Đề tài Trắc nghiệm và đáp án kế toán chi phí - Phần 2

Your Results: The correct answer for each question is indicated by a . Top of Form 1 Which of the following manufacturing costs are allocated to products indirectly using an allocation base? A) Direct materials B) Direct labor C) Overhead D) All of the above E) a & b only Feedback: Direct materials and direct labor are "allocated" directly, but overhead is allocated to products based on some activity such as direct labor hours, direct labor cost, or machine hours. 2 The Consul Company incurred the following costs to produce 5,000 desks in February: direct materials, $20,000; direct labor, $30,000; and manufacturing overhead, $25,000. What was the cost assigned to each desk produced? A) $10.00 B) $15.00 C) $20.00 D) $25.00 E) None of the above Feedback: Unit costs are calculated by dividing total costs by the number of units produced. In this case, the total cost to manufacture 5,000 desks was $75,000. Therefore, the cost per desk was $75,000/5,000 = $15 per desk. 3 In 2006, Mayfair Corporation had a beginning inventory in Work-in-Process of $42,000. During 2006, Mayfair incurred the following manufacturing costs: direct materials, $120,000; direct labor, $140,000; and overhead, $100,000. Mayfair's ending Work-in-Process inventory was $27,000. The cost transferred to Finished Goods was: A) $360,000 B) $375,000 C) $385,000 D) $390,000 E) None of the above Feedback: The basic cost flow model is: beginning balance + transfers in - transfers out = ending balance. So, $42,000 + $360,000 - transfers out = $27,000. Solving for the transfers out, $42,000 + $360,000 - $27,000 = $375,000. 4 Flow Company had no beginning work-in-process inventory. The company started 300,000 units this period and had 60,000 units in ending work-in-process inventory that were 40% complete. How many units were transferred out of work-in-process this period? A) 240,000 B) 254,000 C) 264,000 D) 276,000 E) None of the above Feedback: Beginning inventory + units started this period - ending inventory = units transferred out. Therefore, 0 + 300,000 - 60,000 = 240,000. 5 Mammoth Corporation uses direct labor hours to allocate overhead to work-in-process. The company's budgeted overhead is $420,000 and it expects to produce 40,000 ceramic elephants next period. It takes 2 direct labor hours to produce one elephant. If Mammoth actually works 60,000 direct labor hours, how much overhead should be assigned to work-in-process? A) $210,000 B) $315,000 C) $420,000 D) $630,000 E) None of the above Feedback: The predetermined rate to assign overhead is calculated by dividing budgeted manufacturing overhead by the budgeted direct labor hours. In this instance, the amount of estimated direct labor hours needed to produce 40,000 elephants is 80,000 (40,000 x 2). The predetermined rate is $420,000 ÷ 80,000 DL hours = $5.25 per DL hour. The amount of overhead assigned to WIP is $5.25 x 60,000 hours or $315,000. 6 Direct labor cost is used to assign manufacturing overhead to work-in-process. The budgeted overhead is $600,000 and the company expects to use 5,000 direct labor hours to make 20,000 units of product. If the average wage rate is $20 per hour, what is the predetermined rate used to allocate overhead to work-in-process? A) 150% of direct labor cost B) 300% of direct labor cost C) 450% of direct labor cost D) 600% of direct labor cost E) None of the above Feedback: SCREENSHOT HERE 7 What type of costing system is used when homogeneous products are produced through uniform production steps? A) Job order costing B) Batch process costing C) Process costing D) Individual product costing E) None of the above Feedback: Process costing is used when identical (homogeneous) products are produced through a series of uniform production steps. 8 A ____________ costing system is used to trace costs to individual units or customized products. A) Job order B) Batch process C) Process D) Operations E) None of the above Feedback: A job order cost system is an accounting system that traces costs to individual units or to specific jobs, contracts, or batches of goods. 9 Use the following information to answer questions 9 -11: McCloud Industries, in its first year of operations, encountered the following events: Purchased $50,000 in direct materials Incurred direct labor costs of $30,000 Used a predetermined overhead rate of 90% of direct labor costs to allocate overhead to work-in-process Transferred 80% of the direct materials to work-in-process Completed and transferred 70% of the work-in-process to finished goods The amount of costs transferred into work-in-process was: A) $29,100 B) $40,000 C) $67,900 D) $97,000 E) None of the above Feedback: Costs transferred into work-in-process include direct materials, direct labor and overhead. Direct materials transferred in were $40,000 ($50,000 x 80%); direct labor, $30,000; and overhead $$27,000 ($30,000 x 90%). $40,000 + $30,000 + $27,000 = $97,000. 10 The amount of costs transferred out of work-in-process was: A) $29,100 B) $40,000 C) $67,900 D) $97,000 E) None of the above Feedback: The costs transferred into work-in-process were $97,000 and 70% of these costs were transferred to finished goods. $97,000 x 70% = $67,900. 11 The amount of costs in ending work-in-process was: A) $29,100 B) $40,000 C) $67,900 D) $97,000 E) None of the above Feedback: Beginning WIP + Transferred-in - Transferred-out = Ending WIP 0 + $97,000 - $67,900 = $29,100. 12 Superior Parts Company uses a two-stage system to allocate its overhead to products. The company uses machine hours in the fabrication department and direct labor hours in the assembly department to assign overhead costs to work-in-process. During 2006 Superior had the following results in the production of its standard and deluxe bicycles. Standard      Deluxe   Machine hours   (fabrication)         1,000        4,000   Direct labor hours (assembly)         4,000        6,000   Overhead: Fabrication  $50,000, Assembly $75,000 Using a two-stage cost allocation, how much overhead should be applied to the deluxe bicycle in 2006? A) $40,000 B) $50,000 C) $75,000 D) $85,000 E) None of the above Feedback: Fabrication = $50,000/5,000 machine hours, so the rate is $10 per machine hour. Assembly = $75,000/10,000 direct labor hours, so the rate is $7.50 per direct labor hour. Deluxe machine = $85,000 computed as (4,000 machine hours x $10 per machine hour plus 6,000 direct labor hours x $7.50 per direct labor hour). 13 The Allied Insurance Company processed 60,000 claims in March. It takes an average of 6 hours to process each claim. Allied had the following costs in March: labor, $240,000; overhead, $840,000. The cost to process each claim was: A) $ 4.00 B) $12.00 C) $16.00 D) $18.00 E) None of the above Feedback: Total costs incurred $240,000 + $840,000 = $1,080,000 ÷ 60,000 (claims processed) = $18.00 per claim processed. 14 If the Johnson Company had a beginning balance of $142,000, an ending balance of $123,000 and transfers-out of $976,000; using the basic cost flow model, its transfers-in were: A) $711,000 B) $834,000 C) $853,000 D) $957,000 E) None of the above Feedback: Transfers-out + ending balance -beginning balance = transfers-in. $976,000 +$123,000 - $142,000 = $957,000. 15 Sonheim Corporation produces aviation fuel. Operating data for August follow: Materials  . . . . . . . . . . . . .. .      $1,200,000Labor  . . . . . . . . . . . . . . . . .       1,104,000Manufacturing overhead . . .       1,176,000 In August, Sonheim produced 1,160,000 gallons of fuel. The company has a just-in-time system and does not carry any beginning or ending inventory. The cost per gallon of fuel produced in August is: A) $3.00 B) $1.99 C) $3.60 D) $2.00 E) None of the above Feedback: Manufacturing costs equal $3,480,000 ($1,200,000 + $1,104,000 + $1,176,000). $3,480,000 ÷ 1,160,000 gallons = $3.00 per gallon. 16 The criteria for the design of a cost management system should consider that: A) cost systems should have a decision focus. B) different cost information is used for different purposes. C) cost information for managerial purposes must meet the cost-benefit test. D) all of the above E) a and b only. Feedback: (1) Cost systems must meet the needs of the decision makers. (2) What works for one purpose will not necessarily work for another purpose. (3) Cost information can always be improved, but the benefits of the improvements must outweigh the costs of making the improvements. 17 Allentown Corporation budgeted manufacturing overhead to be $1,400,000 in 2006. The company uses direct labor-hours to allocate overhead to work-in-process. The estimated hours for the year were 70,000 direct labor hours. If Allentown worked 72,000 direct labor-hours in 2006, how much overhead was allocated to work-in-process? A) $1,200,000 B) $1,400,000 C) $1,440,000 D) $1,520,000 E) None of the above Feedback: Predetermined rate is $1,400,000 ÷ 70,000 = $20 per direct labor hour. Actual direct labor hours worked x predetermined rate = allocated overhead. 72,000 x $20 = $1,440,000. 18 Use the following information to answer questions 18 - 20. The following events occurred at the Fodder Company in March: Beginning inventory: $46,000 Selling and administrative costs: $92,000 Purchased $60,000 of merchandise and incurred transportation-in costs of $5,000 Sales revenue for the year: $222,000 Ending inventory: $35,000 The amount transferred-in to the inventory account was: A) $46,000 B) $60,000 C) $65,000 D) $81,000 E) None of the above Feedback: All costs incurred to get the inventory ready for sale are considered to be part of the transferred-in costs. Therefore, purchases ($60,000) + transportation-in costs ($5,000) = total transferred-in costs ($65,000). 19 The amount transferred out was: A) $60,000 B) $71,000 C) $76,000 D) $81,000 E) None of the above Feedback: Beginning balance + transfers-in - ending balance = transfers-out. $46,000 + $65,000 (see #18) - $35,000 = $76,000. 20 Ignoring income taxes, Fodder's net income for March was: A) $76,000 B) $59,000 C) $54,000 D) $52,000 E) None of the above Feedback: Sales - cost of goods sold = gross profit - selling & administrative costs = net income. $222,000 - $76,000 (see #19) = $146,000 - $92,000 = $54,000. Bottom of Form