TRẮC NGHIỆM KẾ TOÁN QUẢN TRỊ 1

KẾ TOÁN QUẢN TRỊ 1 CHAPTER 2 1 The costs of direct materials are classified as Conversion cost Manufacturing cost Prime cost (I) Yes Yes Yes (II) No No No (III) Yes Yes No (IV) No Yes Yes Choice (IV) 2 Differential costs can be either fixed or variable 3 Waldhauser Corporations relevant range of activity is 3,000 units to 7,000 units When it produces and sells 5,000 units, its average costs per unit are as follows Average Cost per Unit Direct materials 6 10 Direct labor 3 45 Variable manufa.

CHAPTER 2

1 The costs of direct materials are classified as:

Conversion cost Manufacturing cost Prime cost

Choice (IV)

2 Differential costs can: be either fixed or variable

3 Waldhauser Corporation's relevant range of activity is 3,000 units to 7,000 units.When it produces and sells 5,000 units, its average costs per unit are as follows:

AverageCost per Unit

If 6,000 units are sold, the total variable cost is closest to: $79,500

(6.1+3.45+1.75+1.5+0.45)*6,000 = 79,500

4 Rhome Corporation's relevant range of activity is 2,000 units to 6,000 units When itproduces and sells 4,000 units, its average costs per unit are as follows:

Average Costper Unit

6 Mullennex Corporation's relevant range of activity is 2,000 units to 6,000 units When

it produces and sells 4,000 units, its average costs per unit are as follows:

AverageCost per Unit

Fixed selling expense $ 0.50

If 5,000 units are produced, the average fixed manufacturing cost per unit produced is closestto: $2.40

(3*4,000)/5,000 = 2.4

7 Meginnis Corporation's relevant range of activity is 3,000 units to 7,000 units When

it produces and sells 5,000 units, its average costs per unit are as follows:

AverageCost per Unit

If 6,000 units are produced, the total amount of direct manufacturing cost incurred is closestto: $53,700

(5.2+3.75)*6,000= 53,700

8 The cost of direct materials is classified as a:

(II) Yes No

Choice (III)

9 Which of the following statements concerning direct and indirect costs is NOT true?

10 Schwiesow Corporation has provided the following information:

Cost perUnit Cost per Period

For financial reporting purposes, the total amount of product costs incurred to make 5,000units is closest to: $72,000

(7.05+3.5+1.65)*5,000 + 11,000 = 72,000

11 Product costs that have become expenses can be found in: COGS

12 Management of Plascencia Corporation is considering whether to purchase a newmodel 370 machine costing $360,000 or a new model 220 machine costing $340,000

to replace a machine that was purchased 7 years ago for $348,000 The old

machine was used to make product I43L until it broke down last week Unfortunately,the old machine cannot be repaired.

Management has decided to buy the new model 220 machine It has less capacity than thenew model 370 machine, but its capacity is sufficient to continue making product I43L.Management also considered, but rejected, the alternative of simply dropping product I43L

If that were done, instead of investing $340,000 in the new machine, the money could be

invested in a project that would return a total of $411,000.

In making the decision to buy the model 220 machine rather than the model 370 machine:

- The sunk cost was: $348,000

- The opportunity cost was: $411,000

13 The following data pertains to activity and costs for two months:

In July, Direct materials cost = 17,000*11,000/10,000 = 18,700

Fixed factory rent = 21,000

=> Manufacturing overhead = 61,300 - 18,700 - 21,000 = 21,600

14 Boersma Sales, Inc., a merchandising company, reported sales of 7,100 units inSeptember at a selling price of $682 per unit Cost of goods sold, which is a variable cost,was $317 per unit Variable selling expenses were $44 per unit and variable administrativeexpenses were $22 per unit The total fixed selling expenses were $157,200 and the totaladministrative expenses were $338,000

The contribution margin for September was: $2,122,900

7,100*(682-317-44-22)= 2,122,900

14 A cost incurred in the past that is not relevant to any current decision is classified asa(n): sunk cost

15 The cost of electricity for running production equipment is classified as:

Conversion cost Period cost

17 Factory overhead is typically a(n): mixed cost

18 All of the following can be differential costs except: sunk costs

19 Comparative income statements for Boggs Sports Equipment Company for the lasttwo months are presented below:

0

0

20 Mccaskell Corporation's relevant range of activity is 7,000 units to 11,000 units.When it produces and sells 9,000 units, its average costs per unit are as follows:

Average Costper Unit

Variable administrative expense $

0.50

If 8,000 units are produced, the total amount of indirect manufacturing cost incurred is closest

to: $103,100

Fixed manufacturing overhead = 9.9*9000 = 89,100

Variable manufacturing overhead = 1.75*8000 = 14,000

Indirect manufacturing cost = 89,100 + 14,000 = 103,100

21 Kneeland Corporation has provided the following information:

Cost per Unit Cost per Period

Variable manufacturing overhead $ 1.65

Variable administrative expense $ 0.50

If 10,000 units are produced, the total amount of manufacturing overhead cost is closest to:

$138,000 = 1.65*10,000 + 121,500

22 Abburi Company's manufacturing overhead is 60% of its total conversion costs Ifdirect labor is $52,000 and if direct materials are $28,000, the manufacturingoverhead is: $42,000

total conversion costs = direct materials cost + manufacturing overhead

=> manufacturing overhead*100/60 = 28,000 + manufacturing overhead

=> manufacturing overhead = 42,000

23 Which of the following is an example of a period cost in a company that makesclothing?

24 Within the relevant range, variable costs can be expected to:

25 Lagle Corporation has provided the following information:

Cost per Unit Cost per Period

For financial reporting purposes, the total amount of period costs incurred to sell 4,000 units

is closest to: $12,200

(1.5+0.45)*4,000 + 4,400 = 12,200

26 Rarotonga Manufacturing Company leases a vehicle to deliver its finished products tocustomers Which of the following terms correctly describes the monthly leasepayments made on the delivery vehicle?

30 Which of the following would most likely NOT be included as manufacturingoverhead in a furniture factory?

31 Fasheh Corporation's relevant range of activity is 7,000 units to 11,000 units When

it produces and sells9,000 units, its average costs per unit are as follows:

$121,500(fixed cost sẽ không thay đổi dù số lượng sản xuất có thay đổi ntn, nên vẫn lấy units ban đầu nhân)

13.5*9,000 = 121.500

32 Wessner Corporation has provided the following information:

Cost per Unit Cost per Period

Variable manufacturing overhead $ 1.45

Sales commissions $ 1.00

Variable administrative expense $ 0.55

If the selling price is $25.00 per unit, the contribution margin per unit sold is closest to:

$13.00

25-(6.2+2.8+1.45+1+0.55) = 13

33.Gabel Inc is a merchandising company Last month the company's merchandisepurchases totaled $63,000 The company's beginning merchandise inventory was

$13,000 and its ending merchandise inventory was $15,000 What was the company's

cost of goods sold for the month? $61,000

63,000 - (15,000 - 13,000) = 61,000

34 In the standard cost formula Y = a + bX, what does the "X" represent?

the level of activity

35 As the level of activity increases, how will a mixed cost in total and per unit behave?

Choice (I)

36 Perkey Corporation has provided the following information:

Cost per Unit Cost per Period

Variable manufacturing overhead $ 1.25

Variable administrative expense $ 0.55

If 4,000 units are produced, the total amount of direct manufacturing cost incurred is closestto: $31,600

(5+2.9)*4,000 = 31,600

37 Which of the following statements about product costs is true?

recorded on the job cost sheets: False

3 Entry (1) in the below T-account represents the purchase rather than use of raw

4 The $5,000 balance in the T-account below represents overapplied manufacturing

overhead for the period: False

5 Entry (4) in the below T-account could represent the cost of property taxes and

insurance incurred on the factory: True

Manufacturing Overhead

7 The absorption cost approach provides for the absorption of all manufacturing costs,

fixed and variable, into units of product: True

8 When raw materials are purchased, they are recorded as an asset: True

9 Entry (4) in the T-account below represents raw materials requisitioned for use in

The debits entered in the Raw Materials account during the month of November total:

2 Cienfuegos Corporation has provided the following data concerning last month'soperations

Purchases of raw materials $ 36,000Indirect materials included in manufacturing overhead $ 4,000

Manufacturing overhead applied to Work in Process $ 90,000

The company closes out any underapplied or overapplied manufacturing overhead to cost ofgoods sold How much is the adjusted cost of goods sold on the Schedule of Cost of GoodsSold? $154,000

3 Rist Corporation uses a predetermined overhead rate based on machine-hours to applymanufacturing overhead to jobs The Corporation estimated that it would incur

$255,000 in manufacturing overhead during the year and that it would work 100,000machine-hours The Corporation actually worked 105,000 machine-hours andincurred $270,000 in manufacturing overhead costs By how much was manufacturingoverhead underapplied or overapplied for the year? $2,250 underapplied

4 Coatney Inc has provided the following data for the month of October There were nobeginning inventories; consequently, the direct materials, direct labor, andmanufacturing overhead applied listed below are all for the current month

Manufacturing overhead for the month was overapplied by $7,000

The Corporation allocates any underapplied or overapplied manufacturing overhead amongwork in process, finished goods, and cost of goods sold at the end of the month on the basis

of the manufacturing overhead applied during the month in those accounts

The finished goods inventory at the end of October after allocation of any underapplied oroverapplied manufacturing overhead for the month is closest to: 33,410

5 The journal entry to record applying overhead during the production process is:

6 At the beginning of the year, manufacturing overhead for the year was estimated to be

$670,700 At the end of the year, actual direct labor-hours for the year were 36,200hours, the actual manufacturing overhead for the year was $665,700, andmanufacturing overhead for the year was overapplied by $22,100 If thepredetermined overhead rate is based on direct labor-hours, then the estimated directlabor-hours at the beginning of the year used in the predetermined overhead rate musthave been: 35,300 direct labor-hours

7 In a job-order costing system, manufacturing overhead applied is recorded as a debitto: Work in Process inventory

8 Refer to the T-account below:

Entry (8) could represent which of the following?

Insurance cost incurred on the factory which is added to the Manufacturing Overheadaccount

9 Plasencia Corporation is a manufacturer that uses job-order costing The companycloses out any overapplied or underapplied overhead to Cost of Goods Sold at the end

of the year The company has supplied the following data for the just completed year:

Results of operations:

The net operating income is:

10 Solt Corporation uses a job-order costing system and has provided the followingpartially completed T-account summary for the past year

Finished Goods

12 Precision Corporation used a predetermined overhead rate last year of $3 per directlabor-hour, based on an estimate of 24,000 direct labor-hours to be worked during theyear Actual costs and activity during the year were:

The overapplied or underapplied manufacturing overhead for the year was:

$3,000 underapplied

13 Matthias Corporation has provided data concerning the Corporation's ManufacturingOverhead account for the month of May Prior to the closing of the overapplied orunderapplied balance to Cost of Goods Sold, the total of the debits to theManufacturing Overhead account was $53,000 and the total of the credits to theaccount was $69,000 Which of the following statements is true?

14 In a job-order costing system, indirect labor cost is usually recorded as a debit to:

15 Ruddick Corporation is a manufacturer that uses job-order costing The company hassupplied the following data for the just completed year:

16 Dukes Corporation used a predetermined overhead rate this year of $2 per directlabor-hour, based on an estimate of 20,000 direct labor-hours to be worked during theyear Actual costs and activity during the year were:

The overapplied or underapplied manufacturing for the year was:

$1,000 underapplied

17 Fisher Corporation uses a predetermined overhead rate based on direct labor cost toapply manufacturing overhead to jobs The following information about FisherCorporation's Work in Process inventory account has been provided for the month ofMay:

During the month, Fisher Corporation's Work in Process inventory account was credited for

$120,500, which represented the Cost of Goods Manufactured for the month Only one jobremained in process on May 31; this job had been charged with $9,600 of applied overheadcost The amount of direct materials cost in the unfinished job would be: $10,600

18 Cai Corporation uses a job-order costing system and has provided the followingpartially completed T-account summary for the past year

The cost of indirect materials requisitioned for use in production during the year was:

19 During March, Pendergraph Corporation incurred $60,000 of actual ManufacturingOverhead costs During the same period, the Manufacturing Overhead applied toWork in Process was $62,000

The journal entry to record the incurrence of the actual Manufacturing Overhead costs wouldinclude a:

20 Hougham Corporation uses a job-order costing system and has provided the followingpartially completed T-account summary for the past year.

The cost of raw materials requisitioned for use in production during the year was:

21 Brendal Corporation is a manufacturer that uses job-order costing The company hassupplied the following data for the just completed year:

Result of the operations:

How much is the total manufacturing cost added to Work in Process during the year?

$2,023,500

22 Frankin Corporation has provided the following data concerning last month'soperations

How much is the cost of goods manufactured for the month on the Schedule of Cost of GoodsManufactured?

23 Faughn Corporation has provided the following data concerning manufacturing

overhead for July:

The company's Cost of Goods Sold was $243,000 prior to closing out its ManufacturingOverhead account The company closes out its Manufacturing Overhead account to Cost ofGoods Sold Which of the following statements is true?

Manufacturing overhead was overapplied by $10,000; Cost of Goods Sold after closing outthe Manufacturing Overhead account is $233,000

Actual manufacturing overhead incurred$69,000 Manufacturing overhead applied to Work in Process 79,000 Underapplied (overapplied) manufacturing overhead$(10,000)

Adjusted cost of goods sold = Unadjusted cost of goods sold + Underapplied manufacturing overhead - Overapplied manufacturing overhead = $243,000 + $0 - $10,000 = $233,000

24 On November 1, Arvelo Corporation had $32,000 of raw materials on hand Duringthe month, the company purchased an additional $78,000 of raw materials DuringNovember, $95,000 of raw materials were requisitioned from the storeroom for use inproduction These raw materials included both direct and indirect materials Theindirect materials totaled $3,000.Prepare journal entries to record these events Usethose journal entries to answer the following questions:

The debits to the Work in Process account as a consequence of the raw materialstransactions in November total: $78,000

25 During June, Buttrey Corporation incurred $67,000 of direct labor costs and $7,000 ofindirect labor costs The journal entry to record the accrual of these wages wouldinclude a: debit to Work in Process of $67,000

26 Under a job-order costing system, the dollar amount transferred from Work in Process

to Finished Goods is the sum of the costs charged to all jobs:

27 Tomlison Corporation is a manufacturer that uses job-order costing The company hassupplied the following data for the just completed year:

The journal entry to record the unadjusted Cost of Goods Sold is:

28 Karvel Corporation uses a predetermined overhead rate based on machine-hours toapply manufacturing overhead to jobs For the month of August, Karvel estimatedtotal manufacturing overhead costs at $300,000 and total machine-hours at 75,000hours Actual results for the period were manufacturing overhead costs of $290,000and 75,000 machine-hours As a result, Karvel would have: applied more overhead toWork in Process than the actual amount of overhead cost for the year

29

The ending balance of $8,000 represents which of the following:

30 Emigh Corporation's cost of goods manufactured for the just completed month was

$146,000 and its overhead was overapplied by $5,000 The beginning finished goodsinventory was $35,000 and the ending finished goods inventory was $37,000.The

company closes out any underapplied or overapplied manufacturing overhead to cost

of goods sold How much was the adjusted cost of goods sold on the Schedule of Cost

of Goods Sold?$139,000

31 Tenneson Corporation's cost of goods manufactured for the just completed month was

$151,000 and its inventories were as follows:

$185,000

32 Beshaw Inc has provided the following data for the month of January There were nobeginning inventories; consequently, the direct materials, direct labor, andmanufacturing overhead applied listed below are all for the current month

Manufacturing overhead for the month was underapplied by $7,000.

The Corporation allocates any underapplied or overapplied manufacturing overhead amongwork in process, finished goods, and cost of goods sold at the end of the month on the basis

of the manufacturing overhead applied during the month in those accounts

The cost of goods sold for January after allocation of any underapplied or overappliedmanufacturing overhead for the month is : $232,340

Explanation: Cost of goods sold after allocation of underapplied overhead = $226,530 +[($45,650/$55,000) × $7,000] = $226,530 + (83% × $7,000) = $232,340

33 In a job-order costing system, which of the following events would trigger recordingdata on a job cost sheet?

34 Luebke Inc has provided the following data for the month of November The balance

in the Finished Goods inventory account at the beginning of the month was $52,000and at the end of the month was $30,000 The cost of goods manufactured for themonth was $212,000 The actual manufacturing overhead cost incurred was $55,000and the manufacturing overhead cost applied to Work in Process was $58,000 Thecompany closes out any underapplied or overapplied manufacturing overhead to cost

of goods sold The adjusted cost of goods sold that would appear on the incomestatement for November is: $231,000

Manufacturing overhead underapplied (overapplied) = Actual manufacturing overheadincurred - Manufacturing overhead applied

36 Maysonet Corporation uses a job-order costing system and has provided the followingpartially completed T-account summary for the past year.

The cost of completed jobs transferred from Work in Process to Finished Goods during theyear was : $504,000

Work in process inventory, 1/1 18,000

Add: Debits (Additions to work in process) 520,000

538,000

Deduct: Work in process inventory, 12/31 34,000

Cost of completed jobs transferred from Work in Process to Finished Goods 504,000

$92,000

38 Tatar Corporation is a manufacturer that uses job-order costing The company hassupplied the following data for the just completed year:

How much is the ending balance in the Raw Materials inventory account? $83,000

Balance, beginning 37,000 Raw materials used in production 434,000

Purchases 480,000

Balance, ending* 83,000

*$37,000 + $480,000 − $434,000 = $83,000

39 Which of the following statements is true?

Statements I, II, and III are all true

40 Rediger Inc., a manufacturing Corporation, has provided the following data for themonth of June The balance in the Work in Process inventory account was $22,000 atthe beginning of the month and $17,000 at the end of the month During the month,the Corporation incurred direct materials cost of $55,000 and direct labor cost of

$28,000 The actual manufacturing overhead cost incurred was $53,000 Themanufacturing overhead cost applied to Work in Process was $51,000 The cost ofgoods manufactured for June was: $139,000

CHAPTER 4

1 When materials are purchased in a process costing system, a work in process account

is debited with the cost of the materials: F

2 Under the weighted-average method, the cost of ending work in process inventory isdetermined by dividing the equivalent units of production for ending inventory by thecost per equivalent unit for each cost category and then summing the result.: F

3 The units in beginning work in process inventory plus the units started into productionmust equal the units transferred out of the department plus the units in ending work inprocess inventory T

4 When all materials are added at the beginning of the production process, under aweighted-average process costing system the equivalent units for materials is equal tothe units completed and transferred out F

5 In process costing, the equivalent units computed for materials is generally the same

as that computed for conversion costs F

6 Process costing is employed in industries that produce basically homogeneousproducts such as bricks, flour, or cement but would not be appropriate forassembly-type operations such as those that manufacture computers F

7 In a process costing system, costs are traced directly to jobs F

8 In calculating cost per equivalent unit under the weighted-average method, priorperiod costs are combined with current period costs T

9 Job-order costing would be more likely to be used than process costing in situationswhere many different products or services are produced each period to customerspecifications T

10 In a process costing system, overhead is allocated to departments after being applied

to units of product F

1 The information below was obtained from the records of one of the departments of

Cushing Corporation for the month of August The company uses the FIFO method

in its process costing system

Units

Percent CompleteLabor and Overhead

Units completed and transferred out 75,000

All materials are added at the beginning of the process

The equivalent units for labor and overhead for the month of August are:

Beginning WIP inventory:

- materials = 7,000 units * (1 - 70%) = 2,100 units

- conversion = 7,000 units * (1 - 35%) = 4,550 units

Units started and completed = 66,000 - 5,000 = 61,000 materials; 61,000 conversion

Ending WIP inventory:

- materials = 5,000 units * 45% = 2,250 units

- conversion = 5,000 units * 30% = 1,500 units

Equivalent units of production:

- materials = 2,100 + 61,000 + 2,250 = 65,350 units

- conversion = 4,550 + 61,000 + 1,500 = 67,050 units

3 Malmedy Corporation uses the FIFO method in its process costing system The

following data pertain to operations in the first processing department for a recentmonth:

How many units were in the beginning work in process inventory?

Using the weighted-average method, the cost per equivalent unit for conversion costs for thefirst department for the month is closest to: $34.73

Equivalent units for conversion: 8,600 + 1,400*40% = 9,160 units

The cost per equivalent unit for conversion: (2,300 + 315,800)/9,160 = $34,73

6 Mundes Corporation uses the weighted-average method in its process costing

system The beginning work in process inventory in its Painting Department consisted

of 2,000 units that were 60% complete with respect to materials and 40% completewith respect to conversion costs The cost of the beginning work in process inventory

in the department was recorded as $8,800 During the period, 8,000 units werecompleted and transferred on to the next department The costs per equivalent unit forthe period were $4.00 for material and $5.00 for conversion costs The cost of unitstransferred out during the month was:

8,000*$4 + 8,000*$5 = $72,000

7 In the cost reconciliation report under the weighted-average method, the "Costs to beaccounted for" section contains which of the following items?

Cost of beginning work in process inventory

8 Domingo Corporation uses the weighted-average method in its process costing

system This month, the beginning inventory in the first processing departmentconsisted of 400 units The costs and percentage completion of these units inbeginning inventory were:

A total of 6,800 units were started and 6,100 units were transferred to the second processingdepartment during the month The following costs were incurred in the first processing

The ending inventory was 85% complete with respect to materials and 75% complete withrespect to conversion costs

The cost per equivalent unit for materials for the month in the first processing department isclosest to:

Ending WIP: 6,800-6,100+400 = 1,100 units

Equivalent units for materials: 6,100 + 1,100*85% = 7,035 units

The cost per equivalent unit for materials: (5,500 + 158,700)/7,035 = $23,34

9 Billings Corporation uses the FIFO method in its process costing system On July 1,Department A had 10,000 units in process that were 80% complete with respect toconversion On July 31 the department had 8,000 units in process that were 60%complete with respect to conversion The department transferred 40,000 units outduring the month, of which 10,000 units came from the beginning work in processinventory, and 30,000 units were started and completed during the month Allmaterials are added at the beginning of the process in Department A What are theequivalent units of production for the month for materials and conversion,respectively? 38,000 units and 36,800 units

10.Haffner Corporation uses the weighted-average method in its process costing

system Data concerning the first processing department for the most recent month arelisted below:

What are the equivalent units for conversion costs for the month in the first processingdepartment?

Equivalent units for conversion: 6,100 + 1,400*50% = 6,800 units

11 Activities in the Sargent Corporation's Assembly Department for the month of Marchfollow:

The equivalent units for materials for March, using the weighted-average method, are:

(65,000-4,000+6,000) + 4,000*35%= 68,400 units

12 Equivalent units of production for a process costing system using the FIFO method

13 Annenbaum Corporation uses the weighted-average method in its process costing

system This month, the beginning inventory in the first processing departmentconsisted of 400 units The costs and percentage completion of these units inbeginning inventory were:

A total of 6,500 units were started and 5,900 units were transferred to the second processingdepartment during the month The following costs were incurred in the first processingdepartment during the month:

Ending WIP: 6,500-5,900+400 = 1,000 units

Equivalent units for materials: 5,900 + 1,000 = 6,900 units

14 Mullins Corporation uses the FIFO method in its process costing system Data

concerning the first processing department for the most recent month are listed below:

What are the equivalent units for materials for the month in the first processing department?

700*0,25 + 7,800 - 700 + 1,500*65% = 8,250 units

15 Steven Corporation uses the FIFO method in its process costing system The

following data were taken from the accounting records of a particular department forlast month:

The cost of units transferred out of the department during the month is:

60,000*$2.5 + 60,000*$2 = $270,000

16 Đáp án A

18

The equivalent units cost for conversion:

47,500 = 15,000 + units completed and transferred out + 10,000*75%

=> units completed and transferred out = 40,000 units

The ending WIP inventory:

10,000 = 15,000 + units started during the month + 40,000