ACCT 346 Midterm Exams (taken in recent 2 years))

| October 3, 2018

ACCT 346 Managerial Accounting – DeVryACCT 346 Midterm (Version 1 – Taken in 2015)Page 1Question (TCO 1) The goal of managerial accounting is to provide information that managers…? (Points : 7)Question (TCO1) Josie’s Grill budgeted the following costs for a month in which 1,500 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. How much is the budgeted……? (Points : 7)Question (TCO 1) Which of the following costs is NOT part of manufacturing overhead? (Points : 7)Question (TCO 1) On December 31, 2015, GLE Inc. has a balance in the Work-in-Process Inventory account of $62,000. On January 1, 2015, the balance was $55,000. Current manufacturing costs for the year are $292,000, and cost of goods sold is $284,000. How much is cost of goods manufactured? (Points : 7)Question (TCO 2) Paul Company applies manufacturing overhead based on direct labor cost. Information concerning manufacturing overhead….……How much is the predetermined overhead rate? (Points : 7)Question (TCO 2) During 2015, Michael Company applied overhead using a job-order costing system at a rate of $15 per direct labor hours. Estimated direct labor hours for the year were 150,000, and estimated overhead for the year was $2,250,000. Actual direct labor hours for 20×1 were 140,000, and actual overhead was $2,400,000……What is the amount of under- or over-applied overhead for the year? (Points : 7)Question (TCO 2) Manufacturers follow four steps to implement a manufacturing overhead allocation system. What is the first step? (Points : 7)Page 2Question (TCO 1) Which of the following types of costs are conversion costs? (Points : 7)Question (TCO 6) In an activity-based costing system, cost reduction is accomplished by identifying a:Question (TCO 3) Kerner Manufacturing uses a process cost system to manufacture laptop computers. The following information summarizes operations relating to laptop computer model #KJK20 during the quarter ending March 31:…………Beginning work-in-process inventory was 50% complete for direct labor costs. Ending work-in-process inventory was 75% complete for direct labor costs. What is the equivalent amount of units of production using the weighted-average unit cost inventory valuation method? (Points : 7)Question(TCO 2) Sweet Co. uses budgeted overhead rates to apply overhead to individual jobs. They use a system based on direct labor hours. Last year, the company………..(a) What is the budgeted overhead rate for the company? (b) If Job #34567 had the following:………then what is the total cost of Job #34567? (Points : 30)Question (TCO 3) Adnan Company uses process costing. At the beginning of the month, there were 6,000 units in process, 80% complete with respect to material and 70% complete with respect to conversion costs. 30,000 units were started during the month and 30,000 units were completed. The units in ending Work-In-Process Inventory were 80% complete with respect to material and 20% complete with respect……….? (Points : 30)Question (TCO 6) Handy Display Company manufactures display cases to be sold to retail stores. The cases come in three sizes: large, medium, and small. Currently, Handy Display Company uses a single plant-wide overhead rate to allocate its $3,357,800 of annual manufacturing overhead. Of this amount, $900,000 is associated with the Large Case line, $1,404,480 is associated with the Medium Case line,…………..Requirement: Calculate the departmental overhead rate for each of the three departments listed. (Points : 30)Question (TCO 2)Fred Co. incurred costs of $700,000 for direct materials (raw) purchased. Direct labor was $5,000 and factory overhead was $20,000 for March……..What is the cost of goods manufactured? Please show your work. (Points : 30)ACCT 346 Midterm (Version 2 – Taken in 2013)1.(TCO 4) Which of the following will have no effect on the break-even point in units? (Points : 4)2.(TCO 4) Circle K Furniture has a contribution margin ratio of 16%. If fixed costs are $176,800, how many dollars of revenue must the company generate in order to reach the break-even point? (Points : 4)3.(TCO 4) Paula Corporation sells a single product at a price of $275 per unit. Variable cost per unit is $135 and fixed costs total $356,860. If sales are expected to be $825,000, what is Paula’s margin of safety? (Points : 4)4.(TCO 5) Which of the following is treated differently in full costing than in variable costing? (Points : 4)5.(TCO 5) Which of the following items on a variable costing income statement will change in direct proportion to a change in sales?(Points: 4)6.(TCO 5) Peak Manufacturing produces snow blowers. The selling price per snow blower is $100. Costs involved in production are:…… (Points : 4)7.(TCO 5) The cost objective is the (Points : 4)8.(TCO 6) Which of the following statements about cost pools is not true? (Points : 4)9.(TCO 6) AC Consulting Company has purchased a new $18,038 copier. This overhead cost will be shared by the purchasing, accounting, and information technology departments since those are the only departments which will be able to access the machine. The company has decided to allocate the cost based on the number of copies made by each department. Each department has estimated the number of copies which will be made over the life of the copier……. (Points : 4)10.(TCO 7) A company is trying to decide whether to keep or drop the sporting goods department in its department store. If the segment is dropped, the manager will be fired. The manager’s salary, in relation to the decision to keep or drop the sporting goods department, is (Points : 4)11.(TCO 7) BigByte Company has 12 obsolete computers that are carried in inventory at a cost of $13,200. If these computers are upgraded at a cost of $7,500, they could be sold for $15,300. Alternatively, the computers could be sold “as is” for $9,000. What is the net advantage or disadvantage of reworking the computers? (Points : 4)12.(TCO 7) YXZ Company’s market for the Model 55 has changed significantly, and YXZ has had to drop the price per unit from $275 to $135. There are some units in the work in process inventory that have costs of $160 per unit associated with them. YXZ could sell these units in their current state for $100 each. It will cost YXZ $10 per unit to complete these units so that they can be sold for $135 each. Which of the following is the amount of sunk costs in this problem? (Points : 4)10.(TCO 3) Which of the following companies is most likely to use a process costing system? (Points : 4)11.(TCO 3) The Blending Department began the period with 45,000 units. During the period the department received another 30,000 units from the prior department and completed 60,000 units during the period. The remaining units were 75% complete. How much are equivalent units in The Blending Department’s work in process inventory at the end of the period? (Points : 4)13.(TCO 4) Total costs were $75,800 when 30,000 units were produced and $95,800 when 40,000 units were produced. Use the high-low method to find the estimated total costs for a production level of 32,000 units. (Points : 4)

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