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Question 1 Match each of the following phrases with the term (a-e) that it most closely describes it

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Question 1 Match each of the following phrases with the term (a-e) that it most closely describes it. Each term will be used only once. Question 1 options: 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 these make up the work in process subsidiary ledger serves as the basis for recording materials used serves as the basis for recording direct labor on a job cost sheet prepared when materials that have been ordered are received and inspected the process by which factory overhead is assigned to a cost object 1. 2. 3. 4. 5. job cost sheets materials requisition receiving report time tickets cost allocation Question 2 Department J had no work in process at the beginning of the period. 18,000 units were completed during the period, and 2,000 units were 30% completed at the end of the period. The following manufacturing costs were debited to the departmental work in process account during the period (Assume the company uses weighted average method and rounds cost per unit to two decimal places): Direct materials (20,000 at $5) Direct labor Factory overhead $100,000 142,300 57,200 Assuming that all direct materials are placed in process at the beginning of production, what is the total cost of the departmental work in process inventory at the end of the period? Question 2 options: $90,000 $283,140 $199,500 $16,438 Question 3 On March 21, 2021, Christine worked 6.0 hours on Job A-1, and 3 hours on general "overhead activities." Christine is paid $15 per hour. Overhead is applied based on $28 per direct labor hour. Additionally, on March 21 Job A-1 requisitioned and entered into production $100 of direct material. On March 21, Christine, while working on Job A-1 used $27 of indirect material. Indirect material is included in the overhead application rate. Use this information to determine the total cost that should have been recorded in the Work in Process for Job A-1 on March 21? Round your answer to the closest whole number (no cents). Your Answer: Question 3 options: Answer Question 4 On June 1, 2019 Adelphi Corporation issued $100,000 of 6%, 5-year bonds. The bonds which were issued at 97, pay interest on January 1 and June 1. Use this information to calculate the amount of bond discount or premium that is amortized with each interest payment. Enter as a whole number (no cents). Your Answer: Question 4 options: Answer Question 5 Match each phrase that follows with the term (a-h) it describes. Question 5 options: 1 2 3 4 5 6 7 8 1 2 3 4 5 6 7 8 1 2 3 4 5 6 7 8 1 2 3 4 5 6 7 8 costing system used by a company producing computer chips costing system used by a company producing custom window treatments measure of the work done during a production period, expressed in terms of fully complete units of output conversion costs 1. 2. 3. 4. 5. 6. 7. 8. direct labor and facto overhead direct labor and dire materials transferred in costs equivalent units process costing job order costing first-in, first-out met cost of production re 1 2 3 4 5 6 7 8 1 2 3 4 5 6 7 8 1 2 3 4 5 6 7 8 1 2 3 4 5 6 7 8 a process costing method that costs each period’s equivalent units of work with that period’s costs per equivalent unit prime costs costs incurred in a previous process that are carried forward as part of the product’s cost when it moves to the next department summary of the activity in a processing department for a specific period Question 6 Match each phrase that follows with the term (a-f) it describes.. Question 6 options: 1 2 3 a plan showing the number of 1. 2. budget capital expenditures budget 4 5 6 1 2 3 4 5 6 1 2 3 4 5 6 1 2 3 4 5 6 1 2 3 4 5 6 units to be produced each month plans an important role for organizations in planning, directing, and controlling a company's future goals a plan showing the units of goods to be sold and the sales to be derived; usually the starting point in the budgeting process an accounting report that presents predicted amounts of the company’s assets, liabilities, and equity as of the end of the budget period a plan that shows the expected cash inflows and outflows during the budget period, including receipts from loans needed to maintain a minimum 3. 4. 5. 6. sales budget production budget cash budget budgeted balance sh 1 2 3 4 5 6 cash balance and repayments of such loans a plan that lists dollar amounts to be both spent on purchasing additional pant assets to carry out the budgeted business activities Question 7 Prime costs are Question 7 options: direct materials and factory overhead direct materials and direct labor direct labor and factory overhead period costs and factory overhead Question 8 The Botosan Factory has determined that its budgeted factory overhead for the year is $13,500,000, and the budgeted direct labor hours are 10,000,000. If the actual direct labor hours for the period are 350,000, how much overhead would be allocated to the period? Question 8 options: $675,000 $470,630 $472,500 $236,250 Question 9 A company is preparing its cash budget. Its cash balance on January 1 is $290,000, and it has a minimum cash requirement of $340,000. The following data has been provided: Cash receipts Cash payments January $1,061,200 984,500 February $1,182,400 1,210,000 March $1,091,700 1,075,000 What is the amount of cash excess or deficiency (after considering the minimum cash balance required) for March? Question 9 options: excess of $214,200 excess of $15,800 deficiency of $60,000 excess of $25,300 Question 10 Job cost sheets can provide information to managers for all except Question 10 options: the cost impact of materials changes the cost impact of continuous improvement in the manufacturing process the cost impact of materials price or direct labor rate changes over time utilities, managerial salaries, and depreciation of computers in the corporate office Question 11 Baltimore Company uses a job order cost system and applies overhead based on estimated rates. The overhead application rate is based on total estimated overhead costs of $225,000 and direct labor hours of 8,200. During the month of February 2021, actual direct labor hours of 9,300 were incurred. Use this information to determine the amount of factory overhead that was applied in February. Round answer to the nearest whole number (no cents). Your Answer: Question 11 options: Answer Question 12 Which of the following products would be manufactured using a job order costing system? Question 12 options: a cell phone a highlighter pen a graduation invitation a recliner Question 13 On December 31, 2020, Adelphi Corporation has outstanding 500 shares of $100 par value, 6% cumulative and nonparticipating preferred stock, and 10,000 shares of $10 par value common stock. Preferred dividends were paid in 2018 but were not paid in 2019. During 2020, Alpha distributed $35,000 in dividends. Use this information to determine for 2020 the dollar amount of dividends that will be distributed per Common Share. Round answer to closest cent. Your Answer: Question 13 options: Answer Question 14 Which of the following statements is false? Question 14 options: There is no overlap between financial and managerial accounting. Managerial accounting sometimes relies on past information. Managerial accounting does not need to conform to GAAP. Financial accounting must conform to GAAP. Question 15 Bowie Sporting Goods manufactures sleeping bags. The manufacturing standards per sleeping bag, based on 5,000 sleeping bags per month, are as follows: Direct material of 6.00 yards at $5.40 per yard Direct labor of 2.00 hours at $20.00 per hour Overhead applied per sleeping bag at $15.00 In the month of April, the company actually produced 5,200 sleeping bags using 27,300 yards of material at a cost of $5.50 per yard. The labor used was 11,700 hours at an average rate of $19.50 per hour. The actual overhead spending was $96,200. Determine the total materials variance and round to the nearest whole dollar. Enter a favorable variance as a positive number. Enter an unfavorable variance as a negative number. Your Answer: Question 15 options: Answer Question 16 A product cost is Question 16 options: expensed in the period in which it is manufactured shown with current liabilities on the balance sheet shown with operating expenses on the income statement expensed in the period the product is sold Question 17 The Lucy Corporation purchased and used 129,000 board feet of lumber in production, at a total cost of $1,548,000. Original production had been budgeted for 22,000 units with a standard material quantity of 5.7 board feet per unit and a standard price of $12 per board foot. Actual production was 23,500 units. The materials price variance is Question 17 options: $0 $59,400 unfavorable $59,400 favorable $6,000 unfavorable Question 18 The Common Stock account for Baltimore Corporation on January 1, 2020 was $75,000. On July 1, 2020 Baltimore issued an additional 5,000 shares of common stock. The Common Stock is $5 par. There was neither Preferred Stock nor any Treasury Stock. Paid in Capital Excess to par Common Stock was $20,000 on January 1 and $40,000 on July 2 and net income was $120,000. Use this information to determine for December 31, 2020 the amount of Earnings per Share (rounded to the nearest cent). Your Answer: Question 18 options: Answer Question 19 For the FY 2018, Frederick Company had net sales of $800,000 and net income of $50,000, paid income taxes of $30,000, and had before tax interest expense of $20,000. Use this information to determine the Times Interest Earned Ratio. Round your answers to one decimal place. Your Answer: Question 19 options: Answer Question 20 Bowie Sporting Goods manufactures sleeping bags. The manufacturing standards per sleeping bag, based on 5,000 sleeping bags per month, are as follows: Direct material of 5.00 yards at $5.00 per yard Direct labor of 2.00 hours at $18.00 per hour Overhead applied per sleeping bag at $19.00 In the month of April, the company actually produced 5,200 sleeping bags using 27,300 yards of material at a cost of $5.50 per yard. The labor used was 11,700 hours at an average rate of $18.50 per hour. The actual overhead spending was $96,200. Determine the labor rate variance and round to the nearest whole dollar. Enter a favorable variance as a positive number. Enter an unfavorable variance as a negative number. Enter as a whole number (no cents). Your Answer: Question 20 options: Answer Question 21 Materials purchased on account during the month totaled $190,000. Materials requisitioned and placed in production totaled $165,000. The journal entry to record the material purchase on account is Question 21 options: Materials Accounts Payable 165,000 Materials Accounts Payable 190,000 Materials Cash Accounts Payable 165,000 190,000 190,000 190,000 190,000 Materials 190,000 Question 22 Match each of the methods that follow with the correct category (a–b). Question 22 options: 1 2 1 2 1 2 1 2 Average rate of return method Internal rate of return method Net present value method Cash payback method 1. 2. Methods that does n present value Methods that uses pr value Question 23 The Cardinal Company had a finished goods inventory of 55,000 units on January 1. Its projected sales for the next four months were: January - 200,000 units; February - 180,000 units; March - 210,000 units; and April - 230,000 units. The Cardinal Company wishes to maintain a desired ending finished goods inventory of 20% of the following month's sales. Determine the budgeted units of inventory for March 31. Question 23 options: 46,000 36,000 cannot be determined from the data given 42,000 Question 24 Principal components of a master budget include Question 24 options: production budget sales budget capital expenditures budget all of these Question 25 Bartel Corporation produces bar stools for restaurants. For each of the following, indicate whether the cost would typically be considered direct or indirect cost for the cost object given. Question 25 options: 1 2 1 2 1 2 1 2 1 2 The production labor wages for the bar stool assemblers Nails and screws used in the production of the bar stools Manufacturin g costs for wood and steel used in the bar stools Lubricants used on the bar stool manufacturin g equipment The factory supervisor’s salary for the bar stool factory 1. 2. Submit Quiz Direct Indirect