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ACCT 505 Final Exam Answers

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ACCT 505 Final Exam 2

1. (TCO A) Wages paid to the factory maintenance supervisor are considered an example of: (Points : 5)

2. (TCO A) Rent on a manufacturing plant is an element of: (Points : 5)

3. (TCO B) Evergreen Corp. has provided the following data: Sales per period 1,000 units Selling price $40 per unit Variable manufacturing cost $12 per unit Selling expenses $5,100 plus 5% of selling price Administrative expenses $3,000 plus 20% of selling price The number of units needed to achieve a target net operating income of $63,900 would be: (Points : 5)

4. (TCO B) Garth Company sells a single product. If the selling price per unit and the variable expense per unit both increase by 10% and fixed expenses do not change, then: (Points : 5)

5. (TCO E) Rebel Company manufactures a single product and has the following cost structure: Variable costs per unit: Production................................................. $5 Selling and administrative........................... $3 Fixed costs in total: Production................................................. $32,000 Selling and administrative........................... $16,000 Last year there were no beginning inventories, 8,000 units were produced, and 7,800 units were sold. Under variable costing, the unit product cost would be: (Points : 5)

6. (TCO F) Vagon Corporation has provided data concerning the company's Manufacturing Overhead account for the month of September. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $76,000 and the total of the credits to the account was $86,000. Which of the following statements is true? (Points : 5)

7. (TCO G) The net present value (NPV) method of investment project analysis assumes that the project's cash flows are reinvested at the: (Points : 5)

8. (TCO G) Logan Company is considering two projects, A and B. The following information has been gathered on these projects: Project A Project B Initial investment needed........................................$40,000 $60,000 Present value of future cash flows.............................................60,000 85,000 Useful life.................................................4 years 4 years Based on this information, which of the following statements is (are) true? I. Project A has the highest ranking according to the profitability index criterion. II. Project B has the highest ranking according to the net present value criterion. (Points : 5)

9. (TCO B) Variable expenses for Alpha Company are 40% of sales. What are sales at the break-even point, assuming that fixed expenses total $150,000 per year: (Points : 5)

10. (TCO F) Elliott Company uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs. The company manufactures tools to customer specifications. The following data pertain to Job 1501: Direct materials used: $4,200 Direct labor hours worked: 300 Direct labor rate per hour: $8.00 Machine hours used: 200 Predetermined overhead rate per machine hour: $15.00 What is the total manufacturing cost recorded on Job 1501? (Points : 5)

11. (2.1) (TCO C) The following overhead data are for a department of a large company.

12. (2.2) (TCO D) Mr. Earl Pearl, Accountant for Margie Knall, Inc. has prepared the following product-line income data:……….

11. (2.3) (TCO E) Duif Company's absorption costing income statement for the last year of operations is presented below:……….

12. (2.4) (TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Karmana Corporation for the just completed year…….

13. (3.1) (TCO F) Maverick Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Work in process, beginning:……….

14. (3.2) (TCO F) Cavalerio Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 700 units. The costs and percentage completion of these units in beginning inventory were:

15. (3.3) (TCO G) (Ignore income taxes in this problem.) Five years ago, the City of Paranoya spent $30,000 to purchase a computerized radar system called W.A.S.T.E. (Watching Aliens Sent To Earth). Recently, a sales rep from W.A.S.T.E. Radar Company told the city manager about a new and improved radar system that can be purchased for $50,000.

ACCT 505 Final Exam 2 1. (TCO A) Wages paid to the factory maintenance supervisor are considered an example of: (Points : 5) 2. (TCO A) Rent on a manufacturing plant is an element of: (Points : 5) 3. (TCO B) Evergreen Corp. has provided the follow
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