Posted: June 15th, 2022

QUIZ 3 – 1 A process cost system would be used for all of the following products except

QUIZ 31 A process cost system would be used for all of the following products exceptcomputer chips. chemical substances. movement footage. delicate drinks.2 Variations between a job order cost system and a process cost system embrace all of the following except the level at which prices are totaled. unit cost computations. paperwork used to trace prices. circulation of prices.3 Hunten Manufacturing assigns overhead based mostly on machine hours. The Milling Division logs 1,400 machine hours and Reducing Division reveals 3,000 machine hours for the interval. If the overhead price is $5 per machine hour, the entry to assign overhead will present adebit to Manufacturing Overhead for $22,000.credit score to Work in Process—Reducing Division for $15,000.credit score to Manufacturing Overhead for $22,000.debit to Work in Process for $15,000.four. A process with no starting work in process, accomplished and transferred out 95,000 models throughout a interval and had 50,000 models in the ending work in process stock that had been 30% full. The equal models of manufacturing for the interval had been:1. 47,500 equal models. 2. 145,000 equal models. 3. 95,000 equal models. four. 110,000 equal models.5 The Molding Division of Kenst Firm has the following manufacturing information: starting work in process 40,000 models (60% full), began into manufacturing 680,000 models, accomplished and transferred out 690,000 models, and ending work in process 70,000 models (40% full). Assuming conversion prices are incurred uniformly throughout the process, the equal models for conversion prices are:1. 718,000. 2. 690,000. 3. 694,000. four. 760,000.6. Conrad Firm’s Meeting Division has supplies cost at $5 per unit and conversion cost at $eight per unit. There are 20,000 models in ending work in process, all of that are 70% full as to conversion prices. How a lot are whole prices to be assigned to stock?1. $182,800. 2. $260,000. 3. $112,000. four. $212,000.7. A division provides supplies at the starting of the process and incurs conversion prices uniformly all through the process. For the month of July, there was no starting work in process; 40,000 models had been accomplished and transferred out; and there have been 20,000 models in the ending work in process that had been 40% full. Throughout July, $96,000 supplies prices and $84,000 conversion prices had been charged to the division.The unit manufacturing prices for supplies and conversion prices for July wasMaterials Conversion Prices$2.00$1.40$2.40$2.13$1.60$1.40$1.60$1.758. A manufacturing cost report 1. is ready from a job cost sheet. 2. is not going to determine a selected division if multiple division 3. is concerned in the manufacturing process.four. is ready for every product.will present amount and cost information for a manufacturing division.9. Which of the following prices are variable?Cost10,000 Models30,000 Units1.$100,000$300,0002.40,000240,0003.90,00090,0004.50,000150,0001. 1 and a pair of 2. solely 1 3.1 and four four.solely 210 Why is identification of a related vary essential?Cost habits outdoors of the related vary isn’t linear, which distorts CVP Assessment.It’s required underneath GAAP.It’s a cost that’s incurred by an organization that should be accounted for.It immediately impacts the quantity of models of product a buyer buys.11. In making use of the excessive-low methodology, what’s the unit variable cost?MonthMilesTotal CostJanuary80,000$144,000February50,000120,000March70,000141,000April90,000$180,0001. $2.00 2. $1.50 3. $2.40 four.Can’t be decided from the info given12. Which of the following isn’t an underlying assumption of CVP Assessment?1. Adjustments in exercise are the solely components that have an effect on prices. 2. Cost classifications are fairly correct 3. Starting stock is bigger than ending stock. four. Gross sales combine is fixed.13 If an organization had a contribution margin of $750,000 and a contribution margin ratio of 40%, whole variable prices should have been1. $1,125,000. 2. $300,000. 3. $1,875,000 four. $450,00014 The following month-to-month information can be found for Hepburn, Inc. which produces just one product: Promoting value per unit, $42; Unit variable bills, $14; Whole fastened bills, $84,000; Precise gross sales for the month of June, four,000 models. How a lot is the margin of security for the firm for June?1. $42,000 2. $126,000 3. $84,000 four. $1,00015. Klinc, Inc. desires to promote a enough amount of products to earn a revenue of $70,000. If the unit gross sales value is $10, unit variable cost is $eight, and whole fastened prices are $120,000, what number of models should be bought to earn earnings of $70,000?1. 23,750 models 2.950,000 models 3. 70,000 models four. 95,000 models16 Sivenchy Firm sells 100,000 wrenches for $18 per unit. Fastened prices are $625,000 and internet earnings is $375,000. What ought to be reported as variable bills in the CVP earnings assertion?1. $800,000 2. $1,000,000 3. $1,425,000 four. $117517 Why are budgets helpful in the planning process?They allow the price range committee to earn their paycheck.They assure the firm will be worthwhile if it meets its goals.They supply administration with details about the firm’s previous efficiency.They Help talk targets and supply a foundation for analysis.18 An unrealistic price range is extra more likely to consequence when it1. has been developed by all ranges of administration. 2. has been developed in a backside up trend. 3. is developed with efficiency appraisal usages in thoughts. four. has been developed in a prime down trend.19 At January 1, 2014, Zella Firm has starting stock of 2,000 DVD gamers. Zella estimates it’ll promote 10,000 models throughout the first quarter of 2014 with a 12% improve in gross sales every quarter. Zella’s coverage is to take care of an ending stock equal to 25% of the subsequent quarter’s gross sales. Every DVD participant prices $100 and is bought for $140. How a lot is budgeted gross sales income for the third quarter of 2014?1. $12,544 2. $1,756,160 3. $420,000 four.$1,820,00020 Vonak Co. estimates its gross sales at 240,000 models in the first quarter and that gross sales will improve by 24,000 models every quarter over the yr. They’ve, and want, a 25% ending stock of completed items. Every unit sells for $25. 40% of the gross sales are for money. 70% of the credit score prospects pay inside the quarter. The rest is acquired in the quarter following sale.Money collections for the third quarter are budgeted at1.$7,092,000. 2. $eight,208,000. 3. $5,904,000. four.$four,068,000.21 Niles Manufacturing estimates its gross sales at 220,000 models in the first quarter and that gross sales will improve by 20,000 models every quarter over the yr. They’ve, and want, a 25% ending stock of completed items. Every unit sells for $35. 40% of the gross sales are for money. 70% of the credit score prospects pay inside the quarter. The rest is acquired in the quarter following sale.Manufacturing in models for the third quarter ought to be budgeted at1. 260,000. 2. 330,000. 3. 275,000. four. 265,000.22 Which of the following statements a few budgeted earnings assertion is nottrue?The budgeted earnings assertion can be ready in a a number of-step format.The budgeted earnings assertion is ready utilizing the particular person working budgets.The budgeted earnings assertion is ready after the monetary budgets are ready.The budgeted earnings assertion is ready on the accrual foundation of accounting.23 Which one of the following objects would by no means seem on a money price range?1. Curiosity expense 2. Depreciation expense 3. Journey expense four. Workplace salaries expense24 Firm A is a producer and Firm B is a merchandiser. What’s the distinction in the budgets the two entities will put together?Each firms will put together the similar sorts of budgets.Firm B will put together a manufacturing price range, and Firm A will put together a merchandise purchases price range.Firm A will put together a gross sales forecast, and Firm B will put together a gross sales price range.Firm A will put together a manufacturing price range, and Firm B will put together a merchandise purchases price range.25 A main ingredient in budgetary management is1. the valuation of inventories. 2. approval of the price range by the stockholders. 3. the preparation of lengthy-time period plans. four. the comparability of precise outcomes with deliberate goals.26 On the foundation of the price range studies,1. administration analyzes variations between precise and deliberate outcomes. 2. administration might modify the future plans. 3. all of these reply decisions are right. four. administration might take corrective motion.27 A static price range reportmay be acceptable in evaluating a supervisor’s effectiveness in controlling prices when the habits of the prices in response to modifications in exercise is fastened.is acceptable in evaluating a supervisor’s effectiveness in controlling variable prices.reveals prices at solely 2 or 3 totally different ranges of exercise.ought to be used when the precise degree of exercise is materially totally different from the grasp price range exercise degree.28 High administration’s response to a distinction between budgeted and precise gross sales usually relies upon on1. whether or not administration anticipated the distinction. 2. the materiality of the distinction. 3. the persona of the prime managers. four. whether or not the distinction is favorable or unfavorable.29 What’s the major distinction between a static price range and a versatile price range?The static price range incorporates solely fastened prices, whereas the versatile price range incorporates solely variable prices.The static price range is constructed utilizing enter from solely higher degree administration, whereas a versatile price range obtains enter from all ranges of administration.The static price range is ready solely for models produced, whereas a versatile price range displays the quantity of models bought.The static price range is ready for a single degree of exercise, whereas a versatile price range is adjusted for totally different exercise ranges.30 Corrington Manufacturing Firm ready a set price range of 80,000 direct labor hours, with estimated overhead prices of $400,000 for variable overhead and $120,000 for fastened overhead. Corrington then ready a versatile price range at 78,000 labor hours. How a lot is whole overhead prices at this degree of exercise?1. $510,000 2.$440,000 3. $400,000 four. $520,00031 At 18,000 direct labor hours, the versatile price range for oblique supplies is $36,000. If $37,600 are incurred at 18,400 direct labor hours, the versatile price range report ought to present the following distinction for oblique supplies:1. $800 unfavorable. 2. $1,600 unfavorable. 3. $1,600 favorable. four.$800 favorable.32 Which of the following would not be thought of a side of budgetary management?It Helps administration in controlling operations.It offers a assure for favorable outcomes.It Helps in the willpower of variations between precise and deliberate outcomes.It offers suggestions worth wanted by administration to see whether or not precise operations are on track.

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