Put your answer here (Column C)
(Multiple Choice) Managerial accounting techniques are: A. based on a set of generally accepted accounting principles. B. not molded by formal "rules and regulations." C. always acceptable for compliance reporting. D. All of these. E. None of these.
(Multiple Choice) Analysis of cost behavior and how changes in volume impact profitability is known as: A. cost/volume/profit (CVP) analysis. B. certified managerial accountant (CMA) analysis. C. certified financial management (CFM) analysis. D. strategic planning. E. None of these.	A.
(Multiple Choice) Which of these acronyms is generally not applicable to some form of inventory management? A. RFID. B. JIT. C. EOQ. D. POP. E. None of these.
(Multiple Choice) Manufacturing costs or product costs consist of: A. factory overhead. B. direct materials and direct labor. C. direct labor and factory overhead. D. direct materials, direct labor, and factory overhead. E. None of these.
(Multiple Choice) Direct material includes: A. raw materials which become an identifiable component of a finished product. B. cleaning supplies used in the factory. C. insurance on the factory where raw materials are stored. D. All of the above. E. None of these.
(Multiple Choice) Which of the following statements is false? A. Product costs are the inventoriable manufacturing costs. B. Product costs are the sum of direct materials, direct labor, and factory overhead. C. Product costs are charged against income in the period incurred. D. Period costs are charged against income in the period incurred. E. None of these.
(Multiple Choice) In comparing and contrasting the income statements of a merchandiser and a manufacturer, the item "net purchases" on a merchandiser's income statement is replaced by what item on a manufacturer's income statement? A. Cost of goods manufactured. B. Raw materials. C. Work-in-process. D. Finished goods. E. None of these.
(Multiple Choice) During 20X8, Durant Manufacturing experienced an increase in work-in-process inventory. As a result: A. cost of goods sold will be greater than cost of goods manufactured. B. cost of goods sold will be less than cost of goods manufactured. C. total manufacturing cost will be greater than cost of goods manufactured. D. total manufacturing cost will be less than cost of goods manufactured. E. None of these.
(Essay) For 20X6, Brannon Manufacturing had a beginning and ending finished goods inventory of $1,000. Work-in-process decreased by $500 during 20X6, factory overhead was $2,000, and total manufacturing costs amounted to $48,000. What was the cost of goods manufactured during 20X6?		(Hint: the answer is a number.)
(Essay) If the beginning and ending Work-in-Process Inventories are $90,000 and $82,000 respectively, and the Cost of Goods Manufactured is $820,000, what are the total manufacturing costs incurred during the period?		(Hint: the answer is a number.)
(Multiple Choice) Which of the following statements about variable costs is true? A. Per unit variable costs are constant. B. Per unit variable costs always increase as production increases. C. Per unit variable costs always decrease as production increases. D. Variable costs are always product costs. E. None of these.
(Multiple Choice) A proper definition for fixed costs is: A. costs which vary in direct proportion to a change in an activity base. B. costs that do not change when the activity base fluctuates. C. costs which vary indirectly with a change in an activity base. D. costs which are discretionary in nature. E. None of these.
(Multiple Choice) Straight-line depreciation on a building would best be classified as a: A. variable cost. B. committed fixed cost. C. discretionary fixed cost. D. mixed cost. E. None of these.
(Multiple Choice) Employee salaries which consist of a $35,000 base amount plus 12% of sales would best be classified as a: A. variable cost. B. committed fixed cost. C. discretionary fixed cost. D. mixed cost. E. None of these.
(Multiple Choice) The method of least squares is a statistical technique which is more precise but similar to: A. a histogram. B. the high-low method. C. a scattergraph. D. breakeven analysis. E. None of these.
(Multiple Choice) The Blue Company is planning to sell product Z for $5 a unit. Variable costs are $3 a unit and fixed costs are $100,000. What must the total sales be to break even? A. $160,000 B. $166,667 C. $250,000 D. $266,667 E. None of these.
(Multiple Choice) Each of the following would affect the breakeven point except a change in the: A. number of units sold. B. variable costs per unit. C. total fixed costs. D. sales price per unit. E. None of these.
(Multiple Choice) Ivy Company had sales of $3,000,000, variable costs of $1,800,000, and fixed costs of $1,500,000 for product X. What would be the amount of sales dollars at the breakeven point? A. $3,000,000 B. $3,300,000 C. $3,600,000 D. $4,200,000 E. None of these.
(Essay) Southwest Air Conditioning & Heating Company performs air conditioner repair service. During July, its busiest month, Southwest had repair labor hours of 60,000 and total costs of $840,000. During November, its slowest month, Southwest had labor hours of 20,000 and total costs or $480,000. If Southwest planned for 48,000 labor hours in August, how many dollars should be budgeted for total costs in August?		(Hint: the answer is a number.)
(Essay) Saxon Company sold 16,000 units for $84,000. Variable costs per unit sold were $3. Saxon had $28,000 of fixed costs. How much was the per unit contribution margin?		(Hint: the answer is a number.)
(Multiple Choice) Which of the following production operations would be most likely to employ a job order system of cost accounting: A. Clothing manufacturing. B. Shipbuilding. C. Crude oil refining. D. Candy manufacturing. E. None of these.
(Multiple Choice) q A. Standards. B. Averaging of direct labor and material rates. C. Job cost sheets. D. Factory overhead allocation based on direct labor hours applied to the job. E. None of these.
(Multiple Choice) Individual job-order cost sheets reflect the accumulation and/or assignment of costs related to: A. direct labor. B. direct materials. C. factory overhead. D. A, B, and C are all included. E. None of these.
(Multiple Choice) Jose Company uses a job order cost system. At the end of an accounting period, Jose has a debit balance in the Factory Overhead account. This would indicate: A. a loss for the period. B. underapplied overhead. C. overapplied overhead. D. a malfunction in the job order cost system. E. None of these.
(Multiple Choice) For job 1838, there were 1,000 direct labor hours, and actual overhead was $500 for depreciation and $1,400 for indirect labor. Overhead is applied at $2 per direct labor hour. Which account should be debited for $1,900? A. Work in Process. B. Cost of Goods Sold. C. Factory Overhead. D. Cost of Goods Manufactured. E. None of these.
(Multiple Choice) Assume that actual overhead consisted of $30,000 for indirect labor, $20,000 for indirect material, and $10,000 for depreciation of factory equipment. Based on the preset rates, $65,000 of overhead was applied to work in process. A. Overhead is underapplied. B. This is viewed as an unfavorable situation. C. There will be a $5,000 debit balance in Factory Overhead. D. All of the above. E. None of these.
(Multiple Choice) GAAP requires that underapplied overhead relating to idle facilities, wasted material, the allocation of fixed production overhead, and so forth, be charged to: A. current period income. B. finished goods inventory. C. work in process. D. All of the above. E. None of these.
(Multiple Choice) With Six Sigma, the goal is to achieve a defect rate that is at least six standard deviations from the norm. Such a distribution would have: A. 0.34 defects per million observations. B. 3.4 defects per million observations. C. 34 defects per million observations. D. 340 defects per million observations. E. None of these.
(Essay) A company has three employees (A, B, and C). Employee A worked 8 hours, divided equally between two jobs (#1 and #2). Employee B worked 6 hours, divided equally between three jobs (#2, #3, and #4). Employee C worked 8 hours, divided equally between two jobs (#3 and #4). Employee A is paid $10 per hour, Employee B is paid $12 per hour, and Employee C is paid $15 per hour. Which job(s) have the most direct labor cost?		(Hint: the answers are two job #.)
(Essay) What journal entry is needed to transfer $25,000 of raw material into production?		(Hint: the answer is a journal entry - show Dr. and Cr. , accounts and $ amounts.)

Structure of this quiz: Chapter Multiple Choice 17 Question 1-8 18 Question 11-18 19 Question 21-28 Problems (Essays) Question 9-10 Question 19-20 Question 29-30 You MUST observe the following rules when you complete the quiz: 1) All answers must be enterred under Column C, as specified below: A) For ALL multiple choice questions, a. Please select "one" answer. If you select two answers, it will be wrong. b. Please put down your answer under Column C. The format should be: >> One upper case letter (alphbet), for example: B or D >> Do not add any period or comma. Do not add any explanation. B) For ALL "Essay" questions EXCEPT #29 and #30, a. Please enter "one" final number ($ amount) as the answer under column C. b. If you like, you can show calculations/explanations under the designated (Back Up) tab. This is optional. >> If your final number is incorrect, I will look at your back up/explanation and consider giving partial/extra credit. C) For "Essay" questions #29, the answer is two job #'s. D) For "Essay" questions #30, the answer a journal entry. Please show Dr. and Cr.; accounts and $ amounts. 2) Do not change the format of this quiz in any way, such as re-sort the questions or reformating the columns. 3) All quizzes (any version) must be submitted in LEO under the Assignment tab. Please do not email it to me. It will not be counted. 6) If you think the question is not clear, please ask for clarification in LEO under Ask the Professor. Do not profide what-if answers on the quiz. Put your answer here (Column C) 1. (Multiple Choice) Managerial accounting techniques are: A. B. C. D. E. 2. based on a set of generally accepted accounting principles. not molded by formal "rules and regulations." always acceptable for compliance reporting. All of these. None of these. (Multiple Choice) Analysis of cost behavior and how changes in volume impact profitability is known as: A. B. C. D. E. 3. cost/volume/profit (CVP) analysis. certified managerial accountant (CMA) analysis. certified financial management (CFM) analysis. strategic planning. None of these. (Multiple Choice) Which of these acronyms is generally not applicable to some form of inventory management? A. B. C. D. E. 4. RFID. JIT. EOQ. POP. None of these. (Multiple Choice) Manufacturing costs or product costs consist of: A. B. C. D. E. 5. factory overhead. direct materials and direct labor. direct labor and factory overhead. direct materials, direct labor, and factory overhead. None of these. (Multiple Choice) Direct material includes: A. raw materials which become an identifiable component of a finished product. B. cleaning supplies used in the factory. C. insurance on the factory where raw materials are stored. D. All of the above. E. None of these. 6. (Multiple Choice) Which of the following statements is false? A. Product costs are the inventoriable manufacturing costs. B. Product costs are the sum of direct materials, direct labor, and factory overhead. C. Product costs are charged against income in the period incurred. D. Period costs are charged against income in the period incurred. E. None of these. 7. (Multiple Choice) In comparing and contrasting the income statements of a merchandiser and a manufacturer, the item "net purchases" on a merchandiser's income statement is replaced by what item on a manufacturer's income statement? A. B. C. D. E. 8. Cost of goods manufactured. Raw materials. Work-in-process. Finished goods. None of these. (Multiple Choice) During 20X8, Durant Manufacturing experienced an increase in work-inprocess inventory. As a result: A. cost of goods sold will be greater than cost of goods manufactured. B. cost of goods sold will be less than cost of goods manufactured. C. total manufacturing cost will be greater than cost of goods manufactured. D. total manufacturing cost will be less than cost of goods manufactured. E. None of these. A. 9. (Essay) For 20X6, Brannon Manufacturing had a beginning and ending finished goods inventory of $1,000. Work-in-process decreased by $500 during 20X6, factory overhead was $2,000, and total manufacturing costs amounted to $48,000. What was the cost of goods manufactured during 20X6? (Hint: the answer is a number.) 10. (Essay) If the beginning and ending Work-in-Process Inventories are $90,000 and $82,000 respectively, and the Cost of Goods Manufactured is $820,000, what are the total manufacturing costs incurred during the period? 11. (Multiple Choice) Which of the following statements about variable costs is true? A. B. C. D. E. Per unit variable costs are constant. Per unit variable costs always increase as production increases. Per unit variable costs always decrease as production increases. Variable costs are always product costs. None of these. 12. (Multiple Choice) A proper definition for fixed costs is: A. B. C. D. E. costs which vary in direct proportion to a change in an activity base. costs that do not change when the activity base fluctuates. costs which vary indirectly with a change in an activity base. costs which are discretionary in nature. None of these. 13. (Multiple Choice) Straight-line depreciation on a building would best be classified as a: A. B. C. D. E. variable cost. committed fixed cost. discretionary fixed cost. mixed cost. None of these. 14. (Multiple Choice) Employee salaries which consist of a $35,000 base amount plus 12% of sales would best be classified as a: A. B. C. D. E. variable cost. committed fixed cost. discretionary fixed cost. mixed cost. None of these. 15. (Multiple Choice) The method of least squares is a statistical technique which is more precise but similar to: A. B. C. D. E. a histogram. the high-low method. a scattergraph. breakeven analysis. None of these. 16. (Multiple Choice) The Blue Company is planning to sell product Z for $5 a unit. Variable costs are $3 a unit and fixed costs are $100,000. What must the total sales be to break even? A. B. C. D. E. $160,000 $166,667 $250,000 $266,667 None of these. 17. (Multiple Choice) Each of the following would affect the breakeven point except a change in the: A. B. C. D. E. number of units sold. variable costs per unit. total fixed costs. sales price per unit. None of these. (Hint: the answer is a number.) 18. (Multiple Choice) Ivy Company had sales of $3,000,000, variable costs of $1,800,000, and fixed costs of $1,500,000 for product X. What would be the amount of sales dollars at the breakeven point? A. B. C. D. E. $3,000,000 $3,300,000 $3,600,000 $4,200,000 None of these. 19. (Essay) Southwest Air Conditioning & Heating Company performs air conditioner repair service. During July, its busiest month, Southwest had repair labor hours of 60,000 and total costs of $840,000. During November, its slowest month, Southwest had labor hours of 20,000 and total costs or $480,000. If Southwest planned for 48,000 labor hours in August, how many dollars should be budgeted for total costs in August? (Hint: the answer is a number.) 20. (Essay) Saxon Company sold 16,000 units for $84,000. Variable costs per unit sold were $3. Saxon had $28,000 of fixed costs. How much was the per unit contribution margin? (Hint: the answer is a number.) 21. (Multiple Choice) Which of the following production operations would be most likely to employ a job order system of cost accounting: A. B. C. D. E. Clothing manufacturing. Shipbuilding. Crude oil refining. Candy manufacturing. None of these. 22. (Multiple Choice) q A. Standards. B. Averaging of direct labor and material rates. C. Job cost sheets. D. Factory overhead allocation based on direct labor hours applied to the job. E. None of these. ```````` 23. (Multiple Choice) Individual job-order cost sheets reflect the accumulation and/or assignment of costs related to: A. B. C. D. E. direct labor. direct materials. factory overhead. A, B, and C are all included. None of these. 24. (Multiple Choice) Jose Company uses a job order cost system. At the end of an accounting period, Jose has a debit balance in the Factory Overhead account. This would indicate: A. B. C. D. E. a loss for the period. underapplied overhead. overapplied overhead. a malfunction in the job order cost system. None of these. 25. (Multiple Choice) For job 1838, there were 1,000 direct labor hours, and actual overhead was $500 for depreciation and $1,400 for indirect labor. Overhead is applied at $2 per direct labor hour. Which account should be debited for $1,900? A. B. C. D. E. Work in Process. Cost of Goods Sold. Factory Overhead. Cost of Goods Manufactured. None of these. 26. (Multiple Choice) Assume that actual overhead consisted of $30,000 for indirect labor, $20,000 for indirect material, and $10,000 for depreciation of factory equipment. Based on the preset rates, $65,000 of overhead was applied to work in process. A. B. C. D. E. Overhead is underapplied. This is viewed as an unfavorable situation. There will be a $5,000 debit balance in Factory Overhead. All of the above. None of these. 27. (Multiple Choice) GAAP requires that underapplied overhead relating to idle facilities, wasted material, the allocation of fixed production overhead, and so forth, be charged to: A. B. C. D. E. current period income. finished goods inventory. work in process. All of the above. None of these. 28. (Multiple Choice) With Six Sigma, the goal is to achieve a defect rate that is at least six standard deviations from the norm. Such a distribution would have: A. B. C. D. E. 0.34 defects per million observations. 3.4 defects per million observations. 34 defects per million observations. 340 defects per million observations. None of these. 29. (Essay) A company has three employees (A, B, and C). Employee A worked 8 hours, divided equally between two jobs (#1 and #2). Employee B worked 6 hours, divided equally between three jobs (#2, #3, and #4). Employee C worked 8 hours, divided equally between two jobs (#3 and #4). Employee A is paid $10 per hour, Employee B is paid $12 per hour, and Employee C is paid $15 per hour. Which job(s) have the most direct labor cost? (Hint: the answers are two job #.) 30. (Essay) What journal entry is needed to transfer $25,000 of raw material into production? (Hint: the answer is a journal entry - show Dr. and Cr. , accounts and $ amounts.) NOTE: This applies to the Essey questions ONLY. You can choose show your back-up details to the Essey questions here (tab 2). If your final answer (tab 1) is invorrect, I will give you partial credit base on the back-up information. (Please number your work clearly so that I can follow your logic.)