ACCT 346 Midterm Exam Answers
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(TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for
(TCO 1) Which of the following costs does not change when the level of business activity changes?
(TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation?
(TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. What is the budgeted fixed cost per unit?
(TCO 1) Which of the following costs is not part of manufacturing overhead?
(TCO 1) Product costs
(A) are also called manufacturing costs
(B) are considered an asset until the finished goods are sold.
(c) become an expense when the goods are sold.
(d) All of the above answers are correct.
(TCO 1) Red Runner’s Work in Process Inventory account has a beginning balance of $50,000 and an ending balance of $40,000. Direct materials used are $70,000 and direct labor used totals $35,000....