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Consider the following financial statements for BestCare HMO Answer

Consider the following financial statements for BestCare HMO Answer

Consider the following financial statements for BestCare HMO Answer


17.4 Consider the following financial statements for BestCare HMO, a not-for-profit managed care plan:
BestCare HMO
Statement of Operations and Change in Net Assets
Year Ended June 30, 2011
(in thousands)
Revenue:
Premiums earned $26,682
Coinsurance $1,689
Interest and other income $242
Total revenue $28,613
Expenses:
Salaries and benefits $15,154
Medical supplies and drugs $7,507
Insurance $3,963
Provision for bad debts $19
Depreciation $367
Interest $385
Total expenses $27,395
Net income $1,218
Net assets, beginning of year $900
Net assets, end of year $2,118
BestCare HMO
Balance Sheet
Year Ended June 30, 2011
(in thousands)
Assets
Cash and cash equivalents $2,737
Net premiums receivable $821
Supplies $387
Total current assets $3,945
Net property and equipment $5,924
Total assets $9,869
Liabilities and Net Assets
Accounts payable – medical services $2,145
Accrued expenses $929
Notes payable $141
Current portion of long-term debt $241
Total current liabilities $3,456
Long-term debt $4,295
Total liabilities $7,751
Net assets – unrestricted (equity) $2,118
Total liabilities and net assets $9,869
a. Perform a Du Pont analysis on BestCare. Assume that the industry average ratios are as follows:
Total margin
Total asset turnover
Equity multiplier
Return on equity (ROE)
b. Calculate and interpret the following ratios for BestCare:
Industry average
Return on assets (ROA)
Current ratio
Days cash on hand
Average collection period
Debt ratio
Debt-to-equity ratio
Times interest earned (TIE) ratio
Fixed asset turnover ratio

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Best Care HMO

ACCT 504 Acct Fin Managerial Use Anlys Week4 Mid-Term Set 1 and 2 A+ Answer

ACCT 504 Acct Fin Managerial Use Anlys Week4 Mid Term Set 1 and set 2 Answer

Set 1

Page: 1 2 3

1. Question : (TCO A, B, C) External users want answers to all of the following questions except:

: Is the company earning satisfactory income?
Will the company be able to pay its debts as they come due?
Did the company use a budget to plan its expenses?
How does the company compare in profitability with competitors?

2. Question : (TCO C) Borrowing money is an example of a(n):

: delivering activity.
financing activity.
investing activity.
operating activity.

3. Question : (TCO C) Buying and selling products are examples of:

: operating activities.
investing activities.
financing activities.
delivering activities.

4. Question : (TCO A) Resources owned by a business are referred to as:

: stockholders’ equity.
liabilities.
assets.
revenues.

5. Question : (TCO C) Jamie Company recorded the following cash transactions for the year:

Paid $70,000 for salaries.
Paid $20,000 to purchase office equipment.
Paid $6,000 for utilities.
Paid $7,000 in dividends.
Collected $130,000 from customers.

What was Jamie’s net cash provided by operating activities?

: $47,000
$54,000
$27,000
$33,000

6. Question : (TCO A) In a classified balance sheet, assets are usually classified as:

: current assets; long-term assets; property, plant, and equipment; and tangible assets.
current assets; long-term investments; property, plant, and equipment; and common stocks.
current assets; long-term investments; and tangible assets.
current assets; long-term investments; property, plant, and equipment; and intangible assets.
:

7. Question : (TCO A) An intangible asset:

: may have the capacity to earn revenue for its owner.
is worthless because it has no physical substance.
is converted into a tangible asset during the operating cycle.
cannot be reported on the balance sheet because it lacks physical substance.

8. Question : (TCO A) These are selected account balances on December 31, 2010.

-Land (location of the corporation’s office building) $50,000
-Land (held for future use) 75,000
-Corporate Office Building 300,000
-Inventory 100,000
-Equipment 225,000
-Office Furniture 50,000
-Accumulated Depreciation 150,000

What is the total NET amount of property, plant, and equipment that will appear on the balance sheet?

: $650,000
$550,000
$475,000
$800,000

9. Question : (TCO B) For 2010, Ford Corporation reported net income of $15,000; net sales $200,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share?

: $2.33
$0.10
$2.50
$33.34

10. Question : (TCO B) Morten Corporation had beginning retained earnings of $764,000 and ending retained earnings of $833,000. During the year they issued common stock totaling $47,000. There were no dividends issued. What was their net income for the year?

: $69,000
$22,000
$116,000
$91,000

11. Question : (TCO D) Is the purchase of equipment treated as an expense at the time of purchase? Why or why not?

: No, GAAP requires that 10% of the cost be expensed each year. This minimizes attempts to mislead financial statement users.
Yes, the matching principle requires that the cost be expensed in the period of purchase.
No, the cost needs to be allocated to the years of expected use.
Yes, the actual life of the asset is not known, thus there is no acceptable way to allocate the cost.
:
12. Question : (TCO D) The left side of an account is:

: blank.
a description of the account.
the debit side.
the balance of the account.

13. Question : (TCO D) A credit is not the normal balance for which account listed below?

: Common Stock account
Revenue account
Liability account
Dividends account

14. Question : (TCO D) A debit is not the normal balance for which account listed below?

: Dividends
Cash
Accounts Receivable
Service Revenue

15. Question : (TCO D) Which pair of accounts follows the rules of debit and credit in relation to increases and decreases in the same manner?

: Dividends payable and rent expense
Repair expense and notes payable
Prepaid insurance and advertising expense
Service revenues and equipment

16. (TCO E) One of the accounting concepts upon which adjustments for prepayments and accruals are based is (Points : 3)
matching.
cost.
monetary unit.
economic entity.

17. (TCO E) In a service-type business, revenue is considered earned (Points : 3)
at the end of the month.
at the end of the year.
when the service is performed.
when cash is received.
18. (TCO E) Expenses sometimes make their contribution to revenue in a different period than when the expense is paid. When wages are incurred in one period and paid in the next period, this often leads to which account appearing on the balance sheet at the end of the first period? (Points : 3)
Due from employees
Due to employer
Wages payable
Wages expense

19. (TCO E) The following is selected information from M Corporation for the fiscal year ending October 31, 2010.

-Cash received from customers: $300,000
-Revenue earned: 350,000
-Cash paid for expenses: 170,000
-Expenses incurred: 200,000

5. Question : (TCO E) The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is:
: contra asset.
prepayment.
asset.
accrual.

6. Question : (TCO A, B) Which of the following expressions is incorrect?

: Gross profit – operating expenses = net income
Sales – cost of goods sold – operating expenses = net income
Net income + operating expenses = gross profit
Operating expenses – cost of goods sold = gross profit

7. Question : (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $6,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period?

: $6,000
$5,880
$5,400
$5,520

8. Question : (TCO A, B) Jake’s Market recorded the following events involving a recent purchase of merchandise:

Received goods for $20,000, terms 2/10, n/30.
Returned $400 of the shipment for credit.
Paid $100 freight on the shipment.
Paid the invoice within the discount period.

9. Question : (TCO A) The Freight-in account:
increases the cost of merchandise purchased.
is contra to the Purchases account.
is a permanent account.
has a normal credit balance.

10. Question : (TCO A) Barnes Company is taking a physical inventory on March 31, the last day of its fiscal year. Which of the following must be included in this inventory count?

: Goods in transit to Barnes, FOB destination
Goods that Barnes is holding on consignment for Parker Company
Goods in transit that Barnes has sold to Smith Company, FOB shipping point
Goods that Barnes is holding in inventory on March 31 for which the related Accounts Payable is 15 days past due
:

11. Question : (TCO A) Of the following companies, which one would not likely employ the specific identification method for inventory costing?

: Music store specializing in piano sales
Custom Jewelry store
Antique shop
Hardware store

12. Question : (TCO A) Which of the following statements is correct with respect to inventories?

: The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold.
It is generally good business management to sell the most recently acquired goods first.
Under FIFO, the ending inventory is based on the latest units purchased.
FIFO seldom coincides with the actual physical flow of inventory.

13. Question : (TCO A) In a period of declining prices, which of the following inventory methods generally results in the lowest balance sheet figure for inventory?

: Average cost method
LIFO method
FIFO method
Need more information to answer

:

14. Question : (TCO B) Which of the following is a true statement about inventory systems?

: Periodic inventory systems require more detailed inventory records.
Perpetual inventory systems require more detailed inventory records.
A periodic system requires cost of goods sold be determined after each sale.
A perpetual system determines cost of goods sold only at the end of the accounting period.

15. Question : (TCO B) Two categories of expenses in merchandising companies are:
: cost of goods sold and financing expenses.
operating expenses and financing expenses.
cost of goods sold and operating expenses.
sales and cost of goods sold.

:

Page 3:

Question 1 (TCO D) Describe the process of preparing a trial balance. What is the purpose of preparing a trial balance? If a trial balance does not balance, identify what might be the reasons why it does not balance. If the trial balance does balance, does that ensure that the ledger accounts are correct? Explain. (Points : 25)

2. Question : (TCOs B & E) The Caltor Company gathered the following condensed data for the year ended December 31, 2010:

Cost of goods sold $ 710,000
Net sales 1,279,000
Administrative expenses 239,000
Interest expense 68,000
Dividends paid 38,000
Selling expenses 45,000

Instructions:
1. Prepare a multiple-step income statement for the year ended December 31, 2010.
2. Compute the profit margin ratio and gross profit rate. Caltor Company s assets at the beginning of the year were $770,000 and were $830,000 at the end of the year. To qualify for full credit, you must state the formula you are using, show your computations and explain your findings.

Set 2

Question 1. 1. (TCOs A, B, and C) Which of the following statements concerning users of accounting information is incorrect? (Points : 3)
Management is considered an internal user.
Present and prospective creditors are considered external users.
Regulatory authorities, such as the SEC, are considered internal users.
Taxing authorities are considered external users.

Question 2. 2. (TCO C) Issuing shares of stock in exchange for cash is an example of a(n) (Points : 3)
delivering activity.
investing activity.
financing activity.
operating activity.

Question 3. 3. (TCO C) Buying and selling products are examples of (Points : 3)
operating activities.
investing activities.
financing activities.
delivering activities.

Question 4. 4. (TCO A) The best definition of assets is the (Points : 3)
cash owned by the company.
collections of resources belonging to the company and the claims on these resources.
owners’ investment in the business.
resources belonging to a company that offer future benefits to the company.

Question 5. 5. (TCO C) Edwards Company recorded the following cash transactions for the year.

Paid $45,000 for salaries
Paid $20,000 to purchase office equipment
Paid $5,000 for utilities
Paid $2,000 in dividends
Collected $75,000 from customers

What was Edwards’ net cash provided by operating activities? (Points : 3)
$25,000
$5,000
$30,000
$23,000

Question 6. 6. (TCO A) In a classified balance sheet, assets are usually classified as (Points : 3)
current assets; long-term assets; property, plant, and equipment; and tangible assets.
current assets; long-term investments; property, plant, and equipment; and common stocks.
current assets; long-term investments; and tangible assets.
current assets; long-term investments; property, plant, and equipment; and intangible assets.

Question 7. 7. (TCO A) Which of the following should not be classified as a current asset? (Points : 3)
Supplies
Short-term marketable securities
Prepaid insurance that will expire next year.
A note receivable that will mature after 21 months

Question 8. 8. (TCO A) The following are selected account balances on December 31, 2010.

-Land (location of the corporation’s office building): $50,000
-Land (held for future use): 75,000
-Corporate Office Building: 300,000
-Inventory: 100,000
-Equipment: 225,000
-Office Furniture: 50,000
-Accumulated Depreciation: 150,000

What is the total NET amount of property, plant, and equipment that will appear on the balance sheet? (Points : 3)
$650,000
$550,000
$475,000
$800,000

Question 9. 9. (TCO B) For 2010, Mossland Corporation reported net income of $28,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? (Points : 3)
$4.67
$0.25
$66.67
$14.86

Question 10. 10. (TCO B) Morten Corporation had beginning retained earnings of $764,000 and ending retained earnings of $833,000. During the year they issued common stock totaling $47,000. There were no dividends issued. What was their net income for the year? (Points : 3)
$69,000
$22,000
$116,000
$91,000

Question 11. 11. (TCO D) Is the purchase of equipment treated as an expense at the time of purchase? Why, or why not? (Points : 3)
No, GAAP requires that 10% of the cost be expensed each year. This minimizes attempts to mislead financial statement users.
Yes, the matching principle requires that the cost be expensed in the period of purchase.
No, the cost needs to be allocated to the years of expected use.
Yes, the actual life of the asset is not known, thus there is no acceptable way to allocate the cost.

Question 12. 12. (TCO D) An account is a part of the financial information system and is described by all except which one of the following? (Points : 3)
An account has a debit and credit side.
An account has to be in paper form.
An account has a zero or nonzero balance.
An account has a title.

Question 13. 13. (TCO D) The classification and normal balance of the dividend account is (Points : 3)
a revenue, with a credit balance.
an expense, with a debit balance.
a liability, with a credit balance.
under stockholders’ equity, with a debit balance.

Question 14. 14. (TCO D) A debit is the normal balance for which account listed below? (Points : 3)
Furniture
Accounts payable
Rent revenue
Capital stock issued

Question 15. 15. (TCO D) Which of the following accounts follows the rules of debit and credit in relation to increases and decreases in the opposite manner? (Points : 3)
Prepaid insurance and dividends
Dividends and medical fees earned
Interest payable and common stock
Advertising expense and land

16. Question : (TCO E) The time period assumption states that:
a transaction can only affect one period of time.
estimates should not be made if a transaction affects more than one time period.
adjustments to the enterprise’s accounts can only be made in the time period when the business terminates its operations.
the economic life of a business can be divided into artificial time periods.

17. Question : (TCO E) The matching principle matches:
: customers with businesses.
expenses with revenues.
assets with liabilities.
creditors with businesses.

18. Question : (TCO E) Expenses sometimes make their contribution to revenue in a different period than when the expense is paid. When wages are incurred in one period and paid in the next period, this often leads to which account appearing on the balance sheet at the end of the first period?

: Due from Employees
Due to Employer
Wages Payable
Wages Expense

19. Question : (TCO E) The following is selected information from J Corporation for the fiscal year ending October 31, 2010.

Cash received from customers $75,000
Revenue earned 87,500
Cash paid for expenses 42,500
Expenses incurred 50,000

Based on the accrual basis of accounting, what is J Corporation’s net income for the year ending October 31, 2007?

: $28,500

$33,500

$20,500

$37,500
Based on the accrual basis of accounting, what is M Corporation’s net income for the year ending October 31, 2010? (Points : 3)
$140,000
$114,000
$82,000
$150,000

20. (TCO E) Adjusting entries are made to ensure that (Points : 3)
expenses are recognized in the period in which they are incurred.
revenues are recorded in the period in which they are earned.
balance sheet and income statement accounts have correct balances at the end of an accounting period.
All of the above

Question 21. 21. (TCOs A and B) Which of the following expressions is incorrect? (Points : 3)
Gross profit – operating expenses = net income
Sales – cost of goods sold – operating expenses = net income
Net income + operating expenses = gross profit
Operating expenses – cost of goods sold = gross profit

Question 22. 22. (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $3,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period? (Points : 3)
$2,940
$2,760
$2,700
$3,000

Question 23. 23. (TCOs A and B) Jake’s Market recorded the following events involving a recent purchase of merchandise.

-Received goods for $20,000, terms 2/10, n/30.
-Returned $400 of the shipment for credit.
-Paid $100 freight on the shipment.
-Paid the invoice within the discount period.

As a result of these events, the company’s merchandise inventory (Points : 3)
increased by $19,208.
increased by $19,700.
increased by $19,306.
increased by $19,308.

Question 24. 24. (TCO A) If goods in transit are shipped FOB destination (Points : 3)
the seller has legal title to the goods until they are delivered.
the buyer has legal title to the goods until they are delivered.
the transportation company has legal title to the goods while the goods are in transit.
no one has legal title to the goods until they are delivered.

Question 25. 25. (TCO A) When a perpetual inventory system is used, which of the following is a purpose of taking a physical inventory? (Points : 3)
To check the accuracy of the perpetual inventory records
To determine cost of goods sold for the accounting period
To compute inventory ratios
All are a purpose of taking a physical inventory when a perpetual inventory system is used.

Question 26. 26. (TCO A) A problem with the specific identification method is that (Points : 3)
inventories can be reported at actual costs.
management can manipulate income.
matching is not achieved.
the lower of cost or market basis cannot be applied.

Question 27. 27. (TCO A) The accounting principle that requires that the cost flow assumption be consistent with the physical movement of goods is (Points : 3)
called the matching principle.
called the consistency principle.
nonexistent; that is, there is no such accounting requirement.
called the physical flow assumption.

Question 28. 28. (TCO A) In periods of rising prices, the inventory method which results in the inventory value on the balance sheet that is closest to current cost is the (Points : 3)
FIFO method.
LIFO method.
average cost method.
tax method.

Question 29. 29. (TCO B) Which of the following is a true statement about inventory systems? (Points : 3)
Periodic inventory systems require more detailed inventory records.
Perpetual inventory systems require more detailed inventory records.
A periodic system requires cost of goods sold be determined after each sale.
A perpetual system determines cost of goods sold only at the end of the accounting period.

Question 30. 30. (TCO B) The primary source of revenue for a retailer is (Points : 3)
investment income.
service revenue.
the sale of merchandise.
the sale of plant assets the company owns.

1. Question : (TCO D) A classmate is considering dropping his accounting class because he cannot understand the rules of debits and credits.
Explain the rules of debits and credits in a way that will help him understand them. Cite examples for each of the major sections of the balance sheet (assets, liabilities and stockholders’ equity) and the income statement (revenues and expenses).

Question 2. (TCOs B and E) The adjusted trial balance of Gertz Company included the following selected accounts.

Debit Credit
Sales $575,000
Sales returns and allowances $ 50,000
Sales discounts 9,500
Cost of goods sold 347,000
Freight-out 2,000
Advertising expense 15,000
Interest expense 19,000
Store salaries expense 74,000
Utilities expense 18,000
Depreciation expense 3,500
Interest revenue 25,000

Instructions:
1. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2010.
2. Calculate the profit margin ratio and gross profit rate. To qualify for full credit, you must state the formula you are using, show your computations, and explain your findings.

Set 3

(TCO A) The factor which determines whether or not goods should be included in a physical count of inventory is (Points: 3)
physical possession.
legal title.
management’s judgment.
whether or not the purchase price has been paid.

15. (TCO D) Which pair of accounts follows the rules of debit and credit in relation to increases and decreases in the same manner? (Points: 3)
Dividends payable and rent expense
Repair expense and notes payable
Prepaid insurance and advertising expense
Service revenues and equipment

11. (TCO A) When a perpetual inventory system is used, which of the following is a purpose of taking a physical inventory? (Points: 3)
To check the accuracy of the perpetual inventory records
To determine cost of goods sold for the accounting period
To compute inventory ratios
All are a purpose of taking a physical inventory when a perpetual inventory system is used.

12. (TCO A) A problem with the specific identification method is that (Points: 3)
inventories can be reported at actual costs.
management can manipulate income.
matching is not achieved.
the lower of cost or market basis cannot be applied

13. (TCO A) Which of the following statements is correct with respect to inventories? (Points: 3)
The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold.
It is generally good business management to sell the most recently acquired goods first.
Under FIFO, the ending inventory is based on the latest units purchased.
FIFO seldom coincides with the actual physical flow of inventory.

14. TCO A — In a period of rising prices, which of the following inventory methods generally results in the lowest net income figure? (Points: 3)
Average Cost Method
LIFO method
FIFO method
Need more information to answer

15. (TCO B) The figure for which of the following items is determined at a different time under the perpetual inventory method than under the periodic method? (Points: 3)
Sales
Cost of Goods Sold
Purchases
Accounts Receivable

1. (TCO E) The time period assumption states that (Points: 3)
a transaction can only affect one period of time.
estimates should not be made if a transaction affects more than one time period.
adjustments to the enterprise’s accounts can only be made in the time period when the business terminates its operations.
the economic life of a business can be divided into artificial time periods.

2. (TCO E) In a service-type business, revenue is considered earned (Points: 3)
at the end of the month.
at the end of the year.
when the service is performed.
when cash is received.

3. (TCO E) On April 1, 2007, M Corporation paid $48,000 cash for equipment that will be used in business operations. The equipment will be used for four years
and will have no residual value. M records depreciation expense of $9,000 for the calendar year ending December 31, 2007. Which accounting principle has been violated? (Points: 3)
Revenue recognition principle
No principle has been violated because M has correctly matched the expense for using the equipment to the period during which it generated revenue.
Matching principle because the cash was paid in 2007 and should be expensed in 2007.
Cost principle

4. The following is selected information from J Corporation for the fiscal year ending October 31, 2007.

Cash received from customers $75,000
Revenue earned 87,500
Cash paid for expenses 42,500

Expenses incurred 50,000

(TCO E) Based on the accrual basis of accounting, what is J Corporation’s net income for the year ending October 31, 2007?
(Points: 3)
$28,500
$33,500
$20,500
$37,500

net income = revenue earned – expenses incurred
= 87500 – 50,000
= 37500

5. (TCO E) The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is (Points: 3)
contra asset.
prepayment.
asset.
accrual.

6. (TCO B) Two categories of expenses in merchandising companies are (Points: 3)
cost of goods sold and financing expenses.
operating expenses and financing expenses.
cost of goods sold and operating expenses.
sales and cost of goods sold.

7. (TCO A,B) Detailed records of movements in merchandise (each purchase and sale) are not maintained in the inventory account in a (Points: 3)
perpetual inventory system.
periodic inventory system.
double entry accounting system.
business that sells expensive merchandise.

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ACCT 504 Mid Term

MGMT 592 Leadership in the 21st Century week 4 Mid-Term A+ Answer

MGMT 592 Leadership in the 21st Century week 4 Mid Term Answer

MGMT 592 Leadership in the 21st Century week 4 Mid Term Answer

1. (TCO A) Read the case “Steve Jobs – Apple,” pages 24-25. Which of the leadership theory classifications do you see apply to this case? Which one do you consider as most relevant? Explain your choice.

2. (TCO A) Compare and contrast the trait and behavioral leadership theories.

3. (TCO B) Explain the types of reinforcement, and how each is applied.

4. TCO C) Compare and contrast the position and personal power.

5. TCO H) How would you provide feedback, and why?

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Week 4

PROJ 420 Project Risk Management Discussion DQs Course Project All Weekly quiz Complete Answer

PROJ 420 Project Risk Management Discussion DQs Course Project All Weekly quiz Complete Answer

PROJ 420 Project Risk Management Discussion DQs Course Project All Weekly quiz Complete Answer

PROJ 420 Project Risk Management Discussion DQs Course Project All Weekly quiz Complete Answer

PROJ 420 Project Risk Management Discussion DQs Course Project All Weekly quiz Complete Answer

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BSOP 330 Week 4 Lab Assignments Answer

BSOP 330 Week 4 Lab Assignments L. Houts Plastics is a large manufacturer of injection-molded plastics in North Carolina_Answer

BSOP 330 Week 4 Lab Assignments L. Houts Plastics is a large manufacturer of injection-molded plastics in North Carolina_Answer

Chapter 12, problems 12.1
L. Houts Plastics is a large manufacturer of injection-molded plastics in North Carolina. An investigation of the company’s manufacturing facility in Charlotte yields the information presented in the table below. How would the plant classify these items according to an ABC classification system?
L. Houts Plastics Charlotte Inventory Levels
Item Code # Average Inventory (units) Value ($/unit)
1289 400 3.75
2347 300 4
2349 120 2.5
2363 75 1.5
2394 60 1.75
2395 30 2
6782 20 1.15
7844 12 2.05
8210 8 1.8
8310 7 2
9111 6 3
Chapter 12, problems 12.5
William Beville’s computer training school, in Richmond, stocks workbooks with the following characteristics:
Demand D = 19,500 units/year
Ordering cost S = $25/order
Holding cost H = $4/unit/year
a) Calculate the EOQ for the workbooks.
b) What are the annual holding costs for the workbooks?
c) What are the annual ordering costs?
Chapter 12, problems 12.9
Southeastern Bell stocks a certain switch connector at its central warehouse for supplying field service offices. The yearly demand for these connectors is 15,000 units. Southeastern estimates its annual holding cost for this item to be $25 per unit. The cost to place and process an order from the supplier is $75. The company operates 300 days per year, and the lead time to receive an order from the supplier is 2 working days.
a) Find the economic order quantity.
b) Find the annual holding costs.
c) Find the annual ordering costs.
d) What is the reorder point?
Chapter 12, problems 12.15
M. Cotteleer Electronics supplies microcomputer circuitry to a company that incorporates microprocessors into refrigerators and other home appliances. One of the components has an annual demand of 250 units, and this is constant throughout the year. Carrying cost is estimated to be $1 per unit per year, and the ordering cost is $20 per order.
a) To minimize cost, how many units should be ordered each time an order is placed?
b) How many orders per year are needed with the optimal policy?
c) What is the average inventory if costs are minimized?
d) Suppose that the ordering cost is not $20, and Cotteleer has been ordering 150 units each time an order is placed. For this order policy (of Q = 150) to be optimal, determine what the ordering cost would have to be.

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BSOP 434 Logistics with Lab Week 4 Lab Assignment_Ira Pollack was difficult to work for_Answer

BSOP 434 Logistics with Lab Week 4 Lab Assignment_All 4 sets Answer

BSOP 434 Logistics with Lab Week 4 Lab Assignment_All 4 sets Answer

BSOP 434 Logistics with Lab Week 4 Lab Assignment_All 4 sets Answer

BSOP 434 Logistics with Lab Week 4 Lab Assignment_All 4 sets Answer

Lab 4: Easing Ira’s Ire

Scenario/Summary

Ira Pollack was difficult to work for. A self-made millionaire, he paid extremely high salaries, but demanded much from his subordinates, including being on call 24-hours per day. In his Las Vegas penthouse, he would study and re-study each detail of his conglomerate’s performance and then call some unlucky underling—at any hour—to vent his anger and demand that something be improved. His tantrums were legendary.

One of Pollack’s underlings, Tamara Wood, was driving her new red Mercedes convertible along Rodeo Drive in Beverly Hills, looking for a parking space. Her college class from Northern Illinois University at DeKalb was holding its fifth reunion in Chicago, which she planned to attend. She wanted to buy a new outfit for the event, to show her former classmates that she had arrived. A chauffeur-driven Rolls pulled away from the curb, leaving an empty space right in front of her favorite couturier. She swung her Mercedes expertly into the empty space, looked up, and was pleased to see that there was still nearly an hour left on the meter. “Daddy was right,” she thought to herself, “Clean living does pay off.”

As she turned off the ignition, Tamara’s cell phone started buzzing. Wood hesitated. Would it be John, calling to thank her for that wonderful evening? Would it be Matt, seeing if she were free to spend next weekend on Catalina Island? Or maybe it was Jason, who was always wanting her to accompany him to Waikiki. She finally picked up the phone and sweetly said, “Hello.”

“Don’t ‘hello’ me!” shouted a man’s voice at the other end.

Wood’s stomach churned, her muscles tightened, and she said, weakly, “Sorry, Mr. Pollack, I was expecting somebody else.”

“That’s obvious,” he retorted. “At this hour of the day, you’re on my time and should be thinking of business. How come you’re not in the office?”

“I’m just making a customer service follow-up,” responded Wood, hoping that Mr. Pollack would not ask for too many details.

“Well, you should be worried about customer service,” said Pollack. “That’s why I’ve called. I’ve been studying performance records for all my operations dealing with the amount of time that elapses between our receipt of an order and when our customer receives a shipment. The performance of your distribution center in West Hollywood stinks! Drop what you’re doing and get back to your office and figure out what’s wrong! Then tell me what’s needed to speed up your operation. Call me as soon as you have answers.”

Wood heard the phone click. She forgot about DeKalb. She forgot about Chicago and the new outfit. She forgot about her night with John, about Catalina Island and Waikiki. She heard a faint beep to her left. She saw a maroon Jaguar with a Beverly Hills matron motioning with one of her white-gloved hands as if to say, “If you’re leaving, may I have your parking spot?”

Muttering to herself, she pulled into her reserved slot next to the West Hollywood distribution center. “Aloha!” chirped Ellen Scott, her assistant, as she walked in. “Jason has called three times about wanting you to fly to Hawaii. Also, you have two calls from John, one from Matt, one from your mother, who asked why you never phone her, and one from some fellow who wouldn’t leave his name, but said it was very personal. Tell me about the outfit you bought. I’ll bet it’s stunning.”

“Forget about them, and hold all my calls,” said Wood, crisply. “I’m not going anywhere. Pollack called me and is mad because our order processing and delivery times are out of whack.”

Two days passed. Wood had put her social life on hold and had not even phoned her mother. All her time was spent trying to figure out how to speed up her order-processing system. But she didn’t know how to start. The accuracy of the system was not an issue, although additional costs could be. When Pollack paid his bonuses last year, he had told Wood that if her operation had cost one cent more to run, she would not have receive a bonus. Because her bonus had paid for her new Mercedes, Wood was cost-conscious, to say the least.

Wood’s assistant helped her, too—at least through late Friday afternoon. Scott explained that she couldn’t work on Saturday and Sunday because she’d accepted an invitation to spend the weekend at Catalina Island with an unnamed friend. Before Scott left, she and Wood had decided that there were 12 distinct operations involved in processing and shipping orders. Some could be performed at the same time, whereas others had to be performed in sequence—that is, one could not be started until the other was completed. (These tasks, the amount of time it takes to complete each, and the sequential relationships, if any, are shown in Exhibit 11-A.)

After compiling the information shown in Exhibit 11-A, Scott left. Wood was left with the task of trying to relate all those tasks to each other. She recalled a college textbook that she had never much cared for but that she had come across a few weeks earlier as she was searching for her Northern Illinois University yearbook. Wood looked at a PERT chart in that book and knew that she would have to construct something similar to analyze the distribution center’s order processing and shipping operations. She studied the text accompanying the chart, sighed, and thought to herself, “Where was I or at least where was my mind—the day the professor explained all of this in class?

Deliverables
L A B S T E P S
Step 1: PERT Chart

Question 1: Arrange the tasks shown in Exhibit 11-A in a network or PERT chart.

Step 2: Critical Path

Question 2: Determine the critical path. What is the least amount of time it takes between receipt of an order and its delivery to a customer?

Step 3: Risk

Question 3: Considering your answers to questions 1 and 2, what areas of activity do you think Wood should look at first, assuming she wants to reduce order-processing and delivery times? Why?

Step 4: Order Picker

Question 4: Now that she’s a Californian ready for the race down the information superhighway, Wood wants to be able to impress Pollack with her knowledge of current technology. Recently, a sales representative from a warehouse equipment company called, trying to interest her in installing a Star Wars—Robotic” order picker for the warehouse. Controlled by lasers and powered by magnetic levitation, the device can pick orders (task H) in 15 minutes, rather than 6 hours (0.75 day), the current time needed. How valuable would such a device be to Wood? Why?

Step 5: Faster Transportation

Question 5: Another alternative is to use faster transportation. How should Wood choose between paying more for faster transportation and paying more for other improvements? Assume that her only goal is speed.

Step 6: Final Step

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BSOP 434 Logistics with Lab Week 4 Lab Assignment_Complete Set 1_2_3_4 Answer

GLG 101 Axia College Material Appendix F Week Three Lab Report Earthquakes Answer

GLG 101 WEEK 3 Earthquake Technology Lab_Complete_Answer

GLG 101 WEEK 3 Earthquake Technology Lab_Complete_Answer

GLG 101 WEEK 3 Earthquake Technology Lab_Complete_Answer

Axia College Material Appendix F Week Three Lab Report Earthquakes Answer

Axia College Material Appendix F Week Three Lab Report Earthquakes Answer

Axia College Material Appendix F Week Three Lab Report Earthquakes Answer

Axia College Material Appendix F Week Three Lab Report Earthquakes Answer

Axia College Material
Appendix F

Week Three Lab Report: Earthquakes

Answer the lab questions for this week and summarize the lab experience using this form.

Carefully read pages 156-170 of Geoscience Laboratory.

Complete this week’s lab by filling in your responses to the questions from Geoscience Laboratory. Select answers are provided for you in red font to assist you with your lab work. Although you are only required to respond to the questions in this worksheet, you are encouraged to answer others from the text on your own.

Lab Questions

9.1. Judging from the seismogram in Figure 9.4 of the lab book, which wave appears to be the most damaging?

9.3. Determine the distance to an earthquake at a station that receives P and S waves 5.0 minutes apart. Hint: (a) Place tick marks on a scrap of paper equal to 5.0 on the minutes axis. (b) Fit that to the horizontal separation between P and S curves. (c) Read distance directly across on the distance axis.

9.4. At this point, from the information in Figure 9.6A, how specific can you be as concerns the location of that earthquake?

Answer: The earthquake is somewhere on the circle around Seattle

9.5. At this point, from the information in Figure 9.6B, how specific can you now be as concerns the location of that earthquake?

9.6. At this point, from the information in Figure 9.6C, how specific can you now be as concerns the location of that earthquake?

9.10. Using the nomogram, determine the Richter magnitude for the three earthquakes listed (see, p. 169 in the lab book).

S arrival minus p arrival Amplitude Magnitude
(A) 8 seconds 20 millimeters
(B) 8 seconds 0.2 millimeters
(C) 6 seconds 10 millimeters

9.14. The 2002 Afghanistan earthquake measured 5.9 on the Richter scale and killed 1,800 people. The 2001 western Washington earthquake measured 6.8 on the Richter scale and killed only one person. Can you imagine why the huge difference in the numbers of deaths? Hint: It has to do with construction materials.

9.17. Where is the location of that June 19 quake (to the nearest tenth of a degree latitude and longitude)? Follow the steps 1 through 4 to complete the table below (see lab book pp. 164-165).

P arrival time
S arrival time
Difference in P & S
Distance

hours: minutes: seconds tenths of seconds seconds kilometers
LTN 3:46:45.7 3:46:50.0 4.3 35.6
GOIL 3:47:17.2
POW 3:47:3:0

9.17 Latitude Answer: 36.3º

9.20. One of the curious things about the loss of life in regions surrounding the Bay of Bengal is that some 38,195 lives were lost in Sri Lanka, whereas only 2 lives were lost in Bangladesh. How could this be? It certainly couldn’t be the difference in distance. Hint: To answer this question, you should first contour the map in Figure 9.20 (see p. 170 in the Lab book) and then follow ‘the rule.’ Note: You do not need to submit the contour map with this report.

Lab Summary

Address the following questions in a 100- to 200-word summary:

• Summarize the general principles and purpose of the lab.
• Explain how this lab helped you better understand the topics and concepts addressed this week.
• Describe what you found challenging about this lab.
• Describe what you found interesting about this lab.

Write your summary here:

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ACC 349 Final Exam Complete A+ Answer

ACC 349 Final Exam Complete Answer

ACC 349 Final Exam Complete Answer

ACC 349 Final Exam Complete Answer


ACC 349 Final Exam Complete Answer

1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information?

A. The company should add actual manufacturing overhead costs to jobs as soon as the overhead costs are incurred.
B. The company should determine an allocation rate as soon as the actual costs are known, and then apply manufacturing overhead to jobs.
C. The company should apply overhead using an estimated rate throughout the year. D. The company should account for only the direct production costs.

2) At the end of the year, manufacturing overhead has been overapplied. What occurred to create this situation?

A. The company incurred more manufacturing overhead costs than the manufacturing overhead assigned to jobs
B. The actual manufacturing overhead costs were less than the manufacturing overhead assigned to jobs
C. The company incurred more total job costs than the amount budgeted for the job
D. Estimated manufacturing overhead was less than actual manufacturing overhead costs

3) Luca Company overapplied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the overapplied amount assuming the amount is material

A. A decrease to work in process inventory
B. A decrease to applied overhead
C. An increase to finished goods
D. An increase to cost of goods sold

4) Which of the following would be accounted for using a job order cost system?

A. The production of textbooks
B. The production of town homes
C. The pasteurization of milk
D. The production of cans of spinach

5) Which one of the following is NEVER part of recording the issuance of raw materials in a job order cost system?

A. Debit Manufacturing Overhead
B. Debit Finished Goods Inventory
C. Debit Work in Process Inventory
D. Credit Raw Materials Inventory

Finished Goods Inventory is debited when goods are transferred from work in process to finished goods, not when raw materials are issued for a job.

6. What is unique about the flow of costs in a job order cost system?

A. It involves accumulating material, labor, and manufacturing overhead costs as they are incurred in order to determine the job cost
B. Each job is costed separately in a Work in Process subsidiary ledger
C. Job costs cannot be measured until all overhead costs are determined
D. There are no costs remaining in Work in Process at year end

7) Which one of the following costs would be included in manufacturing overhead of a lawn mower manufacturer?

A. The cost of the fuel lines that run from the motor to the gas tank
B. The cost of the wheels
C. Depreciation on the testing equipment
D. The wages earned by motor assemblers

Depreciation on testing equipment would be included in manufacturing overhead because it is indirectly associated with the finished product.

8) What broad functions do the management of an organization perform?

A. Planning, directing, and controlling
B. Directing, manufacturing, and controlling
C. Planning, directing, and selling
D. Planning, manufacturing, and controlling

9) Which of the following represents the correct order in which inventories are reported on a manufacturer’s balance sheet?

A. Work in process, finished goods raw materials
B. Raw materials, work in process, finished goods
C. Finished goods, work in process, raw materials
D. Work in process, raw materials, finished goods

10) In traditional costing systems, overhead is generally applied based on

A. machine hours
B. direct labor
C. direct material dollars
D. units of production

11) An activity that has a direct cause-effect relationship with the resources consumed is a(n)

A. overhead rate
B. product activity
C. cost driver
D. cost pool

12) A well-designed activity-based costing system starts with

A. computing the activity-based overhead rate
B. analyzing the activities performed to manufacture a product
C. identifying the activity-cost pools
D. assigning manufacturing overhead costs for each activity cost pool to products

13) Which of the following factors would suggest a switch to activity-based costing?

A. Overhead costs constitute a significant portion of total costs
B. Production managers use data provided by the existing system.
C. Product lines similar in volume and manufacturing complexity
D. The manufacturing process has been stable

14) All of the following statements are correct EXCEPT that

A. the objective of installing ABC in service firms is different than it is in a manufacturing firm
B. the general approach to identifying activities and activity cost pools is the same in a service company as in a manufacturing company
C. activity-based costing has been widely adopted in service industries
D. a larger proportion of overhead costs are company-wide costs in service industries

15) What sometimes makes implementation of activity-based costing difficult in service industries is

A. identifying activities, activity cost plus, and cost drivers
B. attempting to reduce or eliminate nonvalue-added activities
C. the labeling of activities as value-added
D. that a larger proportion of overhead costs are company-wide costs

16) One of Astro Company’s activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?

A. $60,000
B. $90,000
C. $150,000
D. $75,000

17) Poodle Company manufactures two products, Mini A and Maxi B. Poodle’s overhead costs consist of setting up machines, $800,000; machining, $1,800,000; and inspecting, $600,000. Information on the two products is:
Mini A Maxi B
Direct labor hours 15,000 25,000
Machine setups 600 400
Machine hours 24,000 26,000
Inspections 800 700

Overhead applied to Mini A using activity-based costing is

A. $1,536,000
B. $1,664,000
C. $1,920,000
D. $1,200,000

18) Poodle Company manufactures two products, Mini A and Maxi B. Poodle’s overhead costs consist of setting up machines, $800,000; machining, $1,800,000; and inspecting, $600,000. Information on the two products is:
Mini A Maxi B
Direct labor hours 15,000 25,000
Machine setups 600 400
Machine hours 24,000 26,000
Inspections 800 700

Overhead applied to Maxi B using activity-based costing is

A. $1,536,000
B. $1,664,000
C. $2,000,000
D. $1,280,000

19) Seran Company has contacted Truckel Inc. with an offer to sell it 5,000 of the wickets for $18 each. If Truckel makes the wickets, variable costs are $11 per unit. Fixed costs are $12 per unit; however, $5 per unit is avoidable. Should Truckel make or buy the wickets?

A. Buy; savings = $10,000
B. Make; savings = $20,000
C. Make; savings = $10,000
D. Buy; savings = $25,000

20) Rosen, Inc. has 10,000 obsolete calculators, which are carried in inventory at a cost of $20,000. If the calculators are scrapped, they can be sold for $1.10 each (for parts). If they are repackaged, at a cost of $15,000, they could be sold to toy stores for $2.50 per unit. What alternative should be chosen, and why?

A. Repackage; revenue is $5,000 greater than cost
B. Scrap; incremental loss is $9,000
C. Repackage; receive profit of $10,000
D. Scrap; profit is $1,000 greater

21) The cost to produce Part A was $10 per unit in 2005. During 2006, it has increased to $11 per unit. In 2006, Supplier Company has offered to supply Part A for $9 per unit. For the make-or-buy decision

A. incremental costs are $1 per unit
B. net relevant costs are $1 per unit
C. differential costs are $2 per unit
D. incremental revenues are $2 per unit

22) Hartley, Inc. has one product with a selling price per unit of $200, the unit variable cost is $75, and the total monthly fixed costs are $300,000. How much is Hartley’s contribution margin ratio?

A. 37.5%
B. 150%
C. 266.6%
D. 62.5%.

23. Which statement describes a fixed cost?

A. The amount per unit varies depending on the activity level
B. It varies in total at every level of activity
C. It remains the same per unit regardless of activity level
D. Its total varies proportionally to the level of activity

24) Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company’s net income increase?

A. $28,000
B. $18,000
C. $6,000
D. $12,000

25) Variable costing

A. is required under GAAP
B. is used for external reporting purposes
C. is also known as full costing
D. treats fixed manufacturing overhead as a period cost

26) Which cost is NOT charged to the product under variable costing?

A. Direct labor
B. Direct materials
C. Fixed manufacturing overhead
D. Variable manufacturing overhead

27) Orbach Company sells its product for $40 per unit. During 2005, it produced 60,000 units and sold 50,000 units (there was no beginning inventory). Costs per unit are: direct materials $10, direct labor $6, and variable overhead $2. Fixed costs are: $480,000 manufacturing overhead, and $60,000 selling and administrative expenses. The per unit manufacturing cost under absorption costing is

A. $18
B. $16
C. $27
D. $26

28) Which of the following is NOT considered an advantage of using standard costs?

A. Standard costs can be useful in setting prices for finished goods
B. Standard costs can reduce clerical costs
C. Standard costs can make employees “cost-conscious.”
D. Standard costs can be used as a means of finding fault with performance

29) The difference between a budget and a standard is that

A. a budget expresses management’s plans, while a standard reflects what actually happened
B. standards are excluded from the cost accounting system, whereas budgets are generally incorporated into the cost accounting system
C. a budget expresses a total amount while a standard expresses a unit amount
D. a budget expresses what costs were, while a standard expresses what costs should be

30) If a company is concerned with the potential negative effects of establishing standards, they should

A. offer wage incentives to those meeting standards
B. set tight standards in order to motivate people
C. not employ any standards
D. set loose standards that are easy to fulfill

31) The per-unit standards for direct materials are 2 gallons at $4 per gallon. Last month, 11,200 gallons of direct materials that actually cost $42,400 were used to produce 6,000 units of product. The direct materials quantity variance for last month was

A. $2,400 favorable
B. $5,600 unfavorable
C. $3,200 unfavorable
D. $3,200 favorable

32) The standard number of hours that should have been worked for the output attained is 8,000 direct labor hours and the actual number of direct labor hours worked was 8,400. If the direct labor price variance was $8,400 unfavorable, and the standard rate of pay was $18 per direct labor hour, what was the actual rate of pay for direct labor?

A. $15 per direct labor hour
B. $18 per direct labor hour
C. $19 per direct labor hour
D. $17 per direct labor hour

33) The total variance is $10,000. The total materials variance is $4,000. The total labor variance is twice the total overhead variance. What is the total overhead variance?

A. $2,000
B. $4,000
C. $3,000
D. $1,000

34) Manufacturing overhead costs are applied to work in process on the basis of

A. standard hours allowed
B. actual overhead costs incurred
C. ratio of actual variable to fixed costs
D. actual hours worked

35) The overhead volume variance relates only to

A. variable overhead costs
B. both variable and fixed overhead costs
C. all manufacturing costs
D. fixed overhead costs

36) If the standard hours allowed are less than the standard hours at normal capacity

A. the overhead volume variance will be unfavorable
B. the overhead controllable variance will be favorable
C. variable overhead costs will be overapplied
D. variable overhead costs will be underapplied

37) Gottberg Mugs is planning to sell 2,000 mugs and produce 2,200 mugs during April. Each mug requires 2 pounds of resin and a half hour of direct labor. Resin costs $1 per pound and employees of the company are paid $12.50 per hour. Manufacturing overhead is applied at a rate of 120% of direct labor costs. Gottberg has 2,000 pounds of resin in beginning inventory and wants to have 2,400 pounds in ending inventory. How much is the total amount of budgeted direct labor for April?

A. $12,500
B. $25,000
C. $27,500
D. $13,750

38) Lewis Hats is planning to sell 600 straw hats. Each hat requires a half pound of straw and a quarter hour of direct labor. Straw costs $0.20 per pound and employees of the company are paid $22 per hour. Lewis has 80 pounds of straw and 40 hats in beginning inventory and wants to have 50 pounds of straw and 60 hats in ending inventory. How many units should Lewis Hats produce in April?

A. 600
B. 580
C. 630
D. 620

39) At January 1, 2004, Barry, Inc. has beginning inventory of 4,000 widgets. Barry estimates it will sell 35,000 units during the first quarter of 2004 with a 10% increase in sales each quarter. Barry’s policy is to maintain an ending inventory equal to 25% of the next quarter’s sales. Each widget costs $1 and is sold for $1.50. How much is budgeted sales revenue for the third quarter of 2004?

A. $57,525
B. $63,525
C. $42,350
D. $63,000

40) In most cases, prices are set by the

A. customers
B. largest competitor
C. selling company
D. competitive market

41) A company must price its product to cover its costs and earn a reasonable profit in

A. all cases
B. its early years
C. the long run
D. the short run

42) The cost-plus pricing approach’s major advantage is

A. it considers customer demand
B. that sales volume has no effect on per unit costs
C. it is simple to compute
D. it can be used to determine a product’s target cost

43) What does cost accounting measure, record, and report

A. Future costs
B. Product costs
C. Managerial accounting decisions
D. Manufacturing processes

44) Why is factory overhead applied to products and jobs by manufacturing companies?

A. Because indirect costs are easy to trace to products and jobs
B. It provides a more accurate cost of the job or products being processed
C. Total actual overhead costs can never be accurately determined for production
D. It allows managers more timely determination of product costs during the manufacturing process

45) In a job order cost accounting system, the Work in Process account is

A. a period cost
B. a control account
C. closed at year end
D. an expense

46) Managerial accounting

A. is governed by generally accepted accounting principles
B. places emphasis on special-purpose information

C. is concerned with costing products
D. pertains to the entity as a whole and is highly aggregated

47) A well-designed activity-based costing system starts with

A. computing the activity-based overhead rate
B. assigning manufacturing overhead costs for each activity cost pool to products
C. identifying the activity-cost pools
D. analyzing the activities performed to manufacture a product

48) Which of the following is a value-added activity?

A. Machinery repair
B. Inventory storage
C. Engineering design
D. Inspections

49) Which of the following is a nonvalue-added activity?

A. Machining
B. Inspection
C. Engineering design
D. Packaging

50) Each of the following is a limitation of activity-based costing EXCEPT

A. It is more complex than traditional costing
B. More cost pools are used
C. It can be expensive to use
D. Some arbitrary allocations continue

51) Ace Company sells office chairs with a selling price of $25 and a contribution margin per unit of $15. It takes 3 machine hours to produce one chair. How much is the contribution margin per unit of limited resource?

A. $3.33
B. $45
C. $10
D. $5

52) Walton, Inc. is unsure of whether to sell its product assembled or unassembled. The unit cost of the unassembled product is $16, while the cost of assembling each unit is estimated at $17. Unassembled units can be sold for $55, while assembled units could be sold for $71 per unit. What decision should Walton make?

A. Sell before assembly; the company will save $15 per unit
B. Process further; the company will save $1 per unit
C. Process further; the company will save $16 per unit
D. Sell before assembly; the company will save $1 per unit

53) Which cost is charged to the product under variable costing?

A. Fixed manufacturing overhead
B. Variable manufacturing overhead
C. Fixed administrative expenses
D. Variable administrative expenses

54) Which of the following statements is FALSE?

A. A standard is a unit amount
B. A standard cost is more accurate than a budgeted cost
C. The standard cost of a product is equivalent to the budgeted cost per unit of product
D. In concept, standards and budgets are essentially the same

55) If standard costs are incorporated into the accounting system

A. it can eliminate the need for the budgeting process
B. it may simplify the costing of inventories and reduce clerical costs
C. approval of the stockholders is required
D. the accounting system will produce information which is less relevant than the historical cost accounting system

56) A standard cost is

A. the average cost in an industry
B. a cost which is paid for a group of similar products
C. the historical cost of producing a product last year
D. a predetermined cost

57) The per-unit standards for direct labor are 2 direct labor hours at $12 per hour. If in producing 2,400 units, the actual direct labor cost was $51,200 for 4,000 direct labor hours worked, the total direct labor variance is

A. $6,400 favorable
B. $6,400 unfavorable
C. $1,920 unfavorable
D. $4,000 unfavorable

58) If the standard hours allowed are less than the standard hours at normal capacity, the volume variance

A. will be favorable
B. will be greater than the controllable variance
C. cannot be calculated
D. will be unfavorable

59) Which of the following statements is FALSE?

A. The costs that cause the overhead volume variance are usually controllable costs
B. The overhead volume variance is favorable if standard hours allowed for output is greater than the standard hours at normal capacity
C. The overhead volume variance indicates whether plant facilities were used efficiently during the period
D. The overhead volume variance relates solely to fixed costs

60) Looker Hats is planning to sell 600 felt hats, and 700 will be produced during June. Each hat requires a half yard of felt and a quarter hour of direct labor. Felt costs $3.00 per yard and employees of the company are paid $20 per hour. How much is the total amount of budgeted direct labor for June?

A. $48,000
B. $3,500
C. $3,000
D. $2,400

61) In cost-plus pricing, the markup percentage is computed by dividing the desired ROI per unit by the

A. total cost per unit
B. total manufacturing cost per unit
C. fixed cost per unit
D. variable cost per unit

62) Which would be an appropriate cost driver for the ordering and receiving activity cost pool?

A. Purchase orders
B. Inspections
C. Machine setups
D. Machine hours

63) The first step in activity-based costing is to

A. identify the cost driver that has a strong correlation to the activity cost pool
B. compute the activity-based overhead rate per cost driver
C. assign manufacturing overhead costs for each activity cost pool to product
D. identify and classify the major activities involved in the manufacture of specific products

64) Which one of the following is required in order for an activity base to be useful in cost behavior analysis?

A. The activity should always be based on the number of units produced
B. There should be a correlation between changes in the level of activity and changes in costs.
C. The activity should always be a fixed amount
D. The activity level should be an approved GAAP activity base

65) Which cost is NOT charged to the product under absorption costing?

A. Fixed administrative expenses
B. Variable manufacturing overhead
C. Direct labor
D. Direct materials

66) A company developed the following per-unit standards for its product: 2 pounds of direct materials at $6 per pound. Last month, 2,000 pounds of direct materials were purchased for $11,400. The direct materials price variance for last month was

A. $600 unfavorable
B. $11,400 favorable
C. $300 favorable
D. $600 favorable

67) The standard rate of pay is $5 per direct labor hour. If the actual direct labor payroll was $19,600 for 4,000 direct labor hours worked, the direct labor price (rate) variance is

A. $500 favorable
B. $400 unfavorable
C. $500 unfavorable
D. $400 favorable

68) Waco’s Widgets plans to sell 22,000 widgets during May, 19,000 units in June, and 20,000 during July. Waco keeps 10% of the next month’s sales as ending inventory. How many units should Waco produce during June?

A. 19,000
B. 18,900
C. 19,100
D. 21,000

69) In cost-plus pricing, the target selling price is computed as

A. variable cost per unit + fixed manufacturing cost per unit + desired ROI per unit
B. variable cost per unit + desired ROI per unit
C. total unit cost + desired ROI per unit
D. fixed cost per unit + desired ROI per unit

70) Which one of the following is an important feature of a job order cost system?

A. Each must be completed before a new product order is accepted
B. Each job uses similar processes to produce
C. Each consists of features which distinguish it from the next
D. Each job has characteristics similar to the next

71) Which of the following represents the two basic types of cost accounting systems?

A. Job order and process cost systems
B. Job order and batch systems
C. Job order and job accumulation systems
D. Process cost and batch systems

72) Which one of the following is indirect labor considered?

A. Product cost
B. Period cost
C. Nonmanufacturing cost
D. Raw material cost

73) Which of the following is an element of manufacturing overhead?

A. Factory workers wages
B. Plant manager’s salary
C. Components used in calculators during production
D. Flour used in manufactured cake mixes

74) Which of the following is NOT typical of traditional costing systems?

A. Use of a single predetermined overhead rate
B. Assumption of correlation between direct labor and incurrence of overhead cost
C. Use of direct labor hours or direct labor cost to assign overhead
D. Use of multiple cost drivers to allocate overhead

75) Max Company uses 10,000 units of Part A in producing its products. A supplier offers to make Part A for $7. Max Company has relevant costs of $8 a unit to manufacture Part A. If there is excess capacity, the opportunity cost of buying Part A from the supplier is

A. $80,000
B. $70,000
C. $0
D. $10,000

76) H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin. If other factors are equal, which product should H55 push to customers?

A. It should sell an equal quantity of both
B. Selling either results in the same additional income for the COMPANY
C. Beer
D. Wine

77) During December, the capital budget indicates a $280,000 purchase of equipment. The ending November cash balance is budgeted to be $40,000. Cash receipts are $840,000, and cash disbursements are $610,000 during December. The company wants to maintain a minimum cash balance of $20,000. What is the minimum cash loan that must be planned to be borrowed from the bank during December?

A. $0
B. $50,000
C. $10,000
D. $30,000

78) Prices are set by the competitive market when

A. a product is not easily distinguished from competing products
B. a company can effectively differentiate its product from others
C. there are no other producers capable of manufacturing a similar item
D. the product is specially made for a customer

79) The standards and rules that are recognized as a general guide for financial reporting are called __________.

A. standards of financial reporting
B. generally accepted accounting principles
C. generally accepted accounting standards
D. operating guidelines

80) Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of $100,000. How much is Hess’s break even point?
A. 2,133 units
B. 6,200 units
C. $25,600
D. 4,600 units

81) In what situations will a static budget be most effective in evaluating a manager’s effectiveness?

A. The company has no fixed costs.
B. The planned activity levels match actual activity levels.
C. The company has substantial variable costs.
D. The company has substantial fixed costs.

82) The primary purpose of the statement of cash flows is to __________.

A. facilitate banking relationships
B. provide information about the cash receipts and cash payments during a period
C. prove that revenues exceed expenses if there is a net income
D. provide information about the investing and financing activities during a period

83) The category that is generally considered to be the best measure of a company’s ability to
continue as a going concern is
A. cash flows from operating activities.
B. cash flows from investing activities.
C. cash flows from financing activities.
D. usually different from year to year.

84) Of the items below, the one that appears first on the statement of cash flows is
A. noncash investing and financing activities.
B. net increase (decrease) in cash.
C. cash at the end of the period.
D. cash at the beginning of the period.

85) Which of the following transactions does not affect cash during a period?
A. Write-off of an uncollectible account
B. Collection of an accounts receivable
C. Sale of treasury stock
D. Exercise of the call option on bonds payable

86) One of Lara Dole Company’s activity cost pools is machine setups, with estimated overhead of $300,000. Dole produces flares (400 setups) and health packs (600 setups). How much of the machine setup cost pool should be assigned to flares?
A. $0.
B. $120,000.
C. $150,000.
D. $180,000

87) As compared to a high-volume product, a low-volume product
A. usually requires less special handling.
B. is usually responsible for more overhead costs per unit.
C. requires relatively fewer machine setups.
D. requires use of direct labor hours as the primary cost driver to ensure proper allocation
of overhead

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ACC 349 Final Exam A+ Answer

ACCT 505 Managerial Accounting_Week 2 Job Order and Process Costing Systems All three Sets Quiz Answer

ACCT-505 Managerial Accounting_Week 2 Job Order and Process Costing Systems – Quiz

ACCT-505 Managerial Accounting_Week 2 Job Order and Process Costing Systems – Quiz

ACCT-505 Managerial Accounting_Week 2 Job Order and Process Costing Systems – Quiz

ACCT-505 Managerial Accounting_Week 2 Job Order and Process Costing Systems – Quiz

ACCT-505 Managerial Accounting_Week 2 Job Order and Process Costing Systems – Quiz

ACCT-505 Managerial Accounting_Week 2 Job Order and Process Costing Systems – Quiz

Set 1

1. Question : (TCO F) For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system?

: A steel factory that processes iron ore into steel bars

A factory that processes sugar and other ingredients into black licorice
A costume maker that makes specialty costumes for figure skaters
All of these

2. Question : (TCO F) Process costing would be appropriate for each of the following except:

: custom furniture manufacturing.

oil refining.

grain milling.

newsprint production.

3. Question : (TCO F) Lucas Company uses the weighted-average method in its process costing system. The company adds materials at the beginning of the process in the Forming Department, which is the first of two stages in its production process. Information concerning operations in the Forming Department in October follows:
Units Material Cost
Work in process on October 1 6,000 $3,000
Units started in October 50,000 $25,560
Units completed and transferred to next Department during October 44,000

What was the materials cost of work in process at on October 31?

4. Question : (TCO F) In a job-order costing system, the use of direct materials that have been previously purchased is recorded as a debit to:

: Raw Materials Inventory.

Work in Process Inventory

Finished Goods Inventory

Manufacturing Overhead

5. Question : (TCO F) During December at Ingrim Corporation, $74,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the requisition from the storeroom would include a:

: debit to Raw Materials of $74,000.

debit to Work in Process of $68,000.

credit to Manufacturing Overhead of $6,000.

debit to Work in Process of $74,000.

6. Question : (TCO F) Valles Corporation had $22,000 of raw materials on hand on February 1. During the month, the company purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw materials would include a:

: credit to Raw Materials of $97,000.

debit to Raw Materials of $97,000.

credit to Raw Materials of $75,000.

debit to Raw Materials of $75,000.

1. Question : (TCO F) Whether a company uses process costing or job-order costing depends on its industry. A number of companies in different industries are listed below:

i. Brick manufacturer
ii. Contract printer that produces posters, books, and pamphlets to order
iii. Natural gas production company
iv. Dairy farm
v. Coal mining company
vi. Specialty coffee roaster (roasts small batches of specialty coffee beans)

For each company, indicate whether the company is most likely to use job-order costing or process costing.

2. Question : (TCO F) Job 484 was recently completed. The following data have been recorded on its job cost sheet:
Direct materials $57,240
Direct labor hours 1,692 DLHs
Direct labor wage rate $12 per DLHS
Number of units completed 3,600 units

The company applies manufacturing overhead on the basis of direct labor-hours. The predetermined overhead rate is $24 per direct labor-hour.

Compute the unit product cost that would appear on the job cost sheet for this job.

3. Question : (TCO F) Miller Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company’s inventory and cost records for the most recently completed year revealed the following information:
Units Materials Conversion
Work in process. Jan. 1 (80% complete with respect to conversion costs) 100,000 $100,000 $157,500
Units started into production 500,000
Costs added during the year:
Materials $650,000
Conversion $997,500
Units completed during the year 450,000

The company uses the weighted-average cost method in its process costing system. The ending inventory is 50% complete with respect to conversion costs.

Required:

i. Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs.

ii. Determine the cost transferred to finished goods.

iii. Determine the amount of cost that should be assigned to the ending work in process inventory.

4. Question : (TCO F) Weisinger Corporation has provided the following data for the month of January:
Inventories Beginning Ending
Raw materials $28,000 $29,000
Work In process $16,000 $14,000
Finished goods $42,000 $54,000

Additional Information
Raw material purchases $56,000
Direct labor costs $87,000
Manufacturing overhead cost incurred $51,000
Indirect materials included in manufacturing overhead costs incurred $3,000
Manufacturing overhead cost applied to work in process $55,000

Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form.

Set 2

Question 1. 1. (TCO F) For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system? (Points : 5)
A steel factory that processes iron ore into steel bars
A factory that processes sugar and other ingredients into black licorice
A costume maker that makes specialty costumes for figure skaters
All of these

Question 2. 2. (TCO F) Luft Company uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below:

Units Percent Complete with respect to Conversion
Beginning work in process inventory 11,000 90%
Started in production during June 58,000
Ending work in process inventory 17,000 10%

According to the company’s records, the conversion cost in beginning work in process inventory was $79,893 at the beginning of June. Additional conversion costs of $343,830 were incurred in the department during the month.

What was the cost per equivalent unit for conversion costs for the month? (Round off to three decimal places.) (Points : 5)
$8.070
$7.891
$5.928
$4.584

Question 3. 3. (TCO F) Unizat Corporation uses the weighted-average method in its process costing system. The following information pertains to one of the company’s processing departments for a recent month:

Units Material Cost
Beginning work in process 30,000 $22,000
Started during the month 80,000 $72,000
Units completed 85,000
Ending work in process 25,000

All materials are added at the beginning of the process. The cost per equivalent unit for materials is closest to: (Points : 5)
$0.86
$0.90
$1.10
$1.18

Question 4. 4. (TCO F) Which of the following accounts is debited when direct labor is recorded? (Points : 5)
Work in process
Salaries and wages expense
Salaries and wages payable
Manufacturing overhead

Question 5. 5. (TCO F) During December at Ingrim Corporation, $74,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the requisition from the storeroom would include a: (Points : 5)
debit to Raw Materials of $74,000.
debit to Work in Process of $68,000.
credit to Manufacturing Overhead of $6,000.
debit to Work in Process of $74,000.

Question 6. 6. (TCO F) During February, Degan Inc. transferred $60,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $65,000. The journal entries to record these transactions would include a: (Points : 5)
debit to Finished Goods of $65,000.
credit to Cost of Goods Sold of $65,000.
credit to Work in Process of $60,000.
credit to Finished Goods of $60,000.

Page 2
Question 1. 1. (TCO F) Some companies use process costing and some use job-order costing. Which method a company uses depends on its industry. A number of companies in different industries are listed below:

i. Custom boat builder
ii. Frozen cranberry juice processor
iii. Concrete block manufacturer
iv. Winery that produces a number of varietal wines
v. Aluminum refiner that makes aluminum ingots from bauxite ore

For each company, indicate whether the company is most likely to use job-order costing or process costing.
(Points : 15)

Question 2. 2. (TCO F) Job 728 was recently completed. The following data have been recorded on its job cost sheet:

Direct materials $81,000
Direct labor hours 1,220 labor hours
Direct labor wage rate $15 per labor-hour
Machine Hours 1,520 machine hours
Number of units completed 4,400 units

The company applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $16 per machine-hour.

Compute the unit product cost that would appear on the job cost sheet for this job. (Points : 15)

Question 3. 3. (TCO F) Harmon Company uses the weighted-average method in its process costing system. The Curing Department of Harmon Company reported the following information for the month of November.
Units Percentage complete with respect to conversion
Work in process, November 1 10,000 80%
Units started 28,000
Completed and transferred out 30,000
Work in process, November 30 8,000 30%

Costs for November Materials Conversion
Work in process, November 1 $34,500 $48,600
Added during the month $146,000 $194,400

All materials are added at the beginning of the process.

Required: Compute the following items using the weighted-average method:

i. The equivalent units of production for materials.

ii. The cost per equivalent unit for conversion.

iii. The total cost assigned to units transferred out of the Curing Department during November.

iv. The cost assigned to work in process inventory as of November 30. (Points : 15)

Question 4. 4. (TCO F) Hunsicker Corporation has provided the following data for the month of January:

Inventories Beginning Ending
Raw materials $30,000 $33,000
Work In process $20,000 $18,000
Finished goods $52,000 $60,000

Additional Information
Raw material purchases $63,000
Direct labor costs $92,000
Manufacturing overhead cost incurred $75,000
Indirect materials included in manufacturing overhead costs incurred $6,000
Manufacturing overhead cost applied to work in process $69,000

Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form.
(Points : 15)

Set 3

1. Question : (TCO F) Assume there is no beginning work in process inventory and the ending work in process inventory is 100% complete with respect to materials costs. The number of equivalent units with respect to materials costs under the weighted-average method is:
Student Answer:
the same as the number of units put into production.
less than the number of units put into production.
the same as the number of units completed.
less than the number of units completed.

2. Question : (TCO F) Which of the following companies would be most likely to use a job-order costing system rather than a process costing system?
Student Answer:
Fast food restaurant
Shipbuilding
Crude oil refining
Candy making
3. Question : (TCO F) Unizat Corporation uses the weighted-average method in its process costing system. The following information pertains to one of the company’s processing departments for a recent month:
Units Material Cost
Beginning work in process 30,000 $22,000
Started during the month 80,000 $72,000
Units completed 85,000
Ending work in process 25,000

All materials are added at the beginning of the process. The cost per equivalent unit for materials is closest to:

4. Question : (TCO F) Which of the following accounts is debited when direct labor is recorded?
Student Answer:
Work in process
Salaries and wages expense
Salaries and wages payable
Manufacturing overhead

5. Question : (TCO F) During December at Ingrim Corporation, $74,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the requisition from the storeroom would include a:
Student Answer:
debit to Raw Materials of $74,000.
debit to Work in Process of $68,000.
credit to Manufacturing Overhead of $6,000.
debit to Work in Process of $74,000.

6. Question : (TCO F) During February, Degan Inc. transferred $60,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $65,000. The journal entries to record these transactions would include a:

Student Answer:
debit to Finished Goods of $65,000.
credit to Cost of Goods Sold of $65,000.
credit to Work in Process of $60,000.
credit to Finished Goods of $60,000.

Page 2
1. Question : (TCO F) Whether a company uses process costing or job-order costing depends on its industry. A number of companies in different industries are listed below:
i. Brick manufacturer
ii. Contract printer that produces posters, books, and pamphlets to order
iii. Natural gas production company
iv. Dairy farm
v. Coal mining company
vi. Specialty coffee roaster (roasts small batches of specialty coffee beans)
For each company, indicate whether the company is most likely to use job-order costing or process costing.

2. Question : (TCO F) Job 827 was recently completed. The following data have been recorded on its job cost sheet:
Direct materials $61,050
Direct labor hours 1,332 labor hours
Direct labor wage rate $14 per labor-hour
Machine Hours 1,480 machine hours
Number of units completed 3,700 units
The company applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $13 per machine-hour. Compute the unit product cost that would appear on the job cost sheet for this job.

3. Question : (TCO F) Miller Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company’s inventory and cost records for the most recently completed year revealed the following information:
Units Materials Conversion
Work in process. Jan. 1 (80% complete with respect to conversion costs) 100,000 $100,000 $157,500
Units started into production 500,000
Costs added during the year:
Materials $650,000
Conversion $997,500
Units completed during the year 450,000
The company uses the weighted-average cost method in its process costing system. The ending inventory is 50% complete with respect to conversion costs.
Required:
i. Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs.
ii. Determine the cost transferred to finished goods.
iii. Determine the amount of cost that should be assigned to the ending work in process inventory.

4. Question : (TCO F) Burkhammer Inc. has provided the following data for the month of August. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.
Work in Process Finished Goods Cost of Goods Sold Total
Direct Materials $2,260 $12,180 $81,480 $95,920
Direct Labor $1,900 $14,500 $97,000 $113,400
Manufacturing overhead applied $1,590 $6,890 $44,520 $53,000
Total $5,750 $33,570 $223,000 $262,320
Manufacturing overhead for the month was underapplied by $9,000.
The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts.
Determine the cost of work in process, finished goods, and cost of goods sold AFTER allocation of the underapplied or overapplied overhead for the period.

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ACCT 505 Week 2

Exam 080628RR GROUNDWORK OF THE TEXT All Correct Answer

Exam 080628RR GROUNDWORK OF THE TEXT All Correct Answer

Exam 080628RR GROUNDWORK OF THE TEXT All Correct Answer

Exam 080628RR GROUNDWORK OF THE TEXT All Correct Answer

Exam 080628RR GROUNDWORK OF THE TEXT All Correct Answer

Exam: 080628RR – GROUNDWORK OF THE TEXT
Questions 1 to 20: Select the best answer to each question. Note that a question and its answers may be split across a page break, so be sure that you have seen the entire question and all the answers before choosing an answer.

1. _______ is a service of Strategic Business Insights based on the assumption that people buy products
and services and seek experiences that can fulfill their preferences and give shape, substance, and
satisfaction to their lives.
A. VALS
B. PersonicX
C. CACI
D. ACORN

2. A resort employs _______ when it shifts the firm’s target market from singles to families.
A. multisegmentation
B. undifferentiation
C. customization
D. repositioning

3. _______ entails modifying an existing brand, directing it to a new market segment, emphasizing new
product uses and benefits, or altering a brand’s image.
A. Line extension
B. Expansion
C. Repositioning
D. Diversification

4. Which of the following would not be considered a benefit of social media to consumers?
A. Segmenting
B. Assembling
C. Evaluating
D. Disseminating

5. The new marketing view that’s known as the customer life cycle refers to
A. making a product that will last beyond the life expectancy of the buyer.
B. the creation and delivery of lifetime value to consumers during every interaction with the firm.
C. the life stages consumers pass through during their life.
D. categories of products purchased by consumers as they pass through different life stages.

6. As a business term, agents of change refers to
A. realtors who endured the era of housing foreclosures.
B. agents maintained by the Chamber of Commerce.
C. dealers who specialize in foreign currency exchanges.
D. marketers who strive to influence our purchasing behavior.

7. A successful positioning strategy could be based on
A. stability.
B. defendability.
C. measurability.
D. uniqueness.

8. Due to its influence on the way a home operates, a family’s decision to purchase a dog would most likely
be a(n) _______ decision.
A. zero-involvement
B. high-involvement
C. unnecessary
D. low-involvement

9. Which of the following targeting strategies entails serving two or more segments and developing
marketing mixes to suit the needs of each?
A. Multisegment
B. Concentration
C. Personalization
D. Mass customization

10. A mail-order company that uses PRIZM employs _______ segmentation.
A. geodemographic
B. psychographic
C. demographic
D. geographic

11. The lower prices offered by e-commerce players versus those charged by traditional brick-and-mortar
stores are made possible in part due to
A. personalization and customization.
B. geodemographic segmentation of affluence.
C. a wider variety of product offerings.
D. lower operating expenses and better inventory management.

12. Which of the following is a major area of energy use above and beyond the amount allocated to means of transportation?
A. Industrial use
B. Agriculture
C. Mining
D. Buildings

13. What three customer attributes are AIO inventories designed to reveal?
A. Activities, interests, and opinions
B. Access, intuition, and ownership
C. Age, involvement, and oversaturation
D. Aspiration, inspiration, and orientation

14. A marketer is viewing the total market as a single large domain with no individual segments. Which
targeting strategy is that marketer employing?
A. Undifferentiated
B. Concentration
C. Customization
D. Mutisegment

15. A manufacturer of dog food targets pet owners who are loyal to specific brands of pet foods. This
practice uses _______ segmentation.
A. demographic
B. geographic
C. behavioral
D. psychographic

16. An example of behavioral segmentation is a
A. resort that targets families with children.
B. health club that targets college students.
C. restaurant that targets senior citizens.
D. florist that targets those who buy the most flowers.

17. An example of the concentration targeting strategy is a
A. cruise line that advertises to families and singles.
B. tailor who individualizes each suit for each customer.
C. toy manufacturer that makes some toys for children and some for adults.
D. retailer that sells gadgets for left-handed people only.

18. According to the FBI and the National White Collar Crime Center, the percentage rise in cases of
Internet fraud in 2011 was about _______ percent.
A. 10
B. 49
C. 85
D. 22

19. Which of the following statements best reflects the marketing concept?End of exam
A. Quality of life is more important than standard of living.
B. The consumer is the center of all business activities.
C. Positioning is the most important element of marketing.
D. Always target the largest number of segments your resources allow.

20. Which of the following criteria is typically evaluated by marketing managers when they’re deciding
whether or not a specific market segment represents a viable target market?
A. Desirability
B. Potential
C. Attitudinal data framing
D. Global interdependency

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Exam 080628RR