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A difference between costing a job with normal

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A difference between costing a job with normal

Chose the right answer for the 15 multiple choices1. Perminus?unitcost is the ________ unit cost.A.oneB.onlyC.complexD.averageE.simple2. A difference between costing a job with normal costing and actual costing is that normalcosting uses which of the following cost rates?A.Budgetedpreferred?costrates.B.Budgetedactual?costrates.C.Budgetedreal?costrates.D.Budgetedindirect?costrates.E.Budgeteddirect?costrates.3. The Operations Manager at Mary’s Pastry Shoppe requested a machine shop to build aspecial pastry machine to add extra jellies and sprinkles on their pastries. Mary estimatedthat the actual annualindirect?coststo make pastries in the new machine are $6,000 and the actual annual quantity of thecost?allocationbase is2,000. Compute the budgetedindirect?costrate.A.$1B.$2C.$3D.$4E.$54. When individual jobs are completed,work?in?processinventory becomes:A.billing of goods sold.B.finished goods inventory.C.manufacturing labor.D.an income statement.E.work?in?processinventory.5. In 2012, Alan’s Seafood Supply Manufacturing uses machine?hours as the only overheadcost?allocation base. The accountant reported the following information:EstimatedActualManufacturing overhead costs $225,000 $250,000Machine?hours50,00055,000Using job costing, compute the 2012 actual indirect cost rate.A.$3.95 per machine hourB.$4.55per machine hourC.$4.85 per machine hourD.$3.85 per machine hourE.$4.45 per machine hour6. The Chesapeake Organization reported $400,000 of indirect?cost pool in design activity.The manager reported a cost?allocation base of 110 parts per square feet.Required:Compute the amount of design activity per part?squarefoot.A.$3,000.22B.$3,025.25C.$399,890D.$3,636.36E.$400,1107. The costing system that refines a costing system by identifying individual activities as thefundamental cost object is ________.A.activity?basedcosting systemB.cost?allocationbaseC.manager?basedcosting systemD.cost hierarchyE.refined?costingsystem8. Managers that compare the predicted cost amounts against actual costs to evaluate howwell they did on a specific job is an example of which step in the five?stepdecision?makingprocess?A.Step 1: Identify the problems with uncertainties.B.Step 2: Obtain information.C.Step 3: Make predictions about the future.D.Step 4: Make decisions by choosing among alternatives.E.Step 5: Implement the decision, evaluate performance, and learn.9. Broad averaging leads to ________.A.variable product costsB.accurate service costsC.accurate product costsD.inaccurate product costsE.service product cost10. A group of coworkers went to lunch at the mall. Listed below is the total cost of eachindividual meal.Matthew Hank Shawn Rachel Marla JimEntree Cost$12$21 $16$15 $61 $14Dessert0855173Drinks31375317Total$15$42 $28$25 $109 $24Required:Compute the average cost per dinner. When the costs are averaged across all six dinners, isMarla overcosted or undercosted?A.$30.10; undercosted.B.$45.25; overcosted.C.$62.19; overcosted.D.$58.19; undercosted.E.$40.50; undercosted.11. Which of the following is not a level in the cost hierarchy?A.Product?sustainingcosts.B.Output?unitlevel costs.C.Facility?sustainingcosts.D.Input?levelunit costs.E.Batch?levelcosts.12. The specific term for assigning direct costs is:A.cost pool.B.job?costingsystem.C.cost assignment.D.cost tracing.E.cost allocation base.13. Managers use the job?cost record (job?cost sheet) to:A.indicate the quantity of each product received.B.record only manufacturing costs accrued on the job.C.indicate the type of each product received.D.record raw material purchases from suppliers.E.record and accumulate all costs assigned to a specific job.14. Which approach is known for spreading the under allocated overhead or over allocatedoverhead among ending work?in?process inventory, finished goods inventory, and cost ofgoods sold?A.Adjustedallocation?rate.B.Denominator reason.C.Numerator reason.D.Proration.E.Write?offto cost of goods sold.15. Mug King reported the following information:Small mugs Large mugs Total1 Quantity of mugs50,00025,0002 Number of mugs produced per batch240753 Number of batches??4 Setup time per batch3 hours5 hours5 Total???setup?hoursRequired:Compute the number of batches for small and large mugs, the total setup?hours, and the totalsetup?hours for both mugs.A.Batches: Small = 225.35; Large = 350.50Total Setup?hours:Small = 650.50; Large = 1,750.25Total: 2,500.50B.Batches: Small = 230.61; Large = 385.64Total Setup?hours:Small = 695.25; Large = 1,895.62Total: 3,500C.Batches: Small = 260.52; Large = 1,950.62Total Setup?hours:Small = 685.24; Large = 1,962.35Total: 4,200D.Batches: Small = 208.33; Large = 333.33Total Setup?hours:Small = 624.99; Large = 1,666.65Total: 2,291.64E.Batches: Small = 275.62; Large = 2,062.25Total Setup?hours:Small = 285.63; Large = 2,650.36Total: 4,695

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