post university acc211 unit 1 and unit 2 quiz

Green Company's costs for the month of August were as follows: direct materials, $27,000; direct labor, $34,000; selling, $14,000; administrative, $12,000; and manufacturing overhead, $44,000. The beginning work in process inventory was $16,000 and the ending work in process inventory was $9,000. What was the cost of goods manufactured for the month?

Consider the following costs incurred in a recent period:

What was the total amount of the period costs listed above for the period?

The following inventory balances relate to Lequin Manufacturing Corporation at the beginning and end of the year:

Lequin's total manufacturing cost was $543,000. What was Lequin's cost of goods sold?

Corcetti Company manufactures and sells prewashed denim jeans. Large rolls of denim cloth are purchased and are first washed in a giant washing machine. After the cloth is dried, it is cut up into jean pattern shapes and then sewn together. The completed jeans are sold to various retail chains.

Which of the following terms could be used to correctly describe the cost of the soap used to wash the denim cloth?

The variable cost per unit is constant and does not depend on how many units are produced.

Which two terms below describe the wages paid to security guards that monitor a factory 24 hours a day?

When applying overhead to products in an activity-based costing system:

Matt Company uses activity-based costing. The company has two products: A and B. The annual production and sales of Product A is 8,000 units and of Product B is 6,000 units. There are three activity cost pools, with estimated total cost and expected activity as follows:

The cost per unit of Product A under activity-based costing is closest to:

Departmental overhead rates may not correctly assign overhead costs due to:

Vex Corporation manufactures a variety of products. In the past, Vex had been using a traditional overhead allocation system based on machine hours. For the current year, Vex decided to switch to an activity-based costing system using machine hours and the number of inspections as measures of activity. Information on these measures of activity and related overhead rates for the current year is as follows:

Job #812 for the current year required 15 machine hours and 2 inspections. Would this job have been overcosted or undercosted under the traditional system and by how much?

Even departmental overhead rates will not correctly assign overhead costs in situations where a company has a range of products that differ in volume, lot size, or complexity of production.

In activity-based costing, a separate activity rate (i.e., predetermined overhead rate) is computed for each activity cost pool by dividing the estimated overhead cost in the activity cost pool by the total expected activity for the activity cost pool.