ACCT 349 WEEK 5 QUIZ LATEST
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ACCT 349 Week 5 Quiz Latest
ACCT349
ACCT 349 Week 5 Quiz Latest
Question 1. (TCO 9)
MedicalTechnical, Inc. manufactures surgical instruments to the
exacting specifications of various customers. During April 2005, Job 911 for
the production of 4,500 instruments was completed at the following costs per
unit.
Direct materials $ 60
Direct manufacturing labor 20
Allocated manufacturing overhead 80
$160
Final inspection of Job 911 disclosed 100 defective units and 50
spoiled units. The defective instruments were reworked at a total cost of
$12,000, and the spoiled instruments were sold to a jobber for $3,000.
If the costs associated with spoilage and reworked units are
considered as normal to manufacturing operations, the unit cost of the good
units produced on Job 911 is
$165.
$164.
$162.
$160.
Question 2. (TCO 9) Walbreck Company had the
following production for the month of August.
Units
Work in process, August 1 6,000
Started during August 24,000
Completed and transferred to finished goods 18,000
Abnormal spoilage incurred 3,000
Work in process, August 31 9,000
Materials are added at the beginning of the process. As to
conversion cost, work in process was 20% complete at the beginning and 70%
complete at the end of the month. Spoilage is detected at the end of the
process.
Using the weighted-average method, the equivalent units for
August, with respect to conversion costs, were
30,000.
24,300.
23,700.
27,300.
In manufacturing its products for the month of January 20XX,
Sandusky Corporation incurred normal spoilage of $7,000 and abnormal spoilage
of $3,000. How much spoilage cost should Sandusky charge as inventoriable for
the month of January 20XX? (Points: 6)
$0
$3,000
$7,000
$10,000
Question 4. (TCO 6)
Libations Corporation manufactures a line of flags. The annual
demand for its flag display is estimated to be 100,000 units. The annual cost
of carrying one unit in inventory is $1.60, and the cost to initiate a production
run is $50. There are no flag displays on hand, but Libations had scheduled 60
equal production runs of the display sets for the coming year, the first of
which is to be run immediately. Libations Corporation has 250 business days per
year. Assume that sales occur uniformly throughout the year and that production
is instantaneous.
$2,000.
$3,000.
$8,000.
$12,500.
Question 5. (TCO 6)
Blaster began operations in June 20XX. Blaster manufactures
vehicle seat covers using a just-in-time production system supported by a
backflush costing system. This system has two trigger points: (1) the purchase
of raw materials, and (2) the sale of finished good units. Standard unit costs
are $40 for raw materials and $25 for conversion costs. Blaster writes off any
underallocated or overallocated conversion costs immediately. The following
data were available for June 20XX.
Production of good units 19,800
Sales of good units 19,750
Purchases of raw materials [20,000 units at $40] $800,000
Conversion costs incurred $496,000
The June ending total for all inventory balances is (Points : 6)
$16,250.
$12,250.
$11,250.
$10,000.
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