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Accounting Mid Term Essay

982 words - 4 pages

1. Question: (TCO A) Wages paid to a timekeeper in a factory are a:

Prime Cost YES.....Conversion Cost NO

Prime Cost YES.....Conversion Cost YES

Prime Cost NO....Conversion Cost NO

Prime Cost NO.....Conversion Cost YES CORRECT

2. Question: (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n):
period cost.

opportunity cost.

sunk cost. CORRECT

differential cost.

3. Question: (TCO A) Inventoriable costs are also known as:

variable costs

conversion costs

...view middle of the document...

Question: (TCO F) Equivalent units for a process costing system using the FIFO method would be equal to:

units completed during the period, plus equivalent units in the ending work in process inventory

units started and completed during the period, plus equivalent units in the ending work in process inventory

units completed during the period and transferred out

units started and completed during the period, plus equivalent units in the ending work in process inventory, plus work needed to complete units in the beginning work in process inventory CORRECT ANSWER

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

break-even point increases

break-even point decreases

variable expenses as a percentage of net sales decreases CORRECT

variable expenses as a percentage of net sales increases

9. Question: (TCO B) Which of the following would not affect the break-even point?
Your Answer:
number of units sold CORRECT

variable expense per unit

total fixed expenses

selling price per unit

10. Question: (TCO E) In an income statement prepared using the variable costing method, fixed selling and administrative expenses would:

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 CORRECT

be treated the same as variable manufacturing expenses

not be used

1. Question: (TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larden Corporation for the just completed year.
Sales $950
Purchases of raw materials $170
Direct labor $210
Manufacturing overhead $200
Administrative expenses $180
Selling expenses $140
Raw materials inventory, beginning $70
Raw materials inventory, ending $80
Work in process inventory, beginning $30
Work in process inventory, ending $20
Finished goods inventory, beginning $100
Finished goods inventory, ending $70
Required: Prepare a Schedule of Cost of Goods Manufactured statement in the text box below.

Instructor Explanation: Schedule of Cost of Goods Manufactured for the Larden Corp.
Direct Materials:
Beginning raw materials inventory $70
Add: purchases raw material 170
Raw materials available for use 240
Deduct ending raw materials 80
Raw materials used in production 160
Direct Labor 210
Manufacturing Overhead: 200
Total Manufacturing Costs 570
Add beginning work in...

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