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Question
The FIFO method does not use the costs of beginning inventory in computing cost per equivalent unit for the current period.Answer
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Related questions
Q:
The predetermined overhead allocation rate is used to apply overhead cost to products.
Q:
Typical cash flows from investing activities include:
A.Payments to purchase property, plant and equipment or other productive assets (excluding inventory).
B.Proceeds from the sale (discounting) of notes receivable made by the company.
C.Proceeds from collecting the principal amount of notes receivable.
D.Payments to acquire held-to maturity securities of other entities, except cash equivalents.
E.All of these.
Q:
A cash equivalent is an investment that:
A.Is readily convertible to a known amount of cash.
B.Is sufficiently close to its maturity date so its market value is unaffected by interest rate changes.
C.Generally is within 3 months of its maturity date.
D.Is highly liquid.
E.All of these.
Q:
Polaroid reported net cash provided by operating activities of $131.4 million. Assets at the beginning of the year totaled $2,197.7 million and totaled $2,040.0 million at the end of the year. Calculate the cash flow on total assets ratio for Polaroid.
Q:
The following selected account balances are taken from a merchandising company's records:(a) Calculate the cash payments made during 2010 for merchandise. Assume all of the company's accounts payable balances result from merchandise purchases.(b) Calculate the cash receipts from customer sales during 2010.(c) Calculate the cash payments for salaries during 2010.
Q:
What was the materials cost per equivalent unit produced during June? What was the labor and overhead cost per equivalent unit produced during June?
Q:
How many equivalent units of materials were added to all units processed during June? How many equivalent units of labor and overhead were added to all units processed during June?
Q:
How many equivalent units of materials were added to the ending inventory to get those units to their state of partial completion? How many equivalent units of labor and overhead were added to the ending inventory to get those units to their state of partial completion?
Q:
The following data are available for a company's manufacturing activities:If materials are added when the production process begins and direct labor is applied uniformly throughout the process, what are the equivalent units for direct materials and for direct labor, respectively using the FIFO method of process costing?A.16,250; 19,250.B.16,250; 21,750.C.21,000; 19,250.D.19,250; 18,750.E.21,000; 22,250.
Q:
Which of the following five types of products is least likely to be produced in a process manufacturing system?
A.Compact disks.
B.Slacks for casual wear.
C.Baseball hats.
D.Calculators.
E.Oil paintings.
Q:
A production department is an organizational unit of a factory that has the responsibility for at least partially manufacturing or producing a product or service.
Q:
The rate established prior to the beginning of a period that relates estimated overhead to an allocation factor such as estimated direct labor, and that is used to assign overhead cost to jobs, is the:
A.Predetermined overhead allocation rate.
B.Overhead variance rate.
C.Estimated labor cost rate.
D.Chargeable overhead rate.
E.Miscellaneous overhead rate.
Q:
Target cost is calculated as
A.direct costs + desired profit
B.direct costs - desired profit
C.expected selling price - direct costs
D.expected selling price - desired profit
E.expected selling price + desired profit
Q:
There are at least three different methods to estimate costs. These methods are the _______________, _______________, and _______________ methods.
Q:
A profit center:
A.Incurs costs, but does not directly generate revenues.
B.Incurs costs and directly generates revenues.
C.Has a manager who is evaluated solely on efficiency in controlling costs.
D.Incurs only indirect costs and directly generates revenues.
E.Incurs only indirect costs and generates revenues.
Q:
Investment center managers are responsible only for revenues and the costs of investment.
Q:
Responsibility performance reports usually compare actual costs to the budgeted costs amounts.
Q:
Match the appropriate definition a through h with the following terms:1) Cost pool2) Cost driver3) Cost center4) Performance report5) Profit center6) Responsibility accounting system7) Investment center8) Departmental contribution to overheadA) A center whose manager is responsible for using the center's assets to generate income for the center.B) Compares actual and budgeted costs and expenses under the control of a manager.C) A department whose manager is judged on the ability to control costs by keeping them within a satisfactory range.D) Departmental sales in excess of its direct costs and expenses.E) A factor that causes the cost of an activity to go up and down.F) A department whose manager is judged on the ability to generate revenues in excess of the department's costs.G) A temporary account accumulating the costs a company incurs to support an identified set of activities.H) Provides information that management can use to evaluate the performance of a department's managers.
Q:
Match the appropriate definition with the following terms:1) Activity-based costing2) Joint cost3) Cost center4) Direct expenses5) Investment center6) Indirect expenses7) Controllable costs8) Profit centerA) Costs readily traced to a specific department because they are incurred for the sole benefit of that department.B) Cost allocation system based on separate activities and cost pools.C) A department that incurs costs and generates revenues.D) Costs which a manager can strongly influence or control.E) Costs that are incurred for the joint benefit of more than one department and cannot be readily traced to only one department.F) A department or unit that incurs costs without directly generating revenues.G) Costs incurred to produce two or more products at the same time.H) A center in which a manager is responsible for using the center's assets to generate income for the center.
Q:
An activity-based cost allocation system:
A.Is one form of a direct or variable costing system.
B.Does not provide total unit cost data.
C.Traces costs to products on the basis of activities performed on them.
D.Does not provide for the allocation of any cost to products that cannot be directly attributable to those products.
E.Does not involve the level of detail and the number of allocations that companies make with traditional allocation methods.
Q:
The master budget includes:
A.Operating budgets.
B.A capital expenditures budget.
C.A budgeted income statement.
D.A cash budget.
E.All of these.
Q:
The budgeted balance sheet is prepared with data contained in the previously prepared components of the master budget.
Q:
The following data relate to a product sold by Nelson Company:(a) Calculate the number of units expected to be sold.(b) Calculate the expected total dollar sales.
Q:
A CVP graph presents data on:
A.Profit and loss on a unit basis.
B.Profit, loss, and break-even on a total basis.
C.Profit, loss, and break-even on a unit basis.
D.Only profit and loss on a total basis.
E.Profit and loss on a budget and actual basis.
Q:
If Griffith Corporation is able to achieve the budgeted level of sales, its margin of safety in dollars would be:
A.$172,420.
B.$150,000.
C.$262,500.
D.$275,862.
E.$310,115.
Q:
Which of the following accounts would all appear on a manufacturing statement?
A.Raw materials, factory insurance expired, indirect labor.
B.Raw materials, goods in process, finished goods.
C.Factory buildings, delivery equipment, and depreciation on factory equipment.
D.Direct labor, indirect labor, sales salaries.
E.Direct labor, factory repairs and maintenance, wages payable.
Q:
The following information is available for Hardy Co. for the current year: The total of Hardy Co.'s manufacturing costs added during the current year is:
A.$12,000.
B.$16,100.
C.$17,100.
D.$18,100.
E.$13,600
Q:
The following information is available for Talking Toys, Inc., for the current year: The total cost of goods manufactured for the year was:
A.$13,000.
B.$44,500.
C.$57,500.
D.$94,500.
E.$52,000
Q:
Ajax Company accumulated the following account information for the year: Using the above information, total factory overhead costs would be:
A.$ 9,800.
B.$16,800.
C.$15,800.
D.$13,000.
E.$ 7,800.
Q:
Period costs for a manufacturing company would flow directly to:
A.The current income statement.
B.Factory overhead.
C.The current balance sheet.
D.Job cost sheet.
E.The current manufacturing statement.