ACCT 344 Week 1 Quiz

1. Question: (TCO 2) Which cost assignment method would likely assign the cost of heating in a plant that makes beds and dressers when the bed product line is the cost object?

2. Question: (TCO 2) Which cost is an example of product costs?

3. Question: (TCO 2) Period costs do not include

4. Question: (TCO 2) Based on the following information, which are the conversion costs? Beginning work-in-process inventory $160,000 Ending work-in-process inventory $180,000 Cost of goods manufactured $500,000 Direct materials used $130,000

5. Question: (TCO 2) Based on the following information, which are the prime costs for the year? Cost of goods manufactured $380,000 Beginning work-in-process inventory $140,000 Ending work-in-process inventory $120,000 Manufacturing overhead $70,000

6. Question: (TCO 2) The absolute maximum production activity of a manufacturing firm is called

7. Question: (TCO 2) Which item is a basic costing system record in a job-order costing system?

8. Question: (TCO 2) Which firm would make extensive use of job-order costing?

9. Question: (TCO 2) ABC Manufacturing Company has the following total job cards. Job A $6,500 Job B $5,630 Job C $3,825 Job D $3,800 Job E $6,300 Job F $4,200 Jobs A and B were in Finished Goods Inv. at the beginning of the month. Jobs C and D were in Work-in-Process at the beginning of the month. Jobs E and F were started during the month. At the end of the month, Jobs A and E were sent to customers. At the end of the month, Jobs C, E, and F were completed and sent to finished goods. Which is the cost of goods sold for the month?

10. Question: (TCO 2)Action Corporation uses activity-based costing to apply overhead to jobs within a job-order costing system. The following overhead activities were budgeted for the year.

ACCT 344 Week 2 Quiz

1. Question: (TCO 3) The appropriate cost accounting system to use when inventory items are produced on an assembly line is

2. Question: (TCO 3) As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in

3. Question: (TCO 3) “Equivalent units” expresses all activity of the period in terms of

4. Question: (TCO 3) Holly Inc. manufactures dolls. The following data were provided for production results for the current month. 0 Units, beginning work-in-process 300 Units started ? Units completed 100 Units, ending work-in-process (40% complete) Which are the equivalent units?

5. Question: (TCO 3) When products and their costs are moved from one process to the next process, these costs are referred to as

6. Question: (TCO 3) Keller Inc. manufactures office chairs. The following data were provided for production results for the current month. 0 Units, beginning work-in-process 6,000 Units started ? Units completed 2,000 Units, ending work-in-process $440,000 Cost of direct materials $64,000 Cost of conversion Ending inventory is 100% complete for materials and 20% complete for conversion. How many units were started and completed?

7. Question: (TCO 3) The two methods used to determine equivalent units of production are

8. Question: (TCO 3) Abby Corp. adds raw materials to production at the beginning of the process in the Assembly Dept. Materials data for this department for the current month are as follows.

9. Question: (TCO 3) The following information was provided by Sally Company………..How many equivalent units for materials would there be using the weighted average method?

10. Question: (TCO 3) The material cost per equivalent unit using the weighted average method is calculated as……….