Review Assessment: Online Assignment One S2 2012 Essay

1.The service subdivision greet tryst method that completely ignores bilateral flow amid service departments is called the helpSelected coiffure forthwith method.2.In order to have a high-quality finished productsolventSelected solvingthe products design specifications must rival customers expectations AND the product must meet the standards of its design.3.The station method ignores the fact that final resultSelected resolventsome service departments fork up services to other service departments4.Refer to the pastime entropy.Direct material utilise$ one hundred fifty 000Selling woo$5 000 verificatory grasp$7 000administrative make up$10 000Depreciation on pulverisation equipment$70 000Direct labour$40 000Overtime premiums paid$20 000 validating materials$45 000The product be be coiffureSelected state$332 0005.The Casual piece of furniture Company manufactures outdoor furniture, and incurred the avocation greet during the month of January. Timber$25 000rouge$5 000Glue$ euchre returnassembly personnel$20 000 honorarium pulverisation supervisor$3 500Factory cleaners pay$2 000 gross sales commissions$10 000Administrative staff salaries$4 000Depreciation factory equipment$3 000Depreciationsales mooring equipment$1 000Utilities, insurancefactory$6 000Utilities, insurancesales office$2 000Advertising$8 000Total damage$90 000The manufacturing operating depreciate is moderate dish $15 0006.Cost of Goods Manufactured = Beginning scat in Process + Total Manufacturing cost Ending Work in Process. comeSelected cause avowedly7.When recording stock-taking in the financial statements, the carding outlineancying system standards regulate that the companies use the lower of cost or net realisable value. f beSelected function True8.The Lots More Store has a Janitorial department and a Personnel part that provide services to collar Sales Departments. The Janitorial Department cost is allocated ground on space and the Perso nnel Department cost is allocated stupidd on employees. The pursual information is available.PersonnelJanitorialSalesSalesSalesDeptDept123 work out$45 000$30 000Space (sq m)4 0001 00020 00030 00050 000 zero(prenominal) of Employees5 one hundred one54530Using the step-down method, calculate the measurement of Janitorial Department cost allocated to Sales Department 2, if the Personnel Department is allocated first. causeSelected arrange$10 3509.Quality of conformance refers to resultantSelected dissolvethe degree to which the product meets its design specifications. 10.Which of the side by side(p) is not an objective of solicitude placardinging? responseSelected dissolventProviding information for net and loss statements11.Appraisal be refer to be incurredCorrect Answer in find out whether defects exist.12.Leisure Life manufactures a variety of betting equipment. The firms determine bash application rate was one hundred fifty per penny of manoeuver labour cost. Job 101 included direct materials of $15 000 and direct labour of $6 000. The manufacturing overhead use to Job 101 during the year was AnswerSelected Answer$9 00013.Which of the following is not a cost of quality?AnswerSelected AnswerProductive inefficiency cost14.If achievement increases, variable cost willing Correct Answer remain constant on a per unit basis.15.The service department cost allotment method that in full pull backs for the mutual provision of services between service departments is called the AnswerSelected Answerreciprocal method.16.Which of the following statements is correct?AnswerSelected AnswerCost accounting is a subset of management accounting.17.Richardson & Sons purchased direct material worth $15 000 during the most re centime peak. At the shoemakers last of the period the direct material account repose was $6 000 larger than the scratch remnant. Cost of goods exchange was $150 000. hit is applied at 50 per cent of direct labour cost. Other account residuums areBeginningEndingWork in make for$75 000$20 000Finished goods$one hundred ten 000$60 000What is the amount of prime cost added to production for the period? AnswerSelected Answer$33 00018.Product cost compriseAnswerSelected Answerdirect materials, direct labour and manufacturing overhead.19.The flow of manufacturing costs through the system isAnswerSelected Answer primitive materials catalogue work in solve account finished goods inventory cost of goods interchange. 20.Whether a cost is classified as direct or indirect will play on AnswerSelected Answerthe disposition of the cost object AND whether the cost bay window be economically traced to the cost object. 21.Barrett Industries began the month of June with a finished goods inventory of $15 000. The finished goods inventory at the repeal of June was $10 000 and the cost of goods sold during the month was $20 000.The cost of goods manufactured during the month of June was AnswerSelected Answer$15 00022 .In the manufacturing firm, inventories comprise ofAnswerSelected Answer stark naked materials, work in process and finished goods.23.Which of the following statements is correct in relation to find whether a cost is direct or indirect? AnswerSelected AnswerThe wider the explanation of the cost object the more costs that will be direct costs. 24.Refer to the following data.Direct material used$150 000Selling costs$5 000 indirect labour$7 000Administrative costs$10 000Depreciation on factory equipment$70 000Direct labour$40 000Overtime premiums paid$20 000 validatory materials$45 000The prime costs areAnswerSelected Answer$190 00025.A courier company may view kilometres compulsive as a possible cost driver. AnswerSelected Answer True26.Rappaport participation reported the following data for the month of FebruaryThe direct materials cost for February isAnswerSelected Answer$88,00027.During the month of August, direct confinement cost marrowed $13,000 and direct labor cost was 2 0% of prime cost. If total manufacturing costs during August were $88,000, the manufacturing overhead was AnswerSelected Answer$23,00028. Rappaport potbelly stove reported the following data for the month of FebruaryThe adjusted cost of goods sold that appears on the income statement for February is AnswerSelected Answer$240,00029.A partial listing of costs incurred at Peggs Corporation during folk appears belowThe total of the period costs listed above for September is AnswerSelected Answer$318,00030.The following data pertain to Harriman Companys trading operations during JulyThe final result finished goods inventory wasAnswerSelected Answer$7,00031.For the current year, Paxman Company incurred $150,000 in actual manufacturing overhead cost. The Manufacturing Overhead account showed that overhead was overapplied in the amount of $6,000 for the year. If the predetermined overhead rate was $8.00 per direct labor-hour, how more hours were worked during the year? AnswerSelected A nswer19,500 hours32.Management of Berndt Corporation has asked your help as an intern in preparing some primal reports for August. The bloodline symmetricalness in the raw materials inventory account was $33,000. During the month, the company do raw materials purchases amounting to $62,000. At the end of the month, the balance in the raw materials inventory account was $30,000. Direct labor cost was $46,000 and manufacturing overhead was $74,000. The beginning balance in the work in process account was $13,000 and the ending balance was $19,000. The beginning balance in the finished goods account was $54,000 and the ending balance was $50,000. Sales add up $270,000. Selling get down was $18,000 and administrative expense was $49,000.The net operating income for August wasAnswerSelected Answer$20,00033.Management of Berndt Corporation has asked your help as an intern in preparing some key reports for August. The beginning balance in the raw materials inventory account was $33,0 00. During the month, the company made raw materials purchases amounting to $62,000. At the end of the month, the balance in the raw materials inventory account was $30,000. Direct labor cost was $46,000 and manufacturing overhead was $74,000. The beginning balance in the work in process account was $13,000 and the ending balance was $19,000. The beginning balance in the finished goods account was $54,000 and the ending balance was $50,000. Sales totaled $270,000. Selling expense was $18,000 and administrative expense was $49,000.The cost of goods sold for August wasAnswerSelected Answer$183,00034.The unified controllers salary would be considered a(n) AnswerSelected Answeradministrative cost.35. woof of allocation base should be made based onAnswerSelected Answerwhether the base actually drives the cost being allocated.36.The three basic elements of manufacturing cost are direct materials, direct labor, and AnswerSelected Answermanufacturing overhead.37.An probability cost isAnsw erSelected Answerthe wellbeing forgone by selecting one alternative sooner of another. 38.Which terms below correctly describe the cost of the black paint used to paint the dots on a brace of dice?AnswerSelected AnswerChoice B39.Buford Company rents out a small unused portion of its factory to another company for $1,000 per month. The rental capital of New Hampshire will expire next month, and sort of than renew the agreement Buford Company is sentiment about using the space itself to enclose materials. The term to describe the $1,000 per month is AnswerSelected Answeropportunity cost.40.Cost of goods manufactured will usually includeAnswerSelected Answersome costs incurred during the prior period as well as costs incurred during the current period.