.
Required:
a. Compute the cost of a single unit of product under both the absorption costing and variable costing approaches.
b. Prepare an income statement for the year using absorption costing.
c. Prepare an income statement for the year using variable costing

Expert:  Neo replied 2 years ago.

Ok.

Expert:  Neo replied 2 years ago.

Here's for the multiple choice. Please download HERE.

Here's for the problem 1. Please download HERE.

Thank you so much! :)
Expert:  Neo replied 2 years ago.

Problem#2

Problem#3

Thank you so much! :)
Expert:  Neo replied 2 years ago.
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Category: Homework
Satisfied Customers: 12044
Experience: BS Accounting
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