Acct 505 Week 4 Midterm Exam Essay

705 Words May 21st, 2016 3 Pages
ACCT 505 Week 4 Midterm Exam

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1.Question :
(TCO A) Wages paid to an assembly line worker in a factory are a
2.Question :
(TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n)
3.Question :
(TCO A) Depreciation of office buildings and office equipment is also known as
4.Question :
(TCO A) When the activity level is expected to increase within the relevant range, what effects would be anticipated with respect to each of the following?
5.Question :
(TCO F) Which of the following statements is true?
I. Overhead application may be made slowly as a job is worked on.
II.
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$45
Work-in-process inventory, beginning……………………………
$20
Work-in-process inventory, ending……………………………….
$55
Finished goods inventory, beginning……………………………..
$100
Finished goods inventory, ending…………………………………
$135
Required: Prepare a Schedule of Cost of Goods Manufactured in the text box below.
2.Question :
(TCO F) The Illinois Company manufactures a product that goes through three processing departments. Information relating to activity in the first department during June is given below.
Percentage Completed
Units Materials Conversion
Work in process, June 1 150,000 75% 55%
Work in process, Jun 30 145,000 85% 75%
The department started 475,000 units into production during the month and transferred 480,000 completed units to the next department.
Required: Compute the equivalent units of production for the first department for June, assuming that the company uses the weighted-average method of accounting for units and costs.
3.Question :
(TCO B) A tile manufacturer has supplied the following data:
Boxes of tile produced and sold 625,000
Sales revenue $2,975,000
Variable manufacturing expense $1,720,000
Fixed manufacturing expense $790,000
Variable selling and admin expense $152,000
Fixed selling and admin expense $133,000
Net operating income $180,000
Required:
a. Calculate the company’s unit contribution margin.
b. Calculate the company’s unit contribution ratio.
c. If the company increases its unit sales volume by 5%

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