Seeking assistance with all questions on the attached document

CHAPTER 16 (25 points) Circle the letter of the best response. 1. Which is not a characteristic of managerial accounting information? A. Provides information that is useful to internal decision makers B. Provides detailed information about individual parts of the company C. Not required to follow GAAP D. Focuses on past results 2. Which of the following is a software system used to integrate company functions, departments, and data? A. Total Quality Management B. Enterprise Value Chain C. Enterprise Resource Planning D. Just-in-Time Management 3. Which of the following characteristics of today's business environment is most closely associated with the philosophy of continuous improvement? A. Global competition B. Total Quality Management C. Time-based competition D. E-commerce 4. Which of the following accounts is used by a manufacturing company but not by a service company? A. Cost of Goods Sold B. Salaries Payable C. Supplies Expense D. Retained Earnings 5. Goods available for sale that are not part of Cost of Goods Sold are included in A. Work-in-Process Inventory beginning balance. B. Work-in-Process Inventory ending balance. C. Finished Goods Inventory beginning balance. D. Finished Goods Inventory ending balance. 6. Which of the following is a direct cost of manufacturing a sport boat? A. Salary of the engineer who rearranges the boat factory layout B. Depreciation on equipment used to manufacture the boat C. Cost of a boat engine D. Cost of a boat customer hotlin 7. Which of the following is not a product cost? A. Advertising expense B. Plant manager's salary C. Insurance on plant and equipment D. Depreciation on quality control equipment Questions 8 and 9 use the data in the following table, which has been provided by a bakery: Beginning Raw Materials Inventory $ 6,000 Ending Raw Materials Inventory 9,000 Beginning Work-in-Process Inventory 12,000 Ending Work-in-Process Inventory 17,000 Beginning Finished Goods Inventory 3,000 Ending Finished Goods Inventory 5,000 Manufacturing Overhead 21,000 Direct labor 30,000 Raw materials used in production 95,000 8. What is cost of raw materials purchased? A. $ 3,000 B. $ 92,000 C. $ 98,000 D. $110,000 9. What is the cost of goods manufactured? A. $125,000 B. $141,000 C. $146,000 D. $151,000 10. A management accountant who communicates information fairly and objectively meets the ethical standard of A. integrity. B. confidentiality. C. competence. D. credibility. CHAPTER 17 (25 points) Circle the letter of the best response. 1. Would a chemical company use job costing or process costing? What about a building contractor? A. Chemical companyprocess costing; building contractorprocess costing B. Chemical companyjob order costing; building contractorjob order costing C. Chemical companyprocess costing; building contractorjob order costing D. Chemical companyjob order costing; building contractorprocess costing 2. When a manufacturing company uses direct labor, it assigns the cost by crediting A. Raw Materials Inventory. B. Wages Payable. C. Work-in-Process Inventory. D. Manufacturing Overhead. 3. When a manufacturing company uses indirect labor, it assigns the cost by debiting A. Work-in-Process Inventory. B. Indirect Materials. C. Raw Materials Inventory. D. Manufacturing Overhead. 4. After a manufacturing company completes a job the sells the product to a customer, it accounts for the cost of the job by crediting A. Work-in-Process Inventory. B. Manufacturing Overhead. C. Direct Labor. D. Finished Goods Inventory. 5. When a manufacturing company underallocates manufacturing overhead, it adjusts the account balances by A. debiting Manufacturing Overhead. B. debiting Work-in-Process Inventory. C. crediting Manufacturing Overhead. D. crediting Cost Of Goods Sold. 6. At the beginning of the year, Vuncor, Inc., determined that estimated overhead costs would be $600,000, while actual overhead cost for the year totaled $650,000. Furthermore, it was determined that the estimated allocation basis would be 60,000 direct labor hours, while direct laborers actually worked 62,000 hours. What was the dollar amount of underallocated or overallocated manufacturing overhead? A. $50,000 underallocated B. $30,000 underallocated C. $30,000 overallocated D. $20,000 overallocated 7. Which of the following is NOT a step for tracking product costs? A. Amortize B. Assign C. Adjust D. Accumulate 8. FooRah Company is a consulting firm that uses a job order costing system. The firm expects to have $120,000 in indirect costs and $80,000 in direct labor costs. The cost of direct labor is $40 per hour. What is the predetermined overhead allocation rate for FooRah? A. $30 per direct labor hour B. $40 per direct labor hour C. $60 per direct labor hour D. $100 per direct labor hour 9. Xell Corp is a sign company that uses a job order costing system. The firm expects to have $48,000 in indirect costs and $72,000 in direct labor costs. The cost of direct labor is $60 per hour. At the end of the period, overhead was overallocated by $35,000. What was Xell's actual manufacturing overhead cost if work completed during the period required 3,800 direct labor hours? A. $117,000 B. $187,000 C. $345,000 D. $415,000 10. BoSun Manufacturing uses a job order costing system. During last period, direct labor costs totaled $150,000, based on $50 per hour, and actual overhead costs for the period totaled $212,000. The inventory value of completed product transferred out of Finished Goods Inventory was $432,000. If the predetermined overhead allocation rate for last period was $44 per direct labor hour and all Finished Goods Inventory was sold, what was the amount of Cost of Goods Sold reported on the income statement for last period? A. $794,000 B. $644,000 C. $512,000 D. $424,000 CHAPTER 18 (25 points) Circle the letter of the best response. 1. Which type of company is most likely to use a process costing system? A. Construction company B. Accounting firm C. Chemical producer D. Automobile repair 2. The Assembly Department completed work on 8,000 units, at a cost of $20 per unit, and 7,000 of these units were sold for $50 each. What is the journal entry to record the transfer of production from the Assembly Department? Date Accounts and Explanations Debit Credit A. Finished Product 160,000 Assembly Department 160,000 B. Assembly Department 160,000 Finished Product 160,000 C. Cost of Goods Sold 140,000 Assembly Department 140,000 D. Assembly Department 140,000 Cost of Goods Sold 140,000 3. \"Units to account for\" includes A. units completed and transferred out. B. units started in production. C. units in ending work-in-process. D. All of the above are included in \"units to account for.\" 4. The manager of Gilbert Company used the production cost report to help identify production tasks that might be done with more skilled, and therefore more efficient, workers. This is an example of using the reports to A. prepare financial statements. B. control costs. C. identify profitable products. D. evaluate performance. 5. Morto Company uses the weighted-average method in its process costing system, in which all materials are added at the beginning of the process, and conversion costs are incurred uniformly. The Finishing Department started the month with 250 units in process that were 30% complete, received 3,700 units from the Assembly Department, and had 400 units in process at the end of the period, 80% complete with respect to conversion costs. How many units were completed and transferred out? A. 3,455 units B. 3,775 units C. 3,550 units D. 3,900 units 6. BoChem Company uses the weighted-average method in its process costing system, in which all materials are added at the beginning of the process, and conversion costs are incurred uniformly. The Assembly Department started the month with 500 units in process that were 70% complete, transferred 2,500 units to Finished Goods Inventory, and had 150 units in process at the end of the period, 40% complete. For conversion costs, the total equivalent units of production are A. 2,150 units B. 2,560 units C. 2,650 units D. 2,850 units 7. To compute equivalent units of production, one must be able to reasonably estimate A. physical units started. B. physical units started and completed. C. equivalent cost of production. D. the percentage of completion. 8. PC Company uses the weighted-average method in its process costing system, in which all materials are added at the beginning of the process, and conversion costs are incurred uniformly. The Painting Department started the month with 800 units in process that were 40% complete, transferred 2,500 units to Finished Goods Inventory, and had 500 units in process at the end of the period, 70% complete. The amount of direct materials cost in beginning inventory was $16,320, and the amount of direct materials cost added this period totaled $121,440. What is the direct material cost per equivalent unit? (Round to the nearest cent.) A. $45.92 per equivalent unit B. $48.00 per equivalent unit C. $48.34 per equivalent unit D. $55.20 per equivalent unit 9. Pokmun Company uses the weighted-average method in its process costing system, in which all materials are added at the beginning of the process, and conversion costs are incurred uniformly. The Molding Department started the month with 1,000 units in process that were 70% complete, started 6,600 new units during the period, and had 600 units in process at the end of the period that were 20% complete. It was determined that beginning inventory cost per equivalent unit (EU) was $50/EU and that ending inventory cost per equivalent unit was $48/EU. What is the total dollar value of goods transferred out of the Molding Department? A. B. C. D. $316,800 $336,000 $343,000 $350,000 10. The Blue Corporation started and completed 4,800 units during February. Blue began the month with 700 units in process (40% complete); these units were also completed during February. The company ended the month with 400 units in process (80% complete); these units were started but not completed during the month. How many units were transferred to Finished Goods Inventory during February? A. 4,760 B. 5,100 C. 5,460 D. 5,500 CHAPTER 19 (25 points) Circle the letter of the best response. 1. Traditional overhead allocations result in which of the following situations that is corrected by activity-based costing allocations? A. Overhead costs are assigned as period costs to manufacturing operations. B. Low-volume products are assigned too much overhead, and high-volume products are assigned too little overhead. C. High-volume products are assigned too much overhead, and low-volume products are assigned too little overhead. D. The resulting allocations cannot be used for external financial reporting. Use the following information for Questions 2-3. TechNow uses activity-based costing. TechNow's two production activities are assembling the raw materials needed for each electronic product order and packaging the completed electronic products for shipment to customers. TechNow estimates that it spends $546,000 per month: $231,000 on assembling and $315,000 on packaging. TechNow allocates as follows: Assembling costs are allocated based on the number of parts in the product order. Packaging costs are allocated based on the cubic feet of space required by the product order. Suppose TechNow estimates it will use 700,000 parts per month and will ship products with a total volume of 500,000 cubic feet. Assume that one type of product, eBlob, requires an average of 15 parts and requires an average volume of 4 cubic feet of space. 2. What are the predetermined overhead allocation rates? Assembling A. B. C. D. $0.052 per part $0.330 per part $0.780 per part $4.950 per part Packaging $0.273 per cubic foot $0.630 per cubic foot $1.092 per cubic foot $2.520 per cubic foot 3. What are the unit costs of assembling and packaging for an average eBlob? Assembling A. B. C. D. Packaging $ 0.78 $ 4.95 $11.70 $74.25 $1.920 $2.520 $4.368 $10.08 4. Today, traditional cost allocation methods are A. B. C. D. outdated and inappropriate for all purposes. still appropriate for both internal and external financial reporting. still appropriate for providing useful cost information to internal managers. still appropriate for external financial reporting. 5. Annual overhead application rates are used A. B. C. D. to minimize the overhead cost assigned to products. to maximize the overhead cost assigned to products. to help budget overhead costs. to avoid seasonal variability of overhead costs. 6. What is value engineering? A. B. C. D. Reevaluating activities to reduce costs while still meeting customer needs Reducing costs by reducing services to customers Increasing the price of products and services to achieve target profits Setting target prices that customers are willing to pay for a product or service 7. The plant layout under JIT emphasizes A. B. C. D. a functional approach in which machines performing the same function are grouped together. a customer approach in which all machines are grouped according to the customers they primarily serve. a work-cell approach in which everything needed to complete a manufacturing process is readily available. a contractual approach in which the processing of certain subassemblies is performed by a small number of independent machine shops. 8. Which of the following is an attribute of JIT costing? A. B. C. D. Records the costs of products when units of finished product are completed Accumulates costs of products in Work-In-Process Inventory Categorizes costs as direct materials, direct labor, and manufacturing overhead Records product costs at the time they move through the manufacturing process 9. Which of the following is a prevention cost? A. B. C. D. Inspection of the final product Inspection of the product in an early stage of production Stopping production to solve a problem before the product is sent to the customer Evaluation of the quality of a supplier's production process 10. Which of the following is the most likely result of an effective quality management program? A. B. C. D. Increase in external failure cost results in a decrease in all other quality costs. Increase in prevention cost results in a decrease in all other quality costs. Increase in appraisal cost results in a decrease in all other quality costs. Increase in internal failure costs results in a decrease in all other quality costs