dear tutor please solve this multiple choice question of cost and managerial accounting.thanks

EC 526 - Cost and Managerial Accounting Take-Home Quiz - 2016 Spring Semester Last Name__________________________ Name____________________________ Father's Name_________________________________ This quiz contains ten multiple-choice questions plus a bonus question. Print this page, and write your answer for each question in the space provided below. Submit your answers to this quiz (this page only) at the beginning of class on Tuesday, 24 May, 2016. Question 1 2 3 4 5 6 7 8 9 10 Bonus Your answer (letter) EC 526 - Cost and Managerial Accounting Take-Home Quiz - 2016 Spring Semester 1. Which of the following choices correctly depicts whether McDonald's, the University of Wisconsin, and Apple Inc. would have a need for managerial accounting? A. Choice A B. Choice B C. Choice C D. Choice D E. Choice E 2. The capacity concept that allows for normal occurrences such as machine downtime and employee fatigue is known as: A. practical capacity. B. theoretical capacity. C. utilized capacity. D. management capacity. E. capacity maximization. 3. Which of the following is a product cost? A. Glass in an automobile. B. Advertisin g. C. The salary of the vice presidentfinance. D. Rent on a factory. E. Glass in an automobile and rent on a factory. 4. The accounting records of Bronco Company revealed the following information: Bronco's cost of goods manufactured is: A. $519,00 0. B. $522,00 0. C. $568,00 0. D. $571,00 0. E. None of the other answers are correct. 5. The assignment of direct labor cost to individual jobs is based on: A. an estimate of the total time spent on the job. B. actual total payroll cost divided equally among all jobs in process. C. estimated total payroll cost divided equally among all jobs in process. D. the actual time spent on each job multiplied by the wage rate. E. the estimated time spent on each job multiplied by the wage rate. 6. Media, Inc., an advertising agency, applies overhead to jobs on the basis of direct professional labor hours. Overhead was estimated to be $150,000, direct professional labor hours were estimated to be 15,000, and direct professional labor cost was projected to be $225,000. During the year, Media incurred actual overhead costs of $146,000, actual direct professional labor hours of 14,500, and actual direct labor cost of $222,000. By year-end, the firm's overhead was: A. $1,000 underapplied. B. $1,000 overapplied. C. $4,000 underapplied. D. $4,000 overapplied. E. $5,000 underapplied. 7. HiTech Products manufactures three types of remote-control devices: Economy, Standard, and Deluxe. The company, which uses activity-based costing, has identified five activities (and related cost drivers). Each activity, its budgeted cost, and related cost driver is identified below. The following information pertains to the three product lines for next year: What is HiTech's pool rate for the material-handling activity? A. $1.00 per part. B. $2.25 per part. C. $6.62 per labor hour. D. $13.23 per part. E. None of the other answers is correct. 8. Activity-based costing systems: A. use a single, volume-based cost driver. B. assign overhead to products based on the products' relative usage of direct labor. C. often reveal products that were under- or over-costed by traditional costing systems. D. typically use fewer cost drivers than more traditional costing systems. E. have a tendency to distort product costs. 9. Consider the following statements about why prices are often based on product costs: I. Companies sell many products and services, and cost-based approaches provide a simple and direct pricing method. II. The cost of a product or service provides a lower limit or floor, below which price should not be set in the long run. III. Determining a company's demand and marginal revenue curves is difficult, costly, and time consuming. Which of the above statements is (are) true? A. I only. B. III only. C. I and III. D. II and III. E. I, II, and III. 10. The following data pertain to Lomax Enterprises: What price will the company charge if the firm uses cost-plus pricing based on absorption manufacturing cost and a markup percentage of 110%? A. $84 . B. $14 7. C. $21 0. D. $23 1. E. None of the other answers are correct. Bonus Question . Dexter, Inc. manufactures various lines of computer equipment and is planning to introduce a new line of laptops. Current plans call for the production and sale of 1,000 units, with estimated costs as follows: The average amount of capital invested in the laptop product line is $900,000 and Dexter's target return on investment is 18%. If Dexter uses cost-plus pricing based on absorption cost, the markup percentage the company must use would be: A. 15.72 %. B. 21.64 %. C. 29.56 %. D. 58.93 %. E. none of the other answers are correct