Chapter 1, Problem 35DQ

Question: Cost Account Beginning inventory Units produced Units sold 5000 20,000 23,700 Cost per unit: Direct materials $ 8.00 Direct labor $4.00 Variable overhead Fixed overhead Variable selling exp. $ 1.50 $4.15 $ 3.00 Fixed selling and admin. exp. $ 24,000 Fixed overhead totals $83,000 per year. Assume the selling price is $27 per unit. 1. Calculate operating income using absorption costing. 2. Calculate operating income using variable costing.

Complete the sentence: Activity-based costing is a technique to improve the reliability of cost assignment ____________. Select one: a. from both direct and indirect cost pools to distinct types of outputs b. to all types of inventory c. from indirect cost pools to distinct types of outputs d. to work-in-process inventory e. from direct cost pools to distinct types of outputs

8 The cost of visiting customers would MOST likely be classified as a  Select one: a. Corporate-sustaining cost.  b. Customer-sustaining cost. c. Distribution-channel cost d. Customer batch-level cost.  e. Customer output unit-level cost.

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22 All of the following are benefits of decentralization except for: Select one: a. it leads to quicker decision making b. it leads to better supplier relationships c. it creates greater responsiveness to local needs d. it decreases management and worker morale e. it sharpens the focus of managers

23 Progressive Manufacturing purchases trees from Tree Nursery and processes them up to the splitoff point, where two products (paper and pencil casings) are obtained. The products are then sold to an independent company that markets and distributes them to retail outlets. The following information was collected for the month of October.  Trees processed: 50 trees (yield is 30,000 sheets of paper and 30,000 pencil casings and no scrap)  Production:   paper 30,000 sheets pencil casings 30,000     Sales:   paper 29,000 at $0.04 per page pencil casings 30,000 at $0.10 per casing   Cost of purchasing 50 trees and processing them up to the splitoff point to yield 30,000 sheets of paper and 30,000 pencil casings is $1,500.  Progressive Manufacturing's accounting department reported no beginning inventories; however, ending inventory amounts reflected 1,000 sheets of paper in stock.    What is the approximate cost assigned to the pencil…

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18 Which of the following statements is FALSE?   Select one: a. The timing of inspection affects the amount of abnormal spoilage b. The cost of spoiled units is the costs incurred prior to detection c. Spoilage may occur at points other than the inspection point d. The unit costs of abnormal and normal spoilage are the same if detected simultaneously e. Spoilage units cannot be sold

17 The following data of Pepper Pots Corp. relate to the production of 2,000 clay pots during July.     Direct Materials (all materials purchased were used):    Standard cost: $6.00 per kilogram of clay  Total actual cost: $11,200   Standard cost allowed for units produced was $12,000   Materials efficiency variance was $240 unfavourable       Direct Manufacturing Labour:       Standard cost is 2 pots per hour at $24.00 per hour      Actual cost per hour was $24.50      Actual labour was 972 hours   What is the standard direct material amount per pot? Select one: a. 4.00 kilograms b. 2.12 kilograms c. 3.00 kilograms d. 1.00 kilogram e. 1.88 kilograms