Question

When target costing is used, the target cost is determined by A. finding the difference between the market price and the amount of profit needed to satisfy stakeholders. B. adding the cost of direct materials, direct labor, and activity costs of a product. C. subtracting all nonvalue-added costs from total manufacturing costs of a product. D. adding the manufacturing and nonmanufacturing costs of the product. 14. Which of the following sets just-in-time systems apart from traditional manufacturing systems? A. Cost of goods sold includes all manufacturing cost. B. Materials are purchased only as they are needed to manufacture goods. C. Cost of goods sold is not calculated. D. It can be used in conjunction with activity based costing. 15. Brody Corp uses a process costing system. Beginning inventory for January consisted of 1,300 units that were 40% completed. 13,000 units were started into the process during January. On January 31, the inventory consisted of 650 units that were 70% completed. How many units were completed during the period? A. 12.350 B 13,650 C. 14,300 D. 14.950 16. A large company that uses activity based costing would do which of the following? A. Use a volume-based cost driver for each activity, B. Form a cost pool for each activity performed by the company. C. Use a single cost pool. D. Group activities together to simplify the number of activities. 17. Which of the following is not a characteristic of managerial accounting? A. Information is used by internal parties. B. Reports are prepared according to GAAP. C. Information is subjective, relevant, future-oriented. D. Reports are prepared as needed. 18. Which of the following best defines a product-level activity? A. An activity that is performed for a specific customer B. An activity that is performed to support a specific product line C. An activity that is performed for each individual unit D. An activity that is performed for a group of units all at once 19. Alison Co. had the following information for the month of June: Beginning work in process inventory $ 24,000 Ending work in process inventory $ 18,000 Direct materials used in production $ 85,000 Direct labor used in production $ 76,000 Cost of good manufactured $245,000 What is the amount of manufacturing overhead applied to production? A. 578,000 B. $76,000 C. $245,000 D. S161,000

Answer 1

13.
Answer is a. finding the difference between market price and amount of profit needed

14.
Answer is b. Materials are purchased only as they are needed to manufacture goods.

15.
Units completed and transferred = 1300+13000-650 = 13650 units
Answer B. 13650 units

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