Here is the assignment which I had almost done but needed to make sure whether is correct or not.

Part 1. Multiple Choice 1. Fixed costs expressed on a per unit basis: A) will increase with increases in activity. B) will decrease with increases in activity. C) are not affected by activity. D) should be ignored in making decisions since they cannot change. 2. Discretionary fixed costs: A) cannot be changed since they are fixed. B) have a long-term planning horizon, generally encompassing many years. C) are made up of facilities, equipment, and basic organization. D) responses b and c are both correct. E) none of these. 3. The salary paid to the president of King Company would be classified on the income statement as a(n): A) administrative expense. B) direct labor cost. C) manufacturing overhead cost. D) selling expense. 4. When manufacturing overhead is applied to production, it is added to: A) the Cost of Goods Sold account. B) the Raw Materials account. C) the Work in Process account. D) the Finished Goods inventory account. 5. A job order cost system uses a predetermined overhead rate based on estimated activity and estimated manufacturing overhead cost. At the end of the year, underapplied overhead might be explained by which of the following situations? A) B) C) D) Actual activity Greater than estimated Greater than estimated Less than estimated Less than estimated Actual manufacturing overhead costs Greater than estimated Less than estimated Greater than estimated Less than estimated 6. Barnett Corporation had 6,500 units of work in process on April 1. During April, 19,100 units were completed and as of April 30, 5,100 units remained in production. How many units were started during April? A) 11,600. B) 17,700. C) 20,500. D) 30,700. E) None of these. 7. Cribb Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 17,900 hours and the total estimated manufacturing overhead was $341,890. At the end of the year, actual direct labor-hours for the year were 16,700 hours and the actual manufacturing overhead for the year was $336,890. Overhead at the end of the year was: A) $22,920 underapplied B) $17,920 overapplied C) $17,920 underapplied D) $22,920 overapplied 8. Daget Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the total estimated manufacturing overhead was $364,140. At the end of the year, actual direct labor-hours for the year were 24,000 hours, manufacturing overhead for the year was overapplied by $8,060, and the actual manufacturing overhead was $359,140. The predetermined overhead rate for the year must have been closest to: A) $15.43 B) $15.30 C) $15.17 D) $14.96 9. Indirect labor is a part of: A) Prime cost. B) Conversion cost. C) Period cost. D) Nonmanufacturing cost. 10. Property taxes on a company's factory building would be classified as a(n): A) product cost. B) opportunity cost. C) period cost. D) variable cost. 11. Product costing in a manufacturing firm is the process of: A) accumulating the company's period costs. B) allocating costs among the firm's departments. C) placing a value on the company's fixed assets. D) assigning costs to the firm's inventory. 12. A custom-home builder would likely utilize: A) job-order costing. B) process costing. C) mass customization. D) process budgeting. 13. The total production cost of a job is composed of: A) direct material and direct labor. B) direct material, direct labor, manufacturing overhead, and outlays for selling C) direct material, direct labor, manufacturing overhead, and outlays for both selling and administrative costs. D) direct material, direct labor, and applied manufacturing overhead. 14. Process costing is used to account for: A) large numbers of identical products that are produced in a continuous manufacturing environment. B) small numbers of products that are produced in batches. C) raw materials that are converted directly to finished goods. D) finished goods that are refined and processed further. 15. Which of the following manufacturers would most likely not use a process-cost accounting system? A) A producer of computer monitors. B) A paint manufacturer. C) A producer of frozen orange juice. D) A builder of customized yachts. 16. Which of the following statements is true? A) The word "cost" has the same meaning in all situations in which it is used. B) Cost data, once classified and recorded for a specific application, are appropriate for use in any application. C) Different cost concepts and classifications are used for different purposes. D) All organizations incur the same types of costs. 17. Which of the following is a product cost? A) Glass in an automobile. B) Advertising. C) The salary of the vice president-finance. D) Rent on a factory. E) Both "A" and "D." 18. Costs that are expensed when incurred are called: A) product costs. B) direct costs. C) inventoriable costs. D) period costs. 19. The accounting records of Hill Corporation revealed the following selected costs: Sales commissions, $40,000; plant supervision, $94,000; and administrative expenses, $185,000. Hill's period costs total: A) $40,000. B) $94,000. C) $185,000. D) $225,000. E) $319,000. 20. Managerial accounting: A) is unregulated. B) produces information that is useful only for manufacturing organizations. C) is based exclusively on historical data. D) is regulated by the Securities and Exchange Commission (SEC). E) generally focuses on reporting information about the enterprise in its entirety rather than by subunits. Part 2. The following cost data relate to the manufacturing activities of the Kanaba Company last year: Actual Manufacturing overhead costs: Property taxes....................................................... Utilities, factory.................................................... Indirect labor........................................................ Depreciation, factory............................................ Insurance, factory................................................. Total..................................................................... $ 1,500 2,500 5,000 12,000 3,00 0 $24,000 Other costs incurred: $16,00 Purchases of direct materials................................ 0 Direct labor cost................................................... $20,000 Inventories: Direct materials, January 1................................... Direct materials, December 31............................. Work in process, January 1.................................. Work in process, December 31............................ $4,000 $3,500 $3,000 $3,750 The company uses a predetermined overhead rate to apply manufacturing overhead cost to production. The rate last year was $5.00 per machine-hour; a total of 5,000 machine-hours were recorded for the year. Required: a. Compute the amount of under or over-applied overhead cost for the year. b. Prepare a schedule of Cost of Goods Manufactured for the year. Part 3. Use the following to answer questions A, B and C: Acton Corporation, which applies manufacturing overhead on the basis of machinehours, has provided the following data for its most recent year of operations. Estimated manufacturing overhead...................... $139,080 Estimated machine-hours..................................... 3,800 $137,00 Actual manufacturing overhead........................... 0 Actual machine-hours.......................................... 3,780 The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. A. The predetermined overhead rate is closest to: A) B) C) D) $36.60 $36.41 $36.24 $36.05 B. The applied manufacturing overhead for the year is closest to: A) B) C) D) $136,269 $138,348 $136,987 $137,630 C. The overhead for the year was: A) $732 underapplied B) $1,348 underapplied C) $732 overapplied D) $1,348 overapplied Hampton Textile Co., manufactures a variety of fabrics. All materials are introduced at the beginning of production; conversion cost is incurred evenly through manufacturing. The Weaving Department had 2,000 units of work in process on April 1 that were 30% complete as to conversion costs. During April, 9,000 units were completed and on April 30, 4,000 units remained in production, 40% complete with respect to conversion costs. 1. The equivalent units of direct materials for April total: A) 9,000. B) 13,000. C) 13,600. D) 14,400. E) 15,000