Download Guided ACCT 346 Midterm Exam Version 2

Download Guided ACCT 346 Midterm Exam Version 2

Multiple Choice Questions:

1. Question : (TCO 1) Using managerial accounting reports to run operations is an example of which management responsibility?
2. Question : (TCO 1) Which of the following statements regarding financial accounting and managerial accounting is correct?
3. Question : (TCO 1) Which of the following professional standards applies to not engaging in any activity that would discredit the profession?
4. Question : (TCO 1) Which of the following is an inventoriable product cost?
5. Question : (TCO 1) Which of the following is a variable cost?
6. Question : (TCO 1) Which of the following is a conversion cost?
7. Question : (TCO 1) On December 31, 2015, XYZ Inc. has a balance in the Finished Goods Inventory account of $50,000. On January 1, 2015, the balance in the Finished Goods Inventory account was $75,000…….the balance in the Work-in-Process inventory account is $25,000…… January 1,  2015, the balance in the Work-in-Process inventory account is $10,000. The cost of goods manufactured is $160,000. How much is the cost of goods sold?
8. Question : (TCO 2) Which of the companies below would be most likely to not use job-order costing?
9. Question : (TCO 2) James Company applies manufacturing overhead based on machine hours. Information concerning manufacturing overhead costs and hours for August follows.
10. Question : (TCO 2) During 2015, Thompson Company applied overhead using a job-order costing system at a rate of $15 per direct labor hour. Estimated direct labor hours for the year were 110,000, and the estimated overhead for the year was $1,650,000. Actual direct labor hours for 2015 were 100,000, and actual overhead was $1,520,000. What is the amount of … for the year?
    

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Essay Questions:

1. Question : (TCO 2) ABC Company uses budgeted overhead rates to apply overhead to individual jobs. It uses a system based on direct labor hours. Last year, the company made the following estimates for this year.
2. Question : (TCO 3) James Company uses process costing to track its costs in two sequential production departments: Forming and Finishing. The following information is … regarding the Forming Department:
3. Question : (TCO 6) Classify each of the costs below within the ABC costing hierarchy as either unit-level, batch-level, product-level, or facility-level.
   1. Cost to inspect each product as it is …
   2. Factory depreciation
   3. Machine setup
   4. Costs to hire human resource personnel
   5. Salary for a product-line manager
   6. Receiving raw materials from vendors
4. Question : (TCO 2) Drake Company incurred costs of $77,000 for direct materials (raw) purchased. Direct labor was $45,000 and factory overhead was $22,000 for March.
   1. Inventories were as follows:
   2. Raw materials beginning $10,000; raw materials ending $14,000
   3. Work-in-process beginning $36,000; work-in-process ending $24,000
   4. Finished goods beginning $5,000; finished goods ending $10,000

• Required: Calculate the cost of goods manufactured for March for Drake Company. Show your work.

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