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When studying managerial accountingconcepts and principles, job-order-costing, process costing,activity-based costing, cost behavior, and cost-volume-profitanalysis:<?xml:namespace prefix = o ns ="urn:schemas-microsoft-com:office:office" />

What would be the most complicated?

What would be the least complicated?

What concept or principle would be the mostsurprising?

As a professional, what concepts andprinciples would be most used? Explain.

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Bunny Greenfelder
Bunny GreenfelderLv2
29 Sep 2019

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If you could show the solution process, I would reallyappreciate it.

A dairy allocates the costof unprocessed milk to the production of milk, cream, butter andcheese. For the current period, unprocessed milk was purchased for$260,000, and the following quantities of product and salesrevenues were produced.<?xml:namespace prefix = o ns ="urn:schemas-microsoft-com:office:office" />

Product Pounds Price per Pound Milk 115,000 $1.30 Cheese 57,5002.60 Butter 23,000 1.40 Cream 11,500 3.40


How much of the $260,000 cost should be allocated to milk?(rounded)

$104,969. $32,200. $0. $39,100. $149,500.

A sawmill paid $76,000 forlogs that produced 220,000 board feet of lumber in 3 differentgrades and amounts as follows:

Grade Production Market Price Structural 55,000 board feet$1,400/1,000 bd. ft. No. 1 Common 60,000 board feet $800/1,000 bd.ft. No. 2 Common 105,000 board feet $350/1,000 bd. ft.


How much of the $76,000 joint cost should be allocated to No. 2Common?

$17,267. $48,000. $76,000. $77,000. $0.

Jamesway Corporation hastwo separate divisions that operate as profit centers. Thefollowing information is available for the most recentyear:

Maroon Division Yellow Division Sales (net) $290,000 $580,000Salary expense 28,000 48,000 Cost of goods sold 96,000 155,000


The Maroon Division occupies 20,000 square feet in the plant. TheYellow Division occupies 30,000 square feet. Rent is an indirectexpense and is allocated based on square footage. Rent expense forthe year was $60,000.
Gross profit for the Maroon and Yellow Divisions is:

Maroon Yellow (A) $28,000 $48,000 (B) $96,000 $155,000 (C) $194,000$425,000 (D) $60,000 $20,000 (E) $30,000 $36,000

C Above. B Above. E Above. D Above. A Above.

Joint products A and B areproduced in a single operation from Material M. 500 gallons ofMaterial M, costing $550, produced 333 gallons of Product A,selling for $3 per gallon, and 167 gallons of Product B, sellingfor $7 per gallon.
If the $550 cost of the 500 gallons of Material M were to beallocated to the joint products in proportion to the number ofgallons of each product produced, Product A's share would be:

rev: 05_04_2012

$0. $367. $292. $577. $492.

A sawmill bought ashipment of logs for $44,000. When cut, the logs produced a millionboard feet of lumber in the following grades:

Type 1 - 340,000 bd. ft. priced to sell at $.12 per bd. ft.
Type 2 - 320,000 bd. ft. priced to sell at $.06 per bd. ft.
Type 3 - 340,000 bd. ft. priced to sell at $.04 per bd. ft.

How much cost should be allocated to Type 1 and Type 2,respectively?

Type 1 Type 2 (A) $40,800 $40,800 (B) $40,800 $19,200 (C) $44,000$13,600 (D) $24,391 $11,478 (E) $24,391 $8,130

B Above. D Above. A Above. E Above. C Above.

Longtime Chemical produced10,000 gallons of Greon and 20,000 gallons of Baron. Joint costsincurred in producing the two products totaled $7,800. At thesplit-off point, Greon has a market value of $6.00 per gallon andBaron $4.00 per gallon. What portion of the joint costs should beallocated to Greon if the basis is market value at point ofseparation?

$3,343. $7,800. $6,850. $6,457. $60,000.

1.A company had net cash flows fromoperations of $140,000, total cash flows of $600,000, and averagetotal assets of $2,400,000. The cash flow on total assets ratioequals(rounded): <?xml:namespace prefix = o ns ="urn:schemas-microsoft-com:office:office" />

A. 9.3%.

B. 17.1%.

C. 25.0%.

D. 4.3%.

E. 5.8%.

2. Use the following information and theindirect method to calculate the net cash provided or used byoperating activities:

Net income $12,800

Depreciation expense 11,600

Payment on mortgage payable 14,400

Gain on sale of land 7,900

Increase in merchandise inventory 2,100

Increase in accounts payable 6,500

Proceeds from sale of land 8,500

A. $35,300.

B. $12,400.

C. $20,900.

D. $7,900.

E. $40,900.

3. The statement of cash flows reports:

A. Assets,liabilities and equity

B. Revenues,gains, expenses and losses

C. Cashinflows and outflows for an accounting period

D. Equity,net income and dividends

E. Changes inequity

4. The statement of cash flows is:

A. Anothername for the statement of financial position

B. Afinancial statement that presents information about changes inequity during a period

C. Afinancial statement that reports the cash inflows and outflows foran accounting period and that classifies those cash flows asoperating activities, investing activities or financingactivities

D. Afinancial statement that lists the types and amounts of assets,liabilities and equity of a business on a specific date

E. A financialstatement that lists the types and amounts of the revenues andexpenses of a business for an accounting period

5.

A company had a profit margin of 15%. Ifnet income equaled $44,000 and average total assets equaled$335,000, how much were net sales? (Rounded to the nearest wholedollar.)

A. $293,333

B. $6,600

C. $223

D. $50,250

E. $291,000

6. A company has sales of $2,418,422, agross profit ratio of 25%, a days' sales in inventory ratio of13.8, and total current assets of $535,600. What is the endinginventory for the year?

A. $69,006

B. $328,640

C. $68,577

D. $133,900

E. $38,812

7. Net income divided by average totalassets is equal to the:

A. Profitmargin

B. Totalasset turnover

C. Return ontotal assets

D. Days'income in assets

E. Currentratio

8. The three most common tools of financialanalysis are:

A. Financialreporting, ratio analysis, vertical analysis

B. Ratioanalysis, horizontal analysis, financial reporting

C. Horizontal analysis, vertical analysis, ratio analysis

D. Trendanalysis, financial reporting, ratio analysis

E. Verticalanalysis, political analysis, horizontal analysis

9. Financial statements with data for twoor more successive accounting periods placed in columns side byside, sometimes with changes shown in dollar amounts and percents,are referred to as:

A. Period-to-period statements

B. Controlling statements

C. Successive statements

D. Comparative statements

E. Serialstatements

10. A company produces work boots. Thecompany received and produced an order for 4,600 pairs of boots.The following information is available regarding this order.

Process time 5.6 days

Inspection time. 6.5 days

Move time 6.3 days

Wait time 9.6 days

What is this company's manufacturing cycleefficiency?

A. 28days

B. 7.0days

C. 23.21%

D. 20%

E. 22.5%

11. The following information is availablefor Talking Toys, Inc., for the current year:

Direct materials used $7,500

Goods in process, January 1 48,000

Goods in process, December 31 44,000

Total Factory overhead 6,200

Direct labor used 28,500

The total manufacturing costs incurredduring the year were:

A. $46,200.

B. $44,200.

C. $7,500.

D. $42,200.

E. $89,000.

12. Compute cost of goods manufactured forthis period given the following amounts.

Ending finished goods inventory $66,000

Cost of Goods Sold 54,000

Beginning finished goods inventory60,000

A. $72,000

B. $48,000

C. $60,000

D. $66,000

E. $180,000.

13. Which of the following is neverincluded in direct materials costs?

A. Invoicecosts of direct materials.

B. Outgoingdelivery charges.

C. Materialsstorage costs.

D. Materialshandling costs.

E. Insuranceon stored material.

14. Which of the following costs would notbe classified as factory overhead?

A. Propertytaxes on maintenance machinery.

B. Expiredinsurance on factory equipment.

C. Wages ofthe factory janitor.

D. Metaldoorknobs used on wood cabinets produced.

E. Small toolsused in production.

15.

The S&S Company's manufacturing costsfor August are: direct labor, $13,000; indirect labor, $8,100;direct materials, $14,400; taxes on raw materials and work inprocess, $800; heat, lights and power, $900; and insurance on plantand equipment, $400. S&S Company's factory overhead incurredfor August is:

A. $2,100.

B. $24,600.

C. $21,100.

D. $10,200.

E. $13,000

16. A company has an overhead applicationrate of 115% of direct labor costs. How much overhead would beallocated to a job if it required total labor costing $15,000?

A. $115,000

B. $2,250

C. $17,250

D. $230,000

E. $13,250

17. When factory payroll costs are recordedin a job cost accounting system:

A. FactoryPayroll is debited and Goods in Process is credited.

B. Goods inProcess Inventory and Factory Overhead are debited and FactoryPayroll is credited.

C. Cost ofGoods Manufactured is debited and Direct Labor is credited.

D. DirectLabor and Indirect Labor are debited and Factory Payroll iscredited.

E. Goods inProcess is debited and factory payroll is credited.

18. Job order costing systems normallyuse:

A. Periodicinventory systems.

B. Perpetualinventory systems.

C. Realinventory systems.

D. Generalinventory systems.

E. All of theabove.

19. A job order cost accounting systemwould best fit the needs of a company that makes:

A. Shoes andapparel.

B. Paint.

C. Cement.

D. Custommachinery.

E. Pencils anderasers.

20.

At the beginning of the recent period,there were 2,100 units of product in a department, 1/3 completed.These units were finished and an additional 9,000 units werestarted and completed during the period. 1,200 units were still inprocess at the end of the period, 1/4 completed. Using the FIFOvaluation method, the equivalent units produced by the departmentwere:

A. 16,500units.

B. 12,300units.

C. 11,100units.

D. 10,700units.

E. 10,900units.

21.

A department had 2,300 units which were 30%complete in beginning Goods in Process Inventory. During thecurrent period, 24,000 units were transferred out. Ending Goods inProcess Inventory was 2,500 units which were 30% complete. Usingthe FIFO method, what are the equivalent units produced if alldirect material and direct labor are added uniformly throughout theprocess?

A. 24,060

B. 23,970

C. 24,750

D. 26,360

E. 26,500

22. To compute an equivalent unit ofproduction, one must be able to reasonably estimate:

A. Thepercentage of completion.

B. Unitscompleted.

C. Unitsstarted and completed.

D. Directlabor cost.

E. Materialscost.

23. Which of the following five types ofproducts is least likely to be produced in a process manufacturingsystem?

A. Compactdisks.

B. Slacksfor casual wear.

C. Baseballhats.

D. Calculators.

E. Oilpaintings.

26. Ridley Company estimates that overheadcosts for the next year will be $6,870,000 for indirect labor and$450,000 for factory utilities. The company uses machine hours asits overhead allocation base. If 160,000 machine hours are plannedfor this next year, what is the company's plantwide overheadrate?

A. $.02186per machine hour.

B. $42.9375per machine hour.

C. $45.75per machine hour.

D. $2.8125per machine hour.

E. $.3555 permachine hour.

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