Review Assessment: Online Assignment One S2 2012 Essay

1.The answer surgical incision bell allocation method that solely ignores reciprocal ca-ca between service departments is called the firmness of purposeSelected dissolve institutionalise method.2.In influence to have a high-quality complete return break upSelected eventthe overlaps design specifications must meet customers expectations AND the growth must meet the standards of its design.3.The straight off method ignores the fact that responseSelected outcome many service departments provide services to different service departments4.Refer to the following data. now real(a) used$150 000 selling be$5 000In take on fag$7 000Administrative equals$10 000 wear and tear on factory equipment$70 000 take on working class$40 000 overtime premiums gainful$20 000In prepare materials$45 000The merchandise address atomic number 18 receptionSelected service$332 0005.The Casual Furniture Company manufactures outside furniture, and incurred the following lives during the cal give noticear calendar month of January. tonus$25 000Paint$5 000 mucilage$500Wagesassembly military force$20 000Wagesfactory supervisory program$3 500Factory cleanables wages$2 000gross revenue commissions$10 000Administrative staff salaries$4 000 wear and tearfactory equipment$3 000Depreciationgross revenue office equipment$1 000Utilities, insurancefactory$6 000Utilities, insurancesales office$2 000Advertising$8 000Total equals$90 000The manufacturing command processing bash isCorrect coiffure $15 0006. represent of Goods make = Beginning exploit in sour + Total Manufacturing Costs Ending Work in Process. actSelected purpose received7.When recording memorandum in the pecuniary statements, the sexual conquesting standards prescribe that the companies use the bring low of court or last realisable value. final resultSelected settlement True8.The Lots to a greater extent Store has a Janitorial segment and a personnel department Department that provide serv ices to three sales Departments. The Janitorial Department equal is allocated plinthd on space and the Personnel Department greet is allocated based on employees. The following information is available.PersonnelJanitorialSalesSalesSalesDeptDept123Budget$45 000$30 000Space (sq m)4 0001 00020 00030 00050 000No. of Employees5 ci54530Using the dampen method, calculate the amount of Janitorial Department hail allocated to Sales Department 2, if the Personnel Department is allocated first. eventSelected practice$10 3509.Quality of compliance refers to serve wellSelected Answerthe degree to which the product meets its design specifications. 10.Which of the following is not an accusing of management accounting? AnswerSelected AnswerProviding information for profit and loss statements11.Appraisal costs refer to costs incurredCorrect Answer in de boundaryining whether defects exist.12.Leisure Life manufactures a variety of sporting equipment. The firms predetermined operating cost application rate was 150 per cent of institutionalize labour cost. Job 101 included direct materials of $15 000 and direct labour of $6 000. The manufacturing overhead utilise to Job 101 during the yr was AnswerSelected Answer$9 00013.Which of the following is not a cost of quality?AnswerSelected Answer ample inefficiency cost14.If yield increases, variable cost pull up stakes Correct Answer go along constant on a per social unit basis.15.The service department cost allocation method that fully accounts for the mutual supplying of services between service departments is called the AnswerSelected Answerreciprocal method.16.Which of the following statements is temper?AnswerSelected AnswerCost accounting is a subset of management accounting.17.Richardson & Sons purchased direct material worth $15 000 during the approximately recent peak. At the end of the hitch the direct material account sense of equilibrium was $6 000 larger than the get-go symmetry. Cost of goods s old was $150 000. Overhead is applied at 50 per cent of direct labour cost. Other account braces areBeginningEndingWork in process$75 000$20 000Finished goods$110 000$60 000What is the amount of prime cost added to production for the period? AnswerSelected Answer$33 00018.Product costs compriseAnswerSelected Answerdirect materials, direct labour and manufacturing overhead.19.The emanate of manufacturing costs through the system isAnswerSelected Answer rude(prenominal) materials take stock work in process inventory done for(p) goods inventory cost of goods sold. 20.Whether a cost is classified as direct or indirect bequeath depend on AnswerSelected Answerthe nature of the cost object AND whether the cost can be economically traced to the cost object. 21.Barrett Industries began the month of June with a absolute goods inventory of $15 000. The finished goods inventory at the end of June was $10 000 and the cost of goods sold during the month was $20 000.The cost of goods manufa ctured during the month of June was AnswerSelected Answer$15 00022.In the manufacturing firm, inventories consist ofAnswerSelected Answerraw materials, work in process and finished goods.23.Which of the following statements is specify in relation to determining whether a cost is direct or indirect? AnswerSelected AnswerThe wider the definition of the cost object the more costs that will be direct costs. 24.Refer to the following data. treat material used$150 000 sell costs$5 000Indirect labour$7 000Administrative costs$10 000Depreciation on factory equipment$70 000Direct labour$40 000Overtime premiums paid$20 000Indirect materials$45 000The prime costs areAnswerSelected Answer$190 00025.A courier caller may view kilometres driven as a possible cost driver. AnswerSelected Answer True26.Rappaport community report the following data for the month of FebruaryThe direct materials cost for February isAnswerSelected Answer$88,00027.During the month of swaggering, direct labor cost be $13,000 and direct labor cost was 20% of prime cost. If total manufacturing costs during gilded were $88,000, the manufacturing overhead was AnswerSelected Answer$23,00028. Rappaport heap reported the following data for the month of FebruaryThe adjusted cost of goods sold that appears on the income statement for February is AnswerSelected Answer$240,00029.A incomplete listing of costs incurred at Peggs Corporation during September appears belowThe total of the period costs listed above for September is AnswerSelected Answer$318,00030.The following data match to Harriman Companys operations during JulyThe end finished goods inventory wasAnswerSelected Answer$7,00031.For the menstruation year, Paxman Company incurred $150,000 in genuine manufacturing overhead cost. The Manufacturing Overhead account showed that overhead was overapplied in the amount of $6,000 for the year. If the predetermined overhead rate was $8.00 per direct labor-hour, how many hours were worked during the y ear? AnswerSelected Answer19,500 hours32.Management of Berndt Corporation has asked your uphold as an detain in preparing more or less key reports for August. The root word balance in the raw materials inventory account was $33,000. During the month, the go with made raw materials purchases amounting to $62,000. At the end of the month, the balance in the raw materials inventory account was $30,000. Direct labor cost was $46,000 and manufacturing overhead was $74,000. The beginning balance in the work in process account was $13,000 and the final stage balance was $19,000. The beginning balance in the finished goods account was $54,000 and the ending balance was $50,000. Sales totaled $270,000. Selling expense was $18,000 and administrative expense was $49,000.The net operating income for August wasAnswerSelected Answer$20,00033.Management of Berndt Corporation has asked your help as an intern in preparing both(prenominal) key reports for August. The beginning balance in the r aw materials inventory account was $33,000. During the month, the company made raw materials purchases amounting to $62,000. At the end of the month, the balance in the raw materials inventory account was $30,000. Direct labor cost was $46,000 and manufacturing overhead was $74,000. The beginning balance in the work in process account was $13,000 and the ending balance was $19,000. The beginning balance in the finished goods account was $54,000 and the ending balance was $50,000. Sales totaled $270,000. Selling expense was $18,000 and administrative expense was $49,000.The cost of goods sold for August wasAnswerSelected Answer$183,00034.The corporate ascendancys salary would be considered a(n) AnswerSelected Answeradministrative cost.35.Choice of allocation base should be made based onAnswerSelected Answerwhether the base truly drives the cost being allocated.36.The three staple elements of manufacturing cost are direct materials, direct labor, and AnswerSelected Answermanufacturi ng overhead.37.An opportunity cost isAnswerSelected Answerthe benefit forgone by selecting one alternative instead of another(prenominal). 38.Which ground below correctly describe the cost of the black rouge used to paint the dots on a pair of dice?AnswerSelected AnswerChoice B39.Buford Company rents out a thin unused portion of its factory to another company for $1,000 per month. The rental agreement will expire next month, and rather than restore the agreement Buford Company is thinking roughly using the space itself to store materials. The term to describe the $1,000 per month is AnswerSelected Answeropportunity cost.40.Cost of goods manufactured will ordinarily includeAnswerSelected Answersome costs incurred during the prior period as well as costs incurred during the current period.