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1:: AAC company is reviewing the behavior of its various activities. AAC is considering various costs under process costing system. Its costing system utilizes two cost categories, direct materials and conversion costs. Direct materials are added at the beginning of production. Conversion costs are allocated evenly throughout production. AAC uses weighted-average costing. Data for the Assembly Department for June 2013 are_: Work in process, beginning inventory 250 units Direct materials (100% complete) Conversion costs (50% complete) Units started during June 800 units Work in process, ending inventory: 150 units Direct materials (100% complete) Conversion costs (75% complete) Costs for June 2013_: Work in process, beginning inventory: Direct materials $180,000 Conversion costs $270,000 Direct materials costs added during June $1,000,000 Conversion costs added during June $1,000,000 What is the direct materials cost per equivalent unit during June?

a. $1,123.81

b. $1,730.20

c. $1,579,00

d. $1,890.35

e. cannot be ascertain due to insufficient information

2:: Joxy company is considering its forthcoming projections for budget purposes. Roxy's projected sales for the first quarter of the coming year and beginning and ending inventory data are as follows: Sales @$15 per unit $750,000 Beginning inventory 15,000 units Desired ending inventory 12,000 units

Each unit is assembled and then painted. Each unit requires 1/2 pound of metal which costs $2.50 per pound. The beginning inventory of metal is 2,000 pounds. Joxy wants to have 3,000 pounds in inventory at the end of the quarter. Each unit requires 2 feet of lumber as well. Lumber is purchased for $2.00 per foot. The beginning inventory of lumber is 4,000 feet of lumber. Joxy want to have 3,000 feet of lumber on hand at the end of the quarter. Each unit requires 45 minutes to assemble and paint. Direct labor is billed at a rate of $10.50 per hour.

How many units need to produce during the first quarter of the year?

a. 62,000 units

b. 50,000 units

c. 53,000 units

d. 47,000 units

e. some other figure

3:: PAE identifies cost on the basis of activities & assigns costs to products & services according to the actual consumption patterns . Consider the following statements.

1. Product diversity creates problems in product costing because diverse products tend to utilise productive activities in very different ways.

2. Overhead costs that are not incurred at the unit level create product costing problems because they do not vary with measures such as direct labour hours or machine hours.

3. Product diversity exists when a single product such as pens are made in different colours.

Which of the above statement(s) is (are) true?

a. 1

b. 2

c. 1 and 2

d. 1 and 3

e. 2 and 3

4:: XYI produces biscuits and uses process costing systems. XYI wants to know which of the following is the purpose of the equivalent-unit computation

a. to convert completed units into the amount of partially completed output units that could be made with that quantity of input.

b. to assist the business in determining ending inventory.

c. to convert partially completed units into the amount of completed output units that could be made with that quantity of input.

d. Some other purpose not listed here.

5:: XAE-2 company is reviewing the behavior of its various activities. XAD is considering various costs. The company manufactures two models of computers. The laptop computer (model MX10) is a top of the line, deluxe model. The tower computer (model DX 20) is the regular model. The following activity data is provided:

Activity Usage Measures

Model MX10

Model DX20

Total

Units produced annually

15,000

40,000

55,000

Prime costs

$40,000

$100,000

$140,000

Machine hours

40,000

60,000

100,000

Production runs

14

6

20

Direct labor hours

20,000

30,000

50,000

The company primarily has three major activities as follows in the production process:

Activity

Activity Cost

Setups

$50,000

Inspections

$30,000

Power

$15,000

Calculate the unit cost of model DX 20.

a. $4.05

b. $3.55

c. $3.33

d. $2.50

e. some other figure not listed here

6:: PAB is considering to adopt an Activity-based costing systems. ABC identifies cost on the basis of activities & assigns costs to products & services according to the actual consumption.

Consider the following statements.

PAB is considering to adopt an Activity-based costing systems. ABC identifies cost on the basis of activities & assigns costs to products & services according to the actual consumption.

Consider the following statements.

1. As the activity-based system accuracy increases, the cost of inferior decisions based on distorted product costs decreases.

2. As the activity-based system accuracy increases, the costs of implementing and operating the system increase.

3. As the activity-based system accuracy increases, the total cost from inferior decisions and the cost to implement and operate the system decrease.

Which of the statements is true?

a. 1

b. 2

c. 3

d. Some other alternative not listed here

e. 1 and 3

7:: MAA produces biscuits and uses process costing systems. MAA wants to know how the cost per equivalent unit is calculated under the weighted-average method of process costing considers

a. all the costs entering work in process from the units in beginning inventory plus the costs for the work completed during the current accounting period.

b. all the costs that have entered work in process from the units started or transferred in during the current accounting period.

c. all the costs that have entered work in process during the current accounting period from the units started or transferred in minus the costs associated with ending inventory.

d. all the costs that have entered work in process during the current accounting period from the units started or transferred in plus the costs associated with ending inventory.

e. Some other method not listed here

8:: ABD company is considering to adopt activity based costing. Which of the following statements regarding activity-based costing (ABC) is false?

a. ABC can be used to measure the performance of activities

b. ABC can be used to analyse the profitability of customers.

c. ABC is not an appropriate tool for analysing non-manufacturing costs.

d. ABC evolved as a response to problems with conventional costing systems.

e. ABC can be used to measure the cost of cost objects

9:: Woxy company is considering its forthcoming projections for cash budget purposes. Woxy's forecasts the following sales figures for the next four months. April

May

June

July

$250,000

$150,000

$225,000

$150,000

Cash sales average 10% of total sales and credit sales are collected 50% in the month of sale and 50% in the month following sale. What are the estimated cash collections in May?

a. $215,000

b. $207,500

c. $195,000

d. $150,000

e. $ 82,500

f. cannot be calculated with the information provided

10:: Woxy company is considering its forthcoming projections for budget purposes. Woxy's projected sales for next year and beginning and ending inventory data are as follows: Sales 50,000 units Beginning inventory 4,000 units Desired ending inventory 8,000 units

The selling price is $40 per unit. Each unit requires four pounds of material which costs $6 per pound. The beginning inventory of raw materials is 12,000 pounds. The company wants to have 3,000 pounds of material in inventory at the end of the year. Woxys' budgeted total purchase cost of direct materials would be

a. $1,350,000

b. $1,242,000

c. $1,206,000

d. $1,296,000

e. some other amount not listed here

11:: AAG company is reviewing the behavior of its various activities. AAG is considering various costs under process costing system. AAG uses a process-cost accounting system, began operations on January 1 of the current year. The company incurs conversion cost evenly throughout manufacturing. If AAG started work on 3,000 units during the period and these units were 70% of the way through manufacturing, it would be correct to say that the company has:

a. 3,000 physical units in production.

b. 2,100 completed units.

c. some other figure.

d. 900 equivalent units of production.

e. 3,000 equivalent units of production.

12:: AAB company is reviewing the behaviour of its various activities. AAB is considering various costs under process costing system. Its costing system utilises two cost categories, direct materials and conversion costs. Direct materials are added at the beginning of production. Conversion costs are allocated evenly throughout production. Data for February 2013 are: Work in process, beginning inventory, 40% converted 200 units Units started during February 600 units Units sold during February 600 units Work in process, ending inventory 30% complete a s to conversion costs 100 units Costs for February 2013 are: Work in process, beginning inventory: Direct materials $100,000 Conversion costs 100,000 Direct materials costs added during February 1,000,000 Conversion costs added during February 1,250,000 What were the equivalent units of direct materials and conversion costs, respectively, at the end of February? Assume AAB uses the weighted-average process costing method.

a. 800, 730

b. 800, 800

c. 800, 700

d. 600, 500

e. cannot be ascertained with the information provided

13:: AAC company is reviewing the behaviour of its various activities. AAC is considering various costs under process costing system. Its costing system utilises two cost categories, direct materials and conversion costs. Direct materials are added at the beginning of production. Conversion costs are allocated evenly throughout production. AAC uses weighted-average costing. Data for the Assembly Department for June 2013 are: Work in process, beginning inventory 250 units Direct materials (100% complete) Conversion costs (50% complete) Units started during June 800 units Units sold during June 700 units Work in process, ending inventory: 150 units Conversion costs (75% complete) Costs for June 2013: Work in process, beginning inventory: Direct materials $180,000 Conversion costs 270,000 Direct materials costs added during June 1,000,000 Conversion costs added during June 1,000,000 What is the conversion cost per equivalent unit in June?

a. $1,254.32

b. $1,579.14

c. $1,730.20

d. $1,890.35

e. some other figure not listed here

14:: MAC produces biscuits and uses process costing systems. MAC had no beginning work in process inventory, and the ending work in process inventory is 50% complete as to conversion costs, the number of equivalent units as to conversion costs would be:

a. The same as the units completed.

b. The same as the units placed in process.

c. Less than the units completed.

d. Less than the units placed in process.

e. Half of the units completed.

15:: XYC is in the process of adopting an activity-based-costing system. They found that many traditional costing systems:

a. trace manufacturing overhead to individual activities and require the development of numerous activity-costing rates.

b. write off manufacturing overhead as an expense of the current period.

c. Some other process not listed here

d. use a host of different cost drivers (e.g., number of production setups, inspection hours, orders processed) to improve the accuracy of product costing.

e. produce results far superior to those achieved with activity-based costing.

16:: AAZU is considering various costs under process costing system. AAZU uses a process-costing system, adds material at the beginning of production and incurs conversion cost evenly throughout manufacturing. The following selected information was taken from the company's accounting records: Total equivalent units of materials: 5,000 Total equivalent units of conversion: 4,400 Units started and completed during the period: 3,500 On the basis of this information, the ending work-in-process inventory's stage of completion is:

a. 40%.

b. 60%.

c. 70%.

d. 80%.

e. some other percentage not listed above.

17:: Production budget is prepared based on sales target. It is useful for preparing other operating budgets. PAG Company had 3,000 units in Finished Goods Inventory on December 31. Following is a partial Production Budget for January to March.

January

February

March

Units to be started

9,400

10,200

9,800

Desired ending inventory

2,500

2,100

2,000

How many units does the company expect to sell in January?

a. some other figure not listed here

b. 8,900

c. 9,400

d. 9,900

e. 11,900

18:: MAM company is preparing budgets for the coming financial year and is considering the relevance of inventory levels. The number of units in the sales budget and the production budget may differ because of a change in

a. finished goods inventory levels.

b. overhead charges.

c. direct material inventory levels.

d. sales returns and allowances.

19:: XYD is in the process of adopting an activity-based-costing system. The research and testing costs is said to arise from a:

a. unit-level activity.

b. batch-level activity.

c. product-sustaining activity.

d. facility-level activity.

e. competitive-level activity.

20:: MAK company is preparing budgets for the coming financial year. MAK is considering how to derive the raw materials . To derive how much raw material to purchase during an accounting period, an accountant would calculate the raw material required for production and then:

a. add the beginning raw-material inventory and the desired ending raw-material inventory.

b. add the beginning raw-material inventory and subtract the desired ending raw-material inventory.

c. subtract the beginning raw-material inventory and the desired ending raw-material inventory.

d. Some other process not listed here

e. add the desired ending raw-material inventory and subtract both the beginning raw-material inventory and the expected units to be sold.