Question 1 (2 points) Saved Which of the following would be the most appropriate base for allocating the costs of canteen? 1) Requisitions. 2) Direct labour hours. 3) Number of workers. 4) Square feet. Question 2 (2 points) Saved Which of the following statements is TRUE? 1) Period costs affect only the statement of financial position. 2) Period costs affect only the income statement. 3) Product costs affect only the statement of financial position. 4) Period costs eventually affect both the statement of financial position and the income statement. Question 3 (2 points) Saved Examples of production centres include all of the following EXCEPT 1) mixing 2) accounting 3) assembly 4) packaging Next Page Page 3 of 50 Question 4 (2 points) Saved Uniglobe Store incurred $12,000 of indirect advertising costs for its operations. The following data has been collected for the year 2020 for its three departments: Women Men Kids Sales Direct advertising costs Newspaper ad space $160,000 $7,000 62% $120.000 $12,000 20% $120,000 $3,000 18% How much of the indirect advertising costs will be allocated to the Kids Department if newspaper ad space is used as the allocation base? 1) $12,000 2) $8,680 3) $7,440 4) $2,160 Question 5 (2 points) Saved Fixed cost per unit is $8.40 when 25,000 units are produced. What is the TOTAL fixed cost when 35,000 units is produced? 1) $0 2) $200,000 3) $6 O 4) $210,000 Question 6 (2 points) Saved On October 1, Stracom Corporation had $34,000 of raw materials on hand. During the month, the company purchased an additional $60,000 of raw materials. During October, $70,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totalled $7,000. The total debits to the Work In Progress account for the month of October is 1) $94,000 2) $70,000 3) $63,000 4) $34,000 Question 7 (2 points) Saved Sunny's Curry applies overhead based on direct labour hours. At the beginning of the year, Sunny's Curry estimates overhead to be $310,000, machine hours to be 90,000, and direct labour hours to be 40,000. What is the predetermined overhead rate? 1) $3.44 per machine hour. 2) $147.62 per direct labour hour. 3) $7.75 per direct labour hour. 4) $77.50 per machine hour. Question 8 (2 points) Saved Which of the following costs is included on a job-order cost sheet? 1) Direct material costs. 2) Applied factory overhead costs. 3) Direct labour costs. 4) All of the above answers The following information relates to Job #2042: Direct materials placed into production Direct labour cost Machine hours worked $9,000 $4,500 100 hours Factory overhead rate is $22.50 per machine hour. What is the total amount assigned to Job #2042? 1) $9,000 2) $15,750 3) $13,500 4) $20,250 Question 10 (2 points) Saved Boston Pte Ltd charges manufacturing overhead to products by using a pre-determined overhead rate, computed on the basis of direct labour-hours. The following data pertain to the current year: Budgeted manufacturing overhead Actual manufacturing overhead Budgeted labour hours Actual labour hours $480,000 $440,000 40,000 32.000 The overhead applied to production is 1) $56,000 under-absorbed. 2) $56,000 over-absorbed. 3) $40,000 under-absorbed. 4) $40,000 over-absorbed. Question 11 (2 points) Saved Pupillo Corporation uses a weighted average process costing system. The company has two processing departments. Production starts in the Assembly Department and is completed in the Finishing Department. The units completed and transferred out of the Assembly department during October will become the: 1) units in October's ending work in process in Finishing. 2) units in November's beginning work in process in Finishing. 3) units started in production in Finishing for October. 4) units started in production in Finishing for November. Question 13 (2 points) Saved Bingo Pte Ltd uses the weighted average method in its process costing system. Operating data for the October 2020 is given below: Percent Complete with Units Respect to Conversion Beginning work in process 0 10 inventory Started into production during the 20,000 month Completed and transferred out 15,000 during the month Ending work in process inventory 5,000 20% Materials are added at the beginning of the process. What were the equivalent units Materials are added at the beginning of the process. What were the equivalent units for materials for the month? 1) 15,000 units. 2) 20,000 units. 3) 35,000 units. 4) 40,000 units. Question 14 (2 points) Saved The Stevenson Company uses a weighted average process costing system. The following information was reported for the Assembly Process for January. Percent Complete with Units Respect to Conversion Beginning work in process 60,000 15% inventory Started into production during the 105,000 month Ending work in process inventory 40,000 20% Costs Materials Conversion work in Beginning inventory process $16,500 $33,250 Current month $643,500 $332,500 Materials are added at the beginning of the process. What was the cost per equivalent unit for conversion for the month? 1) $2.79 2) $2.75 3) $2.50 4) $2.22