ACCT 346 Midterm – Recently Taken

| October 3, 2018

ACCT 346 Managerial Accounting Recently TakenPage 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)

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