发布时间 : 星期六 文章cost accounting test bank chapter 2更新完毕开始阅读
47) What are the inventoriable costs per unit associated with Product ORD210? A) $73 B) $87 C) $98 D) $62
Answer: C
Explanation: C) $54 + $8 + $11 + $25 = $98
Diff: 2
Objective: 5
AACSB: Application of knowledge
48) What are the period costs per unit associated with Product ORD203? A) $5 B) $12 C) $17 D) $18
Answer: C
Explanation: C) $5 + 12 = $17
Diff: 2
Objective: 5
AACSB: Application of knowledge
49) Leslie Manufacturing reported the following: Revenue $450,000 Beginning inventory of direct materials, January 1, 2015 20,000 Purchases of direct materials 156,000 Ending inventory of direct materials, December 31, 2015 18,000 Direct manufacturing labor 21,000 Indirect manufacturing costs 42,000 Beginning inventory of finished goods, January 1, 2015 40,000 Cost of goods manufactured 114,000 Ending inventory of finished goods, December 31, 2015 45,000 Operating costs 150,000 How much of the above would be considered period costs for Leslie Manufacturing? A) $104,000 B) $140,000 C) $150,000 D) $147,000 Answer: C
Explanation: C) $150,000
Diff: 3
Objective: 5
AACSB: Application of knowledge
37
Copyright ? 2015 Pearson Education, Inc.
50) Insurance companies provide services or intangible products to their customers. Answer: TRUE
Diff: 1
Objective: 5
AACSB: Application of knowledge
51) Department stores, such as Target, are examples of a merchandising company. Answer: TRUE
Explanation: Google would be an example of a service-sector company.
Diff: 1
Objective: 5
AACSB: Application of knowledge
52) Merchandising companies purchase products and sell them to customers without changing their basic form.
Answer: TRUE
Diff: 1
Objective: 5
AACSB: Application of knowledge
53) Merchandising companies hold only one type of inventory: direct material. Answer: FALSE
Explanation: Merchandising companies normally hold only one type of inventory: merchandise inventory.
Diff: 1
Objective: 5
AACSB: Analytical thinking
54) Manufacturing sector firms normally hold three types of inventory: direct materials inventory, work-in-process inventory, and finished goods inventory. Answer: TRUE
Diff: 1
Objective: 5
AACSB: Analytical thinking
55) Work-in-process inventory are goods partially worked on but not yet completed. Answer: TRUE
Diff: 1
Objective: 5
AACSB: Analytical thinking
56) Direct material costs are the acquisition costs of all materials that eventually become part of the cost object and cannot be traced to the cost object in an economically feasible way. Answer: FALSE
Explanation: Direct material costs can be traced to the cost object.
Diff: 2
Objective: 5
AACSB: Analytical thinking
38
Copyright ? 2015 Pearson Education, Inc.
57) Acquisition costs of direct materials include freight-in charges, sales taxes, and custom duties. Answer: TRUE
Diff: 2
Objective: 5
AACSB: Analytical thinking
58) Indirect manufacturing costs include the compensation of all manufacturing labor that can be traced to the cost object in an economically feasible way. Answer: FALSE
Explanation: Direct manufacturing labor costs include the compensation of all manufacturing labor that can be traced to the cost object.
Diff: 2
Objective: 5
AACSB: Analytical thinking
59) Direct manufacturing labor includes plant rent and salaries paid to plant supervisors. Answer: FALSE
Diff: 2
Objective: 5
AACSB: Application of knowledge
60) Inventoriable costs are reported as a liability in balance sheet when incurred and expensed on the income statement when the product is sold. Answer: FALSE
Explanation: Inventoriable costs are reported as an asset when incurred and expensed on the income statement when the product is sold.
Diff: 2
Objective: 5
AACSB: Application of knowledge
61) All manufacturing costs are period costs. Answer: FALSE
Diff: 2
Objective: 5
AACSB: Analytical thinking
62) All costs reported on the income statement of a service-sector company are inventoriable costs. Answer: FALSE
Diff: 1
Objective: 5
AACSB: Analytical thinking
63) Period costs are included in the cost of goods sold. Answer: FALSE
Diff: 2
Objective: 5
AACSB: Analytical thinking
39
Copyright ? 2015 Pearson Education, Inc.
64) Indirect manufacturing costs are also referred to as manufacturing overhead costs or factory overhead costs.
Answer: TRUE
Diff: 1
Objective: 5
AACSB: Analytical thinking
65) Whippany manufacturing wants to estimate costs for each product they produce at its Troy plant. The Troy plant produces three products at this plant, and runs two flexible assembly lines. Each assembly line can produce all three products.
Required:
a. Classify each of the following costs as either direct or indirect for each product.
b. Classify each of the following costs as either fixed or variable with respect to the number of units produced of each product. Direct Indirect Fixed Variable
Assembly line labor wages ________ ________ ________ ________ Plant manager's wages ________ ________ ________ ________ Depreciation on the assembly line equipment ________ ________ ________ ________ Component parts for the product ________ ________ ________ ________ Wages of security personnel for the factory ________ ________ ________ ________ Answer: Direct Indirect Fixed Variable
Assembly line labor wages X X Plant manager's wages X X Depreciation on the assembly line equipment X X Component parts for the product X X Wages of security personnel for the factory X X
Diff: 2
Objective: 2, 4, 5
AACSB: Application of knowledge
40
Copyright ? 2015 Pearson Education, Inc.