ACCOUNTING C213-A manufacturer produces three products: A, B, and C
1. A manufacturer produces three products: A, B, and C.
The company uses the following information to determine activity rates for each period:
Data concerning the three products appear below:
Number of hours
Number of pounds
Number of moves
What is the total amount of overhead applied to product A?
2. A running shoe manufacturer produces three types of shoes: traditional, minimalist, and spikes.
The company uses the following information to determine activity rates for each pool:
20,000 pairs of shoes
Data concerning the three shoe products appear below:
Number of pairs of shoes
Number of batches
Number of parts
What is the total amount of overhead applied to spikes shoes?
3. Given the following information:
Pairs of shoes expected to be produced
Paris of shoes produced
What is the amount of applied overhead?
4. Company A calculated the following information under traditional and activity-based costing for the production and sale of 1,000 units of Product B:
Cost of goods sold
Which decision should be made about the selling price of Product B?
The price of Product B should be decreased
The price of Product B should be increased
Traditional costing should be used instead of activity-based costing
The number of production batches of Product B should be increased
5. A company reported the following information for the production and sale of 500,000 gallons of oil:
Direct materials $575,000
Direct labor $300,000
Applied overhead (Using ABC)
Overhead based on # of gallons $375,000
Overhead based on # of batches $100,000
Overhead based on # of ingredients $180,000
Total production cost $1,530,000
Gross profit ($30,000)
Overhead was applied based upon the following predetermined overhead rates:
$0.75 per gallon
$500 per batch
$1,000 per ingredient
What would be the gross profit if the company increased their selling price per gallon by $0.10?
6. Which two concepts are studied in cost-volume-profit analysis?
Choose 2 answers
Levels of activity
7. What are two impacts on costs as sales volume increases?
Choose 2 answers
Fixed costs per unit will increase
Fixed costs per unit will stay the same
Fixed costs per unit will decrease
Total fixed costs will decrease in direct proportion
Total fixed costs will stay the same
Total fixed costs will increase in direct proportion
8. A company manufactures and sells widgets. The following information is available:
Each widget sells for $100
The variable cost per widget is $50
Total fixed costs per month are $300,000
How many widgets does the company need to sell each month to break even?
What do total revenues equal at the break-even point?
Which statement is true with respect to the point on this graph when sales are at 150 units per month?
Total costs equal $3.500
Fixed costs equal $2,750
Total costs equal $2,000
Sales revenue equals $2,500
66.A company is experiencing an increase in their bad debt expense
Which change in credit policy would cause this increase?
Credit terms of 2/10, n/30 were granted on all credit sales
The company tightened their credit policy
Some customers were allowed to pay their bills in 60 days versus the normal 30 days
Credit lines were increased for all customers
67.A company has projected the following sales for the spring quarter of 2014:
65% of all sales are paid for with cash. The remainder is on credit.
The pattern for credit receivables collections are:
Month of sale 60%
Month after sale 30%
Second month after sale 10%
What are the forecasted cash collections for the month of June?
68.A company budgeted the following purchases for raw materials:
The company has a policy of paying for 40% of the purchases in the month of purchase, 35% in the month following the purchase, and 25% in the second month following the purchase.
Based on this information, what are the budgeted cash disbursements for May?
70. A company plans to purchase inventory for the second half of 2014 as follows:
They usually pay 50% of inventory purchases in the month of purchase, 35% in the following month, and 15th in the second month.
Based on this information, what are the forecasted total 2014 cash payments for inventory purchased in the second half of 2014?
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