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Cost Measurement
Cost Measurement MCQs
?
The following information was taken from Kay Company’s accounting records for the year ended December 31, 2012: .tg {border-collapse:collapse;b...
$950,000
$965,000
$975,000
$995,000
?
Arp Co.manufacturing operations: .tg {border-collapse:collapse;border-spacing:0;} .tg td{font-family:Arial, sans-serif;font-size:14px;padding:10p...
$ 90,000
$140,000
$144,000
$170,000
?
Arp Co.manufacturing operations: .tg {border-collapse:collapse;border-spacing:0;} .tg td{font-family:Arial, sans-serif;font-size:14px;padding:10p...
$218,000
$224,000
$230,000
$236,000
?
Fab Co. manufactures textiles. Among Fab’s 2012 manufacturing costs were the following salaries and wages: .tg {border-collapse:collapse;border...
$195,000
$165,000
$150,000
$120,000
?
The fixed portion of the semi variable cost of electricity for a manufacturing plant is a Period cost . . . Product cost
Yes No
Yes Yes
No Yes
No No
?
Gram Co. develops computer programs to meet customers’ special requirements. How should Gram categorize payments to employees who develop these...
Yes Yes
Yes No
No No
No Yes
?
In a job-costing system, issuing indirect materials to production increases which account?
Materials control.
Work in process control.
Manufacturing overhead control.
Manufacturing overhead allocated.
?
Costs are accumulated by responsibility center for control purposes when using Job order costing . . . . Process costing
Yes Yes
Yes No
No No
No Yes
?
Costs are accumulated by responsibility center for control purposes when using Job order costing . . . . Process costing
Yes Yes
Yes No
No No
No Yes
?
In a job cost system, manufacturing overhead is An indirect cost of jobs . . A necessary element in production
No production Yes
No No
Yes Yes
Yes No
?
Under Pick Co.’s job order costing system manufacturing overhead is applied to work in process using a predetermined annual overhead rate. During ...
$302,000
$310,000
$322,000
$330,000
?
A direct manufacturing labor overtime premium should be charged to a specific job when the overtime is caused by the
Increased overall level of activity.
Customer’s requirement for early completion of job.
Management’s failure to include the job in the production schedule.
Management’s requirement that the job be completed before the annual factory vacation closure.
?
A company services office equipment. Some customers bring their equipment to the company’s service shop; other customers prefer to have the compan...
A job order costing system.
An activity-based costing system.
A process costing system.
An operations costing system.
?
A job order cost system uses a predetermined fixed factory overhead rate based on normal activity and expected fixed cost. At the end of the year, u...
Greater than normal Greater than expected
Greater than normal Less than expected
Less than normal Greater than expected
Less than normal Less than expected
?
Worley Company has underapplied variable overhead of $45,000 for the year ended December 31, 2012. Before disposition of the underapplied overhead, ...
$682,500
$684,000
$756,000
$757,500
?
Kerner Manufacturing uses a process cost system to manufacture laptop computers. The following information summarizes operations relating to laptop ...
450
500
550
600
?
Kerner Manufacturing uses a process cost system to manufacture laptop computers. The following information summarizes operations relating to laptop ...
$183,000
$194,000
$210,000
$216,000
?
In a process cost system, the application of factory overhead usually would be recorded as an increase in
Finished goods inventory control.
Factory overhead control.
Cost of goods sold.
Work in process inventory control.
?
In computing the current period’s manufacturing cost per equivalent unit, the FIFO method of process costing considers current period costs
Only.
Plus cost of beginning work in process inventory.
Less cost of beginning work in process inventory.
Plus cost of ending work in process inventory.
?
In process 2, material G is added when a batch is 60% complete. Ending work in process units, which are 50% complete, would be included in the compu...
Yes No
No Yes
No No
Yes Yes
?
A department adds material at the beginning of a process and identifies defective units when the process is 40% complete. At the beginning of the pe...
50% of all normal defective unit costs.
40% of all normal defective unit costs.
50% of the material costs and 40% of the conversion costs of all normal defective unit costs.
None of the normal defective unit costs.
?
In its April 2012 production, Hern Corp., which does not use a standard cost system, incurred total production costs of $900,000, of which Hern attr...
Period cost of $90,000.
Inventoriable cost of $90,000.
Period cost of $60,000 and inventoriable cost of $30,000.
Inventoriable cost of $60,000 and period cost of $30,000.
?
Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to ...
97,600 units.
104,000 units.
107,200 units.
108,000 units.
?
Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to ...
85,600 units.
88,800 units.
95,200 units.
98,400 units.
?
Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to ...
$4.12
$4.50
$4.60
$4.80
?
Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to ...
$5.65
$5.83
$6.00
$6.20
?
Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to ...
$153,168
$145,800
$155,328
$156,960
?
Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to ...
$4.12
$4.50
$4.60
$5.03
?
Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to ...
$5.65
$5.83
$6.00
$6.41
?
Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to ...
$ 86,400
$154,800
$155,328
$156,960
?
Which of the following would be a reasonable basis for allocating the material handling costs to the units produced in an activity-based costing sys...
Number of production runs per year.
Number of components per completed unit.
Amount of time required to produce one unit.
Amount of overhead applied to each completed unit.
?
Which of the following would be a reasonable basis for allocating the material handling costs to the units produced in an activity-based costing sys...
Number of production runs per year.
Number of components per completed unit.
Amount of time required to produce one unit.
Amount of overhead applied to each completed unit.
?
An assembly plant accumulates its variable and fixed manufacturing overhead costs in a single cost pool which are then applied to work in process us...
The variable cost per unit is constant, and the total fixed costs decrease.
The variable cost per unit is constant, and the total fixed costs increase.
The variable cost per unit and the total fixed costs remain constant.
The variable cost per unit increases, and the total fixed costs remain constant.
?
In Belk Co.’s just-in-time production system, costs per setup were reduced from $28 to $2. In the process of reducing inventory levels, Belk ...
Decrease Increase
Increase Decrease
Increase Increase
Decrease Decrease
?
What is the normal effect on the numbers of cost pools and allocation bases when an activity-based cost (ABC) system replaces a traditional cost sys...
No effect No effect
Increase No effect
No effect Increase
Increase Increase
?
Which of the following is true about activity-based costing?
It should not be used with process or job costing.
It can be used only with process costing.
It can be used only with job costing.
It can be used with either process or job costing.
?
Which of the following is true about activity-based costing?
It should not be used with process or job costing.
It can be used only with process costing.
It can be used only with job costing.
It can be used with either process or job costing.
?
In an activity-based costing system, what should be used to assign a department’s manufacturing overhead costs to products produced in varying lot...
A single cause-and-effect relationship.
Multiple cause-and-effect relationships.
Relative net sales values of the products.
A product’s ability to bear cost allocations.
?
In an activity-based costing system, cost reduction is accomplished by identifying and eliminating All cost drivers . . .Non-value-adding activities...
No No
Yes Yes
No Yes
Yes No
?
Nile Co.’s cost allocation and product costing procedures follow activity-based costing principles. Activities have been identified and classified...
Design engineering activity.
Heat treatment activity.
Drill press activity.
Raw materials storage activity.
?
For purposes of allocating joint costs to joint products, the sales price at point of sale, reduced by cost to complete after splitoff, is assumed t...
Joint costs.
Total costs.
Net sales value at split-off.
Sales price less a normal profit margin at point of sale.
?
Mig Co., which began operations in 2012, produces gasoline and a gasoline by-product. The following information is available pertaining to 2012 sale...
$105,000 $25,000
$115,000 $0
$108,000 $37,000
$100,000 $0
?
Kode Co. manufactures a major product that gives rise to a by-product called May. May’s only separable cost is a $1 selling cost when a unit is so...
No effect.
Gross margin increases by $1 for each unit of May sold.
Gross margin increases by $3 for each unit of May sold.
Gross margin increases by $4 for each unit of May sold.
?
In accounting for by-products, the value of the by-product may be recognized at the time of Production . . .Sale
Yes Yes
Yes No
No No
No Yes
?
Which of the following may be used to estimate how inventory warehouse costs are affected by both the number of shipments and the weight of material...
Economic order quantity analysis.
Probability analysis.
Correlation analysis.
Multiple regression analysis.
