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- What would be the effect on the unit cost of finished goods if an estimate of the stage of completion of work in process was: too high? too low?Answer ALL the questions in this section. Shade the letter that corresponds to the most appropriateanswer on the answer sheet provided.2. Equivalent units of production(A) will always be greater than or equal to the physical units(B) are a measure of the number of complete units that could have been manufacturedfrom start to finish using the costs incurred during the period(C) are calculated for materials but not for conversion costs(D) are units of a new product that are essentially the same as the units of an existingproduct 5. The cash budget is part of the(A) Revenue budget(B) Operating budget(C) Financial budget(D) Budgeted balance sheet 6. Under variable costing, which manufacturing cost is expensed as a period cost?(A) Direct materials(B) Variable manufacturing overhead(C) Fixed manufacturing overhead(D) Direct labour 7. Under variable costing, which of the following costs are assigned to inventory?Variable Selling &Administrative CostsVariable FactoryOverhead Costs(A) Yes…The number of equivalent units in work in process regarding direct materials and conversion costs: a) must be lower for materials b) must always be equal c) may be different d) must be higher for conversion
- Which of the following activity bases would be appropriate to use for materials handling? A. Number of machine hours B. Number of material moves C. Number of production orders D. Kilowatt-hours usedComputing Equivalent Units, FIFO and Weighted Average Cost Methods Assume each of the following conditions concerning the data given: All materials are added at the beginning of the process. All materials are added at the end of the process. (Note that this would have to be a department subsequent to the first department for all materials to be added at the end of the process, but ignore that fact for purposes of this solution.) Half of the materials are added at the beginning of the process, and the balance of the materials is added when the units are three-fourths completed. In all cases, labor and factory overhead are added evenly throughout the process.A direct material standard cost is? The cost of direct materials that should be incurred to produce one unit of output or product. The cost of all materials and supplies used to produce one unit of output or product. The price that should be spent to purchase each unit of direct material for production. The amount of direct materials that should be used to produce one unit of output or product.
- When operating in a constrained environment, which products should be produced? A. products with the highest contribution margin per unit B. products with the highest contribution margin per unit of the constrained process C. products with the highest selling price D. products with the lowest allocated joint costDepartment Z's cost per equivalent unit of production for materials using the FIFO method would be Department Z's cost per equivalent unit of production for conversion costs using the FIFO method would beThe PERT is combined with cost data to produce a PERT cost analysis to a. calculate the total project cost inclusive of the additional slack time.b. evaluate and optimize trade-offs between time of an event’s completion and its cost to complete. c. implement computer-integrated manufacturing concepts. d. avoid the problem of time variance analysis. e. calculate expected activity times.
- When faced with a limited availability of machine-hours,management should consider producing those products that:a. Have the highest contribution margin per unit.b. Have the highest contribution margin ratios.c. Require the fewest machine-hours to produce.d. Contribute the highest contribution margin permachine-hour.If Power Products uses process costing, which of the follow-ing are likely to be true: a. The production processes are high volume.b. The products use different amounts of direct labor.c. The products are created with repetitive processes.d. The products are created to customer specifications.In a process account, abnormal losses are valued:A. at their scrap value.B. the same as good production.C. at the cost of raw materials.D. at good production cost less scrap value.