Question
You own a perogies store. You are trying to decide which of the following is a sunk cost. The decision you are trying to make
You own a perogies store. You are trying to decide which of the following is a sunk cost. The decision you are trying to make is if you want to continue to make pepperoni perogies? You make lots of types of perogies.
Select one or more:
a.
Cost of the pepperoni ordered last week
b.
Cost to repair the stove from last week
c.
Cost per unit of perogies dough used to make pepperoni perogies
d.
Cost of pepperoni at the store already
e.
Cost of the pepperoni to be ordered next week
What is the ending value of the Apples
Cost applied in the prior year
Apples
Pears
Plums
DM
10
18
14
DL
12
22
18
MOH
14
22
18
In the current year I have applied the following costs
Apples
Pears
Plums
DM
12
22
25
DL
6
3
4
MOH is applied based on every 2 DM used.
Select one:
a.
127
b.
60
c.
160
d.
155
e.
249.5
f.
163
g.
98
h.
65
i.
None of the above
Top of Form
Which of the following costs would be considered conversion costs at a home construction site?
Select one or more:
a.
Concrete
b.
None of the above
c.
Supervisors salary
d.
work truck amortization
e.
two by fours
f.
General Labour's Pay
g.
Work truck gas
Bottom of Form
Top of Form
*Assuming ABC: What is the overhead applied for Melters?
Melter
Washer
Direct Material
120
22
Direct Labour Hours worked
40
18
Direct Labour Wage
30
45
Actual
MOH
Pounds of Copper
1200
600
200
Liters of paint
2200
2200
220
Machine Hours
4500
5400
240
Estimated
MOH
Pounds of Copper
2300
3300
220
Liters of paint
4500
3400
420
Machine Hours
3300
3600
640
Select one:
a.
834.78
b.
1465.51
c.
581.5
d.
None of the above
e.
417.39
f.
116.96
g.
51.82
* Assuming ABC: What is the total PDOR for Machine Hours?
Melter
Washer
Direct Material
120
22
Direct Labour Hours worked
40
18
Direct Labour Wage
30
45
Actual
MOH
Pounds of Copper
1200
600
200
Liters of paint
2200
2200
220
Machine Hours
4500
5400
240
Estimated
MOH
Pounds of Copper
2300
3300
220
Liters of paint
4500
3400
420
Machine Hours
3300
3600
640
Select one:
a.
.05
b.
.39
c.
.19
d.
.04
e.
0.5
f.
.18
g.
.02
h.
.12
i.
.09
j.
.15
k.
.07
l.
.19
m.
.36
n.
None of the above
What is the professional designation you can acquire in Canada?
Select one:
a.
ACPA
b.
CFA
c.
CMA
d.
CPA
e.
CA
Provide the JE for working on $10 of logs when you make 2x4s.
Select one:
a.
Dr. COGSCr. Cash
b.
Dr. FG Cr. Raw Materials
c.
Dr. Revenue Cr. Cash
d.
Dr. Cash Cr. Bank
e.
Dr. FGCr. COGS
f.
Dr. Raw Materials Cr. Cash
g.
Dr. Expense Cr. Cash
h.
Dr. Raw Materials Cr. FG
i.
Dr. WIP Cr. FG
j.
Dr. Cash Cr. Raw Materials
k.
Dr. WIP Cr. Raw Materials
l.
Dr. Cash Cr. COGS
m.
Dr. COGSCr. FG
n.
Dr. FG Cr. WIP
o.
Dr. Cash Cr. Expense
p.
Dr. WIP Cr. Cash
q.
Dr. Cash Cr. Revenue
Provide the JE for purchasing $10 of logs when you make 2x4s.
Select one:
a.
Dr. Cash Cr. Raw Materials
b.
Dr. Expense Cr. Cash
c.
Dr. Cash Cr. Bank
d.
Dr. WIP Cr. FG
e.
Dr. FGCr. COGS
f.
Dr. Raw Materials Cr. Cash
g.
Dr. Revenue Cr. Cash
h.
Dr. COGSCr. Cash
i.
Dr. COGSCr. FG
j.
Dr. Cash Cr. Revenue
k.
Dr. FG Cr. WIP
l.
Dr. FG Cr. Raw Materials
m.
Dr. Cash Cr. COGS
n.
Dr. WIP Cr. Cash
o.
Dr. Raw Materials Cr. FG
p.
Dr. WIP Cr. Raw Materials
q.
Dr. CashCr. Expense
Click ALL the major headings of the COGM schedule
Account
Balance
Advertising expense
1,400
Direct material purchases
1,300
Paint for direct materials
900
Direct labour hours
800
Factory utilities
700
Factory repairs
600
Amortization, office printers
500
Amortization, factory chairs
400
Indirect materials
300
Indirect labour
200
Sale Commissions
100
Office Utilities
250
By-product sales
350
Sales
450
Promotional items
550
Cost per labour hour
650
Materials inventory, July 1, 19
750
Work-in-Process Inventory, July 1, 19
850
Finished Goods Inventory, July 1, 19
950
Materials Inventory, June 30, 20
1,150
Work-in-Process Inventory, June 30, 20
1,250
Finished Goods Inventory, June 30, 20
1,350
Select one or more:
a.
Finished Goods
b.
Expenses
c.
Direct Labour
d.
Periods Costs
e.
Office Utilities
*Assuming the traditional method is used and machine hours are the CD:
What is the absolute value of the true up require for MOH
Melter
Washer
Direct Material
120
22
Direct Labour Hours worked
40
18
Direct Labour Wage
30
45
Actual
MOH
Pounds of Copper
1200
600
200
Liters of paint
2200
2200
220
Machine Hours
4500
5400
240
Estimated
MOH
Pounds of Copper
2300
3300
220
Liters of paint
4500
3400
420
Machine Hours
3300
3600
640
Select one:
a.
418.37
b.
None of the above
c.
0
d.
12.5
e.
3756282
f.
660
g.
1176.52
Top of Form
Determine whether the activity is financial accounting
Select one or more:
a.
Highly Regulated.
b.
None of the above
c.
Used by external users
Provide the JE to record the sale you sell $10 of 2x4s.
Select one:
a.
Dr. Expense Cr. Cash
b.
Dr. Cash Cr. COGS
c.
Dr. WIP Cr. Raw Materials
d.
Dr. Cash Cr. Revenue
e.
Dr. Raw Materials Cr. FG
f.
Dr. Raw Materials Cr. Cash
g.
Dr. FGCr. COGS
h.
Dr. Cash Cr. Expense
i.
Dr. COGSCr. Cash
j.
Dr. COGSCr. FG
k.
Dr. Cash Cr. Bank
l.
Dr. FG Cr. WIP
m.
Dr. WIP Cr. Cash
n.
Dr. Revenue Cr. Cash
o.
Dr. Cash Cr. Raw Materials
p.
Dr. FG Cr. Raw Materials
q.
Dr. WIP Cr. FG
Top of Form
*Assuming the traditional method is used and machine hours are the CD:
How much overhead is applied to the Washer
Melter
Washer
Direct Material
120
22
Direct Labour Hours worked
40
18
Direct Labour Wage
30
45
Actual
MOH
Pounds of Copper
1200
600
200
Liters of paint
2200
2200
220
Machine Hours
4500
5400
240
Estimated
MOH
Pounds of Copper
2300
3300
220
Liters of paint
4500
3400
420
Machine Hours
3300
3600
640
Select one:
a.
1836.52
b.
1001.74
c.
834.78
d.
37.5
e.
None of the above
f.
1521.16
g.
0
h.
240
Clear my choice
Bottom of Form
Top of Form
Jump to...
Bottom of Form
What is the total COGS
Account
Balance
Advertising expense
1,400
Direct material purchases
1,300
Paint for direct materials
900
Direct labour hours
800
Factory utilities
700
Factory repairs
600
Amortization, office printers
500
Amortization, factory chairs
400
Indirect materials
300
Indirect labour
200
Sale Commissions
100
Office Utilities
250
By-product sales
350
Sales
450
Promotional items
550
Cost per labour hour
650
Materials inventory, July 1, 19
750
Work-in-Process Inventory, July 1, 19
850
Finished Goods Inventory, July 1, 19
950
Materials Inventory, June 30, 20
1,150
Work-in-Process Inventory, June 30, 20
1,250
Finished Goods Inventory, June 30, 20
1,350
Select one:
a.
524,850
b.
None of the above
c.
523,600
d.
4,589,000
e.
524,000
f.
524,550
g.
523,200
* What is the ending value of the Plums
Cost applied in the prior year
Apples
Pears
Plums
DM
10
18
14
DL
12
22
18
MOH
14
22
18
In the current year I have applied the following costs
Apples
Pears
Plums
DM
12
22
25
DL
6
3
4
MOH is applied based on every 2 DM used.
Select one:
a.
127
b.
160
c.
65
d.
155
e.
249.5
f.
98
g.
163
h.
60
i.
None of the above
j.
91.5
What is the total DL
Account
Balance
Advertising expense
1,400
Direct material purchases
1,300
Paint for direct materials
900
Direct labour hours
800
Factory utilities
700
Factory repairs
600
Amortization, office printers
500
Amortization, factory chairs
400
Indirect materials
300
Indirect labour
200
Sale Commissions
100
Office Utilities
250
By-product sales
350
Sales
450
Promotional items
550
Cost per labour hour
650
Materials inventory, July 1, 19
750
Work-in-Process Inventory, July 1, 19
850
Finished Goods Inventory, July 1, 19
950
Materials Inventory, June 30, 20
1,150
Work-in-Process Inventory, June 30, 20
1,250
Finished Goods Inventory, June 30, 20
1,350
Select one:
a.
650
b.
200
c.
520,000
d.
4,400,000
e.
520,200
f.
None of the above
What is the total COGM
Account
Balance
Advertising expense
1,400
Direct material purchases
1,300
Paint for direct materials
900
Direct labour hours
800
Factory utilities
700
Factory repairs
600
Amortization, office printers
500
Amortization, factory chairs
400
Indirect materials
300
Indirect labour
200
Sale Commissions
100
Office Utilities
250
By-product sales
350
Sales
450
Promotional items
550
Cost per labour hour
650
Materials inventory, July 1, 19
750
Work-in-Process Inventory, July 1, 19
850
Finished Goods Inventory, July 1, 19
950
Materials Inventory, June 30, 20
1,150
Work-in-Process Inventory, June 30, 20
1,250
Finished Goods Inventory, June 30, 20
1,350
Select one:
a.
None of the above
b.
523,200
c.
523,600
d.
524,850
e.
4,589,000
f.
524,000
g.
524,550
Amortization is always a product costs when generated from equipment at the factory
Select one:
a.
False
b.
True
You own a pizza store. Which of the following costs are product costs for the pepperoni pizza?
Select one or more:
a.
Electricity use to light the kitchen
b.
cost of pineapple
c.
servers wages
d.
pizza dough
e.
Rent of the kitchen
f.
Cost of pepperoni
Assuming the traditional method is used and machine hours are the CD:
What is the PDOR
Melter
Washer
Direct Material
120
22
Direct Labour Hours worked
40
18
Direct Labour Wage
30
45
Actual
MOH
Pounds of Copper
1200
600
200
Liters of paint
2200
2200
220
Machine Hours
4500
5400
240
Estimated
MOH
Pounds of Copper
2300
3300
220
Liters of paint
4500
3400
420
Machine Hours
3300
3600
640
Select one:
a.
.06
b.
.07
c.
None of the above
d.
.02
e.
1.25
f.
0
g.
.09
h.
.19
What is the total DM available for sale
Account
Balance
Advertising expense
1,400
Direct material purchases
1,300
Paint for direct materials
900
Direct labour hours
800
Factory utilities
700
Factory repairs
600
Amortization, office printers
500
Amortization, factory chairs
400
Indirect materials
300
Indirect labour
200
Sale Commissions
100
Office Utilities
250
By-product sales
350
Sales
450
Promotional items
550
Cost per labour hour
650
Materials inventory, July 1, 19
750
Work-in-Process Inventory, July 1, 19
850
Finished Goods Inventory, July 1, 19
950
Materials Inventory, June 30, 20
1,150
Work-in-Process Inventory, June 30, 20
1,250
Finished Goods Inventory, June 30, 20
1,350
Select one:
a.
1050
b.
750
c.
110000
d.
2050
e.
2350
f.
None of the above
If I have complete the Pears job, what is the value of the JE.
Cost applied in the prior year
Apples
Pears
Plums
DM
10
18
14
DL
12
22
18
MOH
14
22
18
In the current year I have applied the following costs
Apples
Pears
Plums
DM
12
22
25
DL
6
3
4
MOH is applied based on every 2 DM used.
Select one:
a.
None of the above
b.
249.5
c.
163
d.
65
e.
127
f.
155
g.
98
h.
160
i.
76
With the final journal entry, the credit is to
Cost applied in the prior year
Apples
Pears
Plums
DM
10
18
14
DL
12
22
18
MOH
14
22
18
In the current year I have applied the following costs
Apples
Pears
Plums
DM
12
22
25
DL
6
3
4
MOH is applied based on every 2 DM used.
Select one:
a.
Labour Costs Payable
b.
COGS
c.
None of the above
d.
WIP
e.
Finished Goods
f.
Raw Materials
You own a pizza store. You are trying to decide if you should made Hawaiian or pepperoni pizzas on a regular basis. Which of the following costs are relevant?
Select one or more:
a.
pizza dough
b.
Rent of the pizza store
c.
Electricity use to light the store
d.
cost of pineapple
e.
Cost of pepperoni
f.
servers wages
Top of Form
Assuming the traditional method is used and machines hours are the CD:
What is the total estimated CD
Melter
Washer
Direct Material
120
22
Direct Labour Hours worked
40
18
Direct Labour Wage
30
45
Actual
MOH
Pounds of Copper
1200
600
200
Liters of paint
2200
2200
220
Machine Hours
4500
5400
240
Estimated
MOH
Pounds of Copper
2300
3300
220
Liters of paint
4500
3400
420
Machine Hours
3300
3600
640
Select one:
a.
5600
b.
6900
c.
None of the above
d.
80
e.
10100
f.
0
g.
20400
h.
10300
Clear my choice
Bottom of Form
Top of Form
Jump to...
Bottom of Form
Top of Form
DM
10
Conversion Costs
25
Prime Costs
15
MOH?
Select one:
a.
None of the above
b.
0
c.
25
d.
10
e.
30
f.
20
Clear my choice
Bottom of Form
Top of Form
Jump to...
Bottom of Form
What is the PDOR?
Cost applied in the prior year
Apples
Pears
Plums
DM
10
18
14
DL
12
22
18
MOH
14
22
18
In the current year I have applied the following costs
Apples
Pears
Plums
DM
12
22
25
DL
6
3
4
MOH is applied based on every 2 DM used.
Select one:
a.
2
b.
8
c.
None of the above
d.
4
e.
5
Provide the JE when you are done working on $10 of logs when you make 2x4s.
Select one:
a.
Dr. Cash Cr. Expense
b.
Dr. Cash Cr. Bank
c.
Dr. Cash Cr. COGS
d.
Dr. Revenue Cr. Cash
e.
Dr. FG Cr. Raw Materials
f.
Dr. WIP Cr. Cash
g.
Dr. Raw Materials Cr. FG
h.
Dr. FGCr. COGS
i.
Dr. COGSCr. FG
j.
Dr. WIP Cr. Raw Materials
k.
Dr. FG Cr. WIP
l.
Dr. WIP Cr. FG
m.
Dr. Expense Cr. Cash
n.
Dr. COGSCr. Cash
o.
Dr. Cash Cr. Raw Materials
p.
Dr. Raw Materials Cr. Cash
q.
Dr. Cash Cr. Revenue
Why ABC costing is not widely used compared to the tradition costing system
Select one:
a.
It is cheaper
b.
It is more expensive
c.
It is less accurate
d.
Some other reason
e.
It is more accurate
What was the opening value of the plums
Cost applied in the prior year
Apples
Pears
Plums
DM
10
18
14
DL
12
22
18
MOH
14
22
18
In the current year I have applied the following costs
Apples
Pears
Plums
DM
12
22
25
DL
6
3
4
MOH is applied based on every 2 DM used.
Select one:
a.
50
b.
40
c.
25
d.
32
e.
62
f.
65
g.
29
h.
98
i.
127
j.
160
* How much MOH is applied to Apples
Cost applied in the prior year
Apples
Pears
Plums
DM
10
18
14
DL
12
22
18
MOH
14
22
18
In the current year I have applied the following costs
Apples
Pears
Plums
DM
12
22
25
DL
6
3
4
MOH is applied based on every 2 DM used.
Select one:
a.
12.5
b.
11
c.
12
d.
25
e.
22
f.
None of the above
g.
6
Assuming ABC: What is the actual overhead costs?
Melter
Washer
Direct Material
120
22
Direct Labour Hours worked
40
18
Direct Labour Wage
30
45
Actual
MOH
Pounds of Copper
1200
600
200
Liters of paint
2200
2200
220
Machine Hours
4500
5400
240
Estimated
MOH
Pounds of Copper
2300
3300
220
Liters of paint
4500
3400
420
Machine Hours
3300
3600
640
Select one:
a.
420
b.
220
c.
100
d.
6900
e.
None of the above
f.
0
g.
1280
Provide the JE to remove your inventory when you sell $10 of 2x4s.
Select one:
a.
Dr. FGCr. COGS
b.
Dr. COGSCr. FG
c.
Dr. Cash Cr. COGS
d.
Dr. COGSCr. Cash
e.
Dr. Raw Materials Cr. FG
f.
Dr. Cash Cr. Raw Materials
g.
Dr. Cash Cr. Revenue
h.
Dr. WIP Cr. Cash
i.
Dr. Raw Materials Cr. Cash
j.
Dr. Expense Cr. Cash
k.
Dr. Cash Cr. Expense
l.
Dr. Cash Cr. Bank
m.
Dr. Revenue Cr. Cash
n.
Dr. FG Cr. WIP
o.
Dr. WIP Cr. Raw Materials
p.
Dr. FG Cr. Raw Materials
q.
Dr. WIP Cr. FG
What is the total of materials used
Account
Balance
Advertising expense
1,400
Direct material purchases
1,300
Paint for direct materials
900
Direct labour hours
800
Factory utilities
700
Factory repairs
600
Amortization, office printers
500
Amortization, factory chairs
400
Indirect materials
300
Indirect labour
200
Sale Commissions
100
Office Utilities
250
By-product sales
350
Sales
450
Promotional items
550
Cost per labour hour
650
Materials inventory, July 1, 19
750
Work-in-Process Inventory, July 1, 19
850
Finished Goods Inventory, July 1, 19
950
Materials Inventory, June 30, 20
1,150
Work-in-Process Inventory, June 30, 20
1,250
Finished Goods Inventory, June 30, 20
1,350
Select one:
a.
900
b.
2050
c.
150
d.
None of the above
e.
100,000
Electricity is always a period costs when used at the factory
Select one:
a.
True
b.
False
Top of Form
Assuming the traditional method is used and machine hours are the CD:
What is the total estimated overhead
Melter
Washer
Direct Material
120
22
Direct Labour Hours worked
40
18
Direct Labour Wage
30
45
Actual
MOH
Pounds of Copper
1200
600
200
Liters of paint
2200
2200
220
Machine Hours
4500
5400
240
Estimated
MOH
Pounds of Copper
2300
3300
220
Liters of paint
4500
3400
420
Machine Hours
3300
3600
640
Select one:
a.
220
b.
420
c.
0
d.
None of the above
e.
100
f.
6900
g.
1280
Clear my choice
Bottom of Form
Top of Form
Jump to...
What is the total opening DM inventory
Account
Balance
Advertising expense
1,400
Direct material purchases
1,300
Paint for direct materials
900
Direct labour hours
800
Factory utilities
700
Factory repairs
600
Amortization, office printers
500
Amortization, factory chairs
400
Indirect materials
300
Indirect labour
200
Sale Commissions
100
Office Utilities
250
By-product sales
350
Sales
450
Promotional items
550
Cost per labour hour
650
Materials inventory, July 1, 19
750
Work-in-Process Inventory, July 1, 19
850
Finished Goods Inventory, July 1, 19
950
Materials Inventory, June 30, 20
1,150
Work-in-Process Inventory, June 30, 20
1,250
Finished Goods Inventory, June 30, 20
1,350
Select one:
a.
2050
b.
1050
c.
50000
d.
None of the above
e.
2350
f.
750
Assuming ABC: What is the total estimated CD for Pounds of Copper
Melter
Washer
Direct Material
120
22
Direct Labour Hours worked
40
18
Direct Labour Wage
30
45
Actual
MOH
Pounds of Copper
1200
600
200
Liters of paint
2200
2200
220
Machine Hours
4500
5400
240
Estimated
MOH
Pounds of Copper
2300
3300
220
Liters of paint
4500
3400
420
Machine Hours
3300
3600
640
Select one:
a.
4400
b.
55
c.
1200
d.
7900
e.
None of the above
f.
3300
g.
600
h.
1800
i.
2300
j.
5600
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International Accounting
Authors: Timothy Doupnik, Mark Finn, Giorgio Gotti, Hector Perera
5th edition
1259747980, 9781259747984, 1260466531, 978-1260466539
