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1.Compute conversion costs given the following data: Direct Materials, $347,500; DirectLabor, $196,300; Factory Overhead, $187,900; and Selling Expenses, $45,290$543,800$187,900$731,700$384,200Top of FormCompute conversion costs given the following data: Direct Materials, $347,500;Direct Labor, $196,300; Factory Overhead, $187,900; and Selling Expenses, $45,290$543,800$187,900$731,700$384,200Question 3Which of the following is an example of direct materials cost for an automobilemanufacturer?cost of oil lubricants for factory machinerycost of wages of assembly workercost of interior upholsterysalary of production supervisorQuestion 4A plant manager s salary isan indirect costa direct costa direct cost and an indirect costa period costQuestion 5What term refers to the cost of changing direct materials into a finishedmanufactured product?factory overhead costperiod costconversion costdirect labor costQuestion 6Which of the following is not a prime cost?plant janitorâs wagesdirect labor wagesmachine operator wagesassembly line wagesQuestion 7An example of a period cost isadvertising expenseindirect materialsdepreciation on factory equipmentproperty taxes on plant facilitiesQuestion 8Direct labor and direct materials areproduct costs and expensed when incurredproduct costs and expensed when the goods are soldperiod costs and expensed when incurredperiod costs and expensed when the goods are soldQuestion 9Which of the following are the two main types of cost accounting systems formanufacturing operations?process cost and general accounting systemsprocess cost and replacement cost systemsjob order and general accounting systemsjob order cost and process cost systemsQuestion 10Given the following data:Cost of materials used$45,000Direct labor costs48,000Factory overhead39,000Work in process, beg.28,000Work in process, end.18,000Finished goods, beg.28,000Finished goods, end.18,000What is cost of goods sold?$152,000$142,000$10,000$128,000Question 11The Thomlin Company forecasts that total overhead for the current year will be$15,500,000 with 250,000 total machine hours. Year to date, the actual overhead is$16,000,000 and the actual machine hours are 330,000 hours. The predeterminedoverhead rate based on machine hours is$48 per machine hour$62 per machine hour$45 per machine hour$50 per machine hourQuestion 12The amount of time spent by an employee on an individual job are recorded onpay stubsin-and-out cardstime ticketsemployees’ earnings recordsQuestion 13At the end of the year, overhead applied was $42,000,000. Actual overhead was$40,300,000. Closing over/under applied overhead into Cost of Goods Sold wouldcause net income toincrease by $1,700,000decrease by $1,700,000increase by $3,400,000decrease by $3,400,000Question 14The entry to record the flow of direct labor costs into production in a job order costaccounting system isdebit Factory Overhead, credit Work in Processdebit Finished Goods, credit Wages Payabledebit Work in Process, credit Wages Payabledebit Factory Overhead, credit Wages PayableQuestion 15When Job 117 was completed, direct materials totaled $4,400; direct labor, $5,600;and factory overhead, $2,400. A total of 1,000 units were produced at a per-unit costof$12,400$1,240$124$12.40Question 16Materials purchased on account during the month totaled $190,000. Materialsrequisitioned and placed in production totaled $165,000. The journal entry to recordthe material purchase on account isMaterials165,000Accounts PayableMaterials165,000190,000Accounts PayableMaterials190,000190,000CashAccounts Payable190,000190,000Materials190,000Question 17The journal entry to record the transfer of 1,600 units of part number 1177 with avalue of $2.50 each, to work in process isMaterialsWork in ProcessWork in Process4,0004,0004,000Factory OverheadWork in ProcessMaterials4,0004,0004,000Work in ProcesCash4,0004,000Question 18The three most common cost behavior classifications arevariable costs, product costs, and sunk costsfixed costs, variable costs, and mixed costsvariable costs, period costs, and differential costsvariable costs, sunk costs, and opportunity costsQuestion 19Costs that remain constant in total dollar amount as the level of activity changes arecalledfixed costsmixed costsproduct costsvariable costsQuestion 20Strait Co. manufactures office furniture. During the most productive month of theyear, 3,000 desks were manufactured at a total cost of $59,000. In the month oflowest production the company made 1,125 desks at a cost of $38,000. Using thehigh-low method of cost estimation, total fixed costs are$21,000$25,400$42,000$13,000Question 21If sales are $820,000, variable costs are 55% of sales, and operating income is$260,000, what is the contribution margin ratio?45%55%62%32%Question 22A firm operated at 90% of capacity for the past year, during which fixed costs were$420,000, variable costs were 40% of sales, and sales were $1,000,000. Operatingprofit was$1,080,000$420,000$180,000$980,000Question 23If fixed costs are $250,000, the unit selling price is $125, and the unit variable costsare $73, what is the break-even sales (units)?3,425 units2,381 units2,000 units4,808 units4 pointsQuestion 24Johnson’s Plumbing’s fixed costs are $700,000 and the unit contribution margin is$17. What amount of units must be sold in order to realize an operating income of$100,000?5,00041,17647,05958,882Question 25If Kaden Company’s fixed costs are $46,800, the unit selling price is $42, and the unitvariable costs are $24. What is the break-even sale (units)?2,4001,9501,1142,600
