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ACCT 346 Midterm Set 1 (New)
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ACCT 346 Midterm Set 1 (New)

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Multiple Choice 10 Short 4 1. (TCO 1) Which of the following is NOT a difference between Financial Accounting and Managerial Accounting? (Points : 7) Financial Accounting is concerned with the past, while Managerial Accounting is concerned with the future. Managerial Accounting uses more non-monetary information than Financial Accounting. Question 2.2. (TCO1) Josie’s Grill budgeted the following costs for a month in which 1,500 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. How much is the budgeted variable cost per unit? (Points : 7) Question 3.3. (TCO 1) Which of the following is NOT a period cost? (Points : 7) Question 4.4. (TCO 1) On December 31, 2015, GLE Inc. has a balance in the Work-in-Process Inventory account of $62,000. On January 1, 2015, the balance was $55,000. Current manufacturing costs for the year are $292,000, and cost of goods sold is $284,000. How much is cost of goods manufactured? (Points : 7) Question 5.5. (TCO 2) Paul Company applies manufacturing overhead based on direct labor cost. Information concerning manufacturing overhead and labor for August follows. Estimated Actual Overhead cost $174,000 $171,000 Direct labor hours 5,800 5,900 Direct labor cost $90,155 $87,000 How much is the predetermined overhead rate? (Points : 7) Question 6.6. (TCO 2) During 2015, Michael Company applied overhead using a job-order costing system at a rate of $15 per direct labor hours. Estimated direct labor hours for the year were 150,000, and estimated overhead for the year was $2,250,000. Actual direct labor hours for 20x1 were 140,000, and actual overhead was $2,400,000. What is the amount of under- or over-applied overhead for the year? (Points : 7) 1. (TCO 1) Which of the following topics is the focus of managerial accounting? (Points : 7) Question 2.2. (TCO 6) Smile Labs develops 35mm film using a four-step process that moves progressively through four departments. The company specializes in overnight service and has the largest drug store chain as its primary customer. Currently, direct labor, direct materials, and overhead are accumulated by department. The cost accumulation system that best describes the system that Smile Labs is using is: (Points : 7) Question 3.3. (TCO 3) Kerner Manufacturing uses a process cost system to manufacture laptop computers. The following information summarizes operations relating to laptop computer model #KJK20 during the quarter ending March 31: Units Direct Labor Work-in-process inventory, January 1 100 $50,000 Started during the quarter 500 Completed during the quarter 400 Work-in-process inventory, March 31 200 Costs added during the quarter $720,000 Beginning work-in-process inventory was 50% complete for direct labor costs. Ending work-in-process inventory was 75% complete for direct labor costs. What is the equivalent unit of production using the weighted-average unit cost inventory valuation method? (Points : 7) 4. (TCO 2) Sweet Co. uses budgeted overhead rates to apply overhead to individual jobs. They use a system based on direct labor hours. Last year, the company made the following estimates for this year. Direct labor costs $48,000,000 Factory overhead costs $6,400,000 Direct Labor Hours 80,000 Machine Hours 110,000 (a) What is the budgeted overhead rate for the company? (b) If Job #34567 had the following: Material costs were $500,000; Direct labor costs were $450,000; Direct labor hours were 25,000; and Machine hours were 36,000, then what is the total cost of Job #34567? (Points : 30) 5. (TCO 3) Adnan Company uses process costing. At the beginning of the month, there were 8,000 units in process, 90% complete with respect to material and 80% complete with respect to conversion costs. 40,000 units were started during the month and 40,000 units were completed. The units in ending Work-In-Process Inventory were 70% complete with respect to material and 10% complete with respect to conversion costs. How many equivalent units will be used in calculating the cost per unit for materials?(Points : 30) 6. (TCO 6) Handy Display Company manufactures display cases to be sold to retail stores. The cases come in three sizes: large, medium, and small. Currently, Handy Display Company uses a single plant-wide overhead rate to allocate its $3,357,800 of annual manufacturing overhead. Of this amount, $820,000 is associated with the Large Case line, $1,276,800 is associated with the Medium Case line, and $1,261,000 is associated with the Small Case line. Handy Display Company is currently running a total of 33,000 machine hours: 10,000 in the Large Case line, 13,300 in the Medium Case line, and 9,700 in the Small Case line. Handy Display Company uses machine hours as the cost driver for manufacturing overhead costs. 7. (TCO 2) Fred Co. incurred costs of $800,000 for direct materials (raw) purchased. Direct labor was $5,000 and factory overhead was $15,000 for March. Inventories were as follows: Raw materials beginning $2,000; raw materials ending $4,000; Work-in-process beginning $210,000; work-in-process ending $190,000; Finished goods beginning $13,000; finished goods ending $12,500; What is the cost of goods manufactured? Please show your work. (Points : 30)

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