Homework Answers
| 18) False. | |||
| The period costs are expensed in the year in which they are incurred and not shown on balance sheet. | |||
| They only apper in income statement. | |||
| 19) | |||
| The cost of direct materials are best classified as prime costs and manufacturing cost. | |||
| It is not classified as conversion costs. | |||
| Therefore, 1st option is the correct answer. | |||
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5 pts U Question 18 Period costs are reported on the balance sheet before goods are...
Question 21 (1 point) Operating income reported under absorption costing will generally exceed operating income reported...
Question 21 (1 point) Operating income reported under absorption costing will generally exceed operating income reported under variable costing for a given period in which of the following cases? If the variable manufacturing overhead exceeds the fixed manufacturing overhead. If production exceeds sales for that period. None of the options provided are correct. If production equals sales for that period. If sales exceed production for that period. w wwwwwwwwwwwwwwwwwwww wwwwwww Question 22 (1 point) The term "gross margin" for a...
Rhonda Corporation's relevant range of activity is 3,000 units to 6.000 units. When it produces and...
Rhonda Corporation's relevant range of activity is 3,000 units to 6.000 units. When it produces and sells 4,000 units, its average costs per unit are as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense Average cost per Unit $ 5.40 $ 3.55 $ 1.70 $ 3.85 $ 0.60 $ 0.40 $ 1.00 $ 0.40 If 5,000 units are produced and sold, the fixed manufacturing overhead cost...
The following cost data pertain to the operations of Quinonez Department Stores, Inc., for the month...
The following cost data pertain to the operations of Quinonez Department Stores, Inc., for the month of September Corporate headquarters building lease $84,600 Cosmetics Department sales commissions -- Northridge Store $ 5,740 Corporate legal office salaries $59,900 Store manager's salary-Northridge Store $11,700 Heating-Northridge Store $16,800 Cosmetics Department cost of sales - - Northridge Store $33,300 Central warehouse lease cost $ 6,500 Store security-Northridge Store $15,800 Cosmetics Department manager's salary-- Northridge Store $ 4,870 The Northridge Store is just one of...
UlNpletion Status: QUESTION 27 Product costs are recorded on the balance sheet as inventory umol goods...
UlNpletion Status: QUESTION 27 Product costs are recorded on the balance sheet as inventory umol goods are evernualy sold.Theronsten tedb- taken directly to the income statement as an expense O True OFalse ..- QUESTION 28 Manufacturing overhead includes O a. all direct material, direct labor and administrative costs. O b. all selling and administrative costs O c. all manufacturing costs except direct labor. O d. all manufacturing costs except direct iabor and direct materials QUESTION 29 Using the following data,...
QUESTION 15 Advertising Costs are an example of: O 1. Fixed Manufacturing Cost O 2. Prime...
QUESTION 15 Advertising Costs are an example of: O 1. Fixed Manufacturing Cost O 2. Prime Cost O 3. Variable Product Cost O 4. Fixed Selling Cost QUESTION 5 Wood used in the manufacture of furniture is an example of O 1. Variable and direct cost O 2. Fixed and direct Cost O 3. Variable and indirect cost O 4. Fixed and indirect cost QUESTION3 The following costs are budgeted for Ghana Corporation for next year: Total variable co Total...
$8.000 $235.000 5 pts Question 6 Which of the following accounts represents the accumulated costs of...
$8.000 $235.000 5 pts Question 6 Which of the following accounts represents the accumulated costs of jobs that are incomplete? Work in process inventory Finished goods inventory O Cost of goods sold Raw materials inventory Question 7 5 pts In a job order system a company would only apply the manufacturing overhead to the job when it is completed and at no other time during the accounting period. True False Question 8 5 pts s regarding cost behavior, the concept...
5 pts U Question 25 Average manufacturing overhead cost per unit usually varies from one period...
5 pts U Question 25 Average manufacturing overhead cost per unit usually varies from one period to the next because: O fixed manufacturing overhead changes in total when production levels vary the makeup of manufacturing overhead changes from period to period fixed manufacturing overhead remains the same in total when production levels vary variable overhead costs per unit vary when production levels vary Question 26 5 p Which of the following statements is true regarding over-applied manufacturing overhead? over-applied overhead...
$7.65 $12.00 O $9.20 Question 17 5 pts Dearden Corporation uses a job-order costing system with...
$7.65 $12.00 O $9.20 Question 17 5 pts Dearden Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $148,000, variable manufacturing overhead of $3.75 per machine- hour, and 50,000 machine-hours. The actual usage of machine hours was 52,100. The predetermined overhead rate per machine hour is closest to: $6,59 O $6.71 $9.67 O $2.96 Question...
Exercise 1-11 Cost Behavior, Contribution Format Income Statement (LO1-4, LO1-6) Harris Company manufactures and sells a...
Exercise 1-11 Cost Behavior, Contribution Format Income Statement (LO1-4, LO1-6) Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 50,000 to 90,000 units is given below: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below, 2. Assume that the company produces and sells 80,000 units during the year at a selling...
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the...
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month $69,000 $35, een $15,000 28,000 $ 43, eee Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing overhead Variable selling expense Fixed selling expense Total selling expense Variable administrative expense Fixed administrative expense Total administrative expense $12,000 18,000 $ 30,000 4.000 25,00 $29,000 Regulred: 1. With respect to cost classifications for preparing financial statements...
Question 21 (1 point) Operating income reported under absorption costing will generally exceed operating income reported under variable costing for a given period in which of the following cases? If the variable manufacturing overhead exceeds the fixed manufacturing overhead. If production exceeds sales for that period. None of the options provided are correct. If production equals sales for that period. If sales exceed production for that period. w wwwwwwwwwwwwwwwwwwww wwwwwww Question 22 (1 point) The term "gross margin" for a...
Rhonda Corporation's relevant range of activity is 3,000 units to 6.000 units. When it produces and sells 4,000 units, its average costs per unit are as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense Average cost per Unit $ 5.40 $ 3.55 $ 1.70 $ 3.85 $ 0.60 $ 0.40 $ 1.00 $ 0.40 If 5,000 units are produced and sold, the fixed manufacturing overhead cost...
The following cost data pertain to the operations of Quinonez Department Stores, Inc., for the month of September Corporate headquarters building lease $84,600 Cosmetics Department sales commissions -- Northridge Store $ 5,740 Corporate legal office salaries $59,900 Store manager's salary-Northridge Store $11,700 Heating-Northridge Store $16,800 Cosmetics Department cost of sales - - Northridge Store $33,300 Central warehouse lease cost $ 6,500 Store security-Northridge Store $15,800 Cosmetics Department manager's salary-- Northridge Store $ 4,870 The Northridge Store is just one of...
UlNpletion Status: QUESTION 27 Product costs are recorded on the balance sheet as inventory umol goods are evernualy sold.Theronsten tedb- taken directly to the income statement as an expense O True OFalse ..- QUESTION 28 Manufacturing overhead includes O a. all direct material, direct labor and administrative costs. O b. all selling and administrative costs O c. all manufacturing costs except direct labor. O d. all manufacturing costs except direct iabor and direct materials QUESTION 29 Using the following data,...
QUESTION 15 Advertising Costs are an example of: O 1. Fixed Manufacturing Cost O 2. Prime Cost O 3. Variable Product Cost O 4. Fixed Selling Cost QUESTION 5 Wood used in the manufacture of furniture is an example of O 1. Variable and direct cost O 2. Fixed and direct Cost O 3. Variable and indirect cost O 4. Fixed and indirect cost QUESTION3 The following costs are budgeted for Ghana Corporation for next year: Total variable co Total...
$8.000 $235.000 5 pts Question 6 Which of the following accounts represents the accumulated costs of jobs that are incomplete? Work in process inventory Finished goods inventory O Cost of goods sold Raw materials inventory Question 7 5 pts In a job order system a company would only apply the manufacturing overhead to the job when it is completed and at no other time during the accounting period. True False Question 8 5 pts s regarding cost behavior, the concept...
5 pts U Question 25 Average manufacturing overhead cost per unit usually varies from one period to the next because: O fixed manufacturing overhead changes in total when production levels vary the makeup of manufacturing overhead changes from period to period fixed manufacturing overhead remains the same in total when production levels vary variable overhead costs per unit vary when production levels vary Question 26 5 p Which of the following statements is true regarding over-applied manufacturing overhead? over-applied overhead...
$7.65 $12.00 O $9.20 Question 17 5 pts Dearden Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $148,000, variable manufacturing overhead of $3.75 per machine- hour, and 50,000 machine-hours. The actual usage of machine hours was 52,100. The predetermined overhead rate per machine hour is closest to: $6,59 O $6.71 $9.67 O $2.96 Question...
Exercise 1-11 Cost Behavior, Contribution Format Income Statement (LO1-4, LO1-6) Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 50,000 to 90,000 units is given below: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below, 2. Assume that the company produces and sells 80,000 units during the year at a selling...
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month $69,000 $35, een $15,000 28,000 $ 43, eee Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing overhead Variable selling expense Fixed selling expense Total selling expense Variable administrative expense Fixed administrative expense Total administrative expense $12,000 18,000 $ 30,000 4.000 25,00 $29,000 Regulred: 1. With respect to cost classifications for preparing financial statements...
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