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QUESTION 1 Which of the following is not a product cost? direct labor factory rent indirect material advertising expense QUESTION 2 Work in process is an liability expense revenue asset QUESTION 3 and fixed cost per unit As activity level increases total fixed cost increases: remains the same remains the same, decreases decreases increases remains the same: remains the same QUESTION 4 direct material $800 direct labor $1,500 factory utilities S425 administrative and sales salaries $1,200 500 units were produced. The product cost per unit is: $1.65 $7.90 $5.45 $4.50 QUESTION 5 Examples of overhead include all of the following except: indirect materials direct labor factory utilities factory equipment depreciation QUESTION 6 Which of the following is an example of a variable cost? buttons used in the production of shirts insurance factory manager's salary rent QUESTION 7 Using the contribution margin format income statement, sales minus variable costs equals break even contribution margin fixed expenses net operating income QUESTIONS Champion Company manufactures a product that has a variable cost of $ per unit and fixed cost of $5,000. if the company sells 400 units at $30 per unit, the contribution margin per unit will be $12.50 $17.40 $22 QUESTION 9 The break even point occurs when contribution margin equals fixed expenses sales is less than net operating income net income equals contribution margin fixed expense is greater than variable expense QUESTION 10 Once break even is reached net operating income will increase for each additional unit sold by: selling price per unit variable cost per unit contribution margin per unit average fixed cost per unit QUESTION 11 QUESTION 11 Delta sells a product for 510 a unit that has a variable cost of $4 per unit. The foxed cost is $3,000. How many units must they sell to break even? 500 units 700 units 300 units 900 units QUESTION 12 Master Craft Company has a targeted net income of 520.000 cost is $40,000 and the contribution margin is 75. How much will Master Craft need in sales dollars to achieve its targeted netcome 520,000 580,000 140,000 360,000 QUESTION 13 Which costing system is used by manufacturing companies that produce many identical products? variable costing fixed costing process costing job order costing QUESTION 14 Which is true regarding overhead costs? overhead costs can be direct or indirect costs all overhead costs are fixed all overhead costs are variable all overhead costs are direct QUESTION 15 Predetermined overhead rates: uses an allocation base to determine costs to be applied to jobs are computed when the period ends are actual costs all of the above QUESTION 16 estimated machine hours 100 hours actual machine hours 110 hours estimated overhead cost $12.000 Using the predetermined rate how much overhead will be applied to Job XYZ? $12,000 $10,800 $11,000 $13.200 QUESTION 17 The journal entry to record direct and indirect materials issued into production includes a: debit to work in process debit to overhead credit to raw materials all of the above QUESTION 18 Applied overhead has a normal balance and actual overhead has a normal balance debit; debit debit: credit credit credit Credit: debit LECTION 10 QUESTION 19 Actual overhead was $20,000 and applied overhead was $19.000 for the period. The journal entry to adjust for the difference is: debit overhead 1,000 credit work in process 1,000 debit cost of goods sold 1,000 credit finished goods 1.000 debit cost of goods sold 1,000; credit actual overhead 1.000 debit work in process 1,000, credit applied overhead 1,000 QUESTION 20 When preparing a cost of goods manufactured indirect material is categorized under direct materials beginning work in process overhead cost of goods sold QUESTION 21 QUESTION 21 The last step to attach costs to the flow of goods using process costing is: prepare a reconciliation report calculate equivalent units of production apply unit cost to ending inventory compute unit cost QUESTION 22 Brick Company had $34,000 of goods transfered from the mixing department to the baking department. The journal entry to record this ansaction will include a debit to work in process-baking cost of goods sold finished goods raw matersals QUESTION 23 Equivalent units completely finished partially completed units the same for every period not included in unit cost QUESTION 24 Department had 2.000 units in its beginning inventory 25% complete for materials and 50% complete for conversion 5.000 units were completed during the period. Ending inventory had 1,500 units 75% complete for matenals and 50% complete for conversion. The equivalent units of production for materials is 5,600 units 5,350 units 1.500 units 6.125 units QUESTION 25 materials conversion cost of beginning work in process 54.100 $5,600 Current costs $17.900 $12,000 equivalent units of production 1,000 1,100 900 units were completed and 200 units were still in production. What is the unit cost for each unit completed? $38 $18