ACCT 346 Week 4 Midterm 1 (Devry)
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1. Question :(TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for2. Question :TCO 1) Which of the following statements regarding fixed costs is true?3. Question :(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?4. Question :(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. How much is the budgeted variable cost per unit?5. Question :(TCO 1) Which of the following is an example of a manufacturing overhead cost?6. Question :(TCO 1) Which of the following is a period cost?7. Question :(TCO 1) If the balance in the Finished Goods Inventory account increased by $30,000 during the period and the cost of goods manufactured was $220,000, how much is cost of goods sold?8. Question :(TCO 2) BCS Company applies manufacturing overhead based on direct labor cost. Information concerning manufacturing overhead and labor for August follows:EstimatedActual9.Question :(TCO 2) During 2011, Madison Company applied overhead using a job-order costing system at a rate of $12 per direct labor hours. Estimated direct labor hours for the year were 150,000, and estimated overhead for the year was $1,800,000. Actual direct labor hours for 2011 were 140,000 and actual overhead was $1,670,000.What is the amount of under or over applied overhead for the year?10. Question :(TCO 3) Companies in which of the following industries would not be likely to use process costing?11. Question :(TCO 3) The Blending Department began the period with 45,000 units....