True or false managerial accounting quiz. 10 questions multiple choice.

'x/UIL YT" kpuapwuo J, "7 "u'" ' / NAME: ..-... l. lt'manutacturing overhead applied exceeds the actual manufacturing Overhead costs of the period, them manutacturing overhead is overapplied. a) 'l'rue li) False '2. Which ofthe following would probably be the least appropriate allocation base for allocating overhead in a highly automated manufacturer of specialty valves: at IllflCllIIlC'llOllI'S bl power consumption cl direct labor-hours dl machine setups 3. The balance in the Work in Process account in a Job-Order Costing system equals: al the balance in the Finished Goods inventory account. b) the balance in the Cost of Goods Sold inventory account. c) the balances in the job cost sheets of uncompleted jobs. d) the balance in the Manufacturing Overhead account. 4. Which ofthe following characteristics applies to process costing, but does not apply to job-order costing? a) the need for averaging. b) the use of equivalent units of production. c) separate, identifiablejobs. d) the use ofjob cost sheets. 5. Process costing would be used by w- pharmaceutical items, natural gas a) True. b) False 6. The Production Cost Report is us a) True. b) False 7. Crinks Corporation uses direct la the year. the estimated direct overhead was S259,840. At t hours and the actual manufac the year was: a) 34280 overapplied. b) 59280 overapplied. c) 39280 underap' d) 34280 und *8. In activity-based costing, there are a number of activity cost pools, each of which is allocated to products and other costing objects using its own measure of activity. a) True. b) False 9. Activity-based costing is a costing method that is designed to provide managers with product" information for external financial reports. a.) True. b.) False lO. Hardouin Company uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 22,000 units in its work in process inventory that were 20% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $23,320. An additional 97,000 units were started into production during the month and 101,000 units were completed in the Welding Department and transferred to the next processing department. There were 18,000 units in the ending work in process inventory of the Welding Department that were 40% complete with respect to conversion costs. A total of $529,380 in conversion costs were incurred in the department during the month. What would be the cost per equivalent unit for conversion costs for the month (Round off to three decimal places)? a) $5.3OO b) $5.458 c) $4.603 d) $5.108