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Accounting Expert Answers & Study Resources : Page 113

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Learning Objective 20-4 1) When raw materials are purchased on account, the Accounts Payable account is credited. 2) The Raw Materials Inventory account is debited when direct materials are issued for production. 3) When indirect materials are issued to production, the Manufacturing Overhead account is credited. 4) When indirect materials are issued to production,.

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  • Learning Objective 20-4 1) When raw materials purchased account, the Accounts
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Learning Objective 19-5 1) Manufacturing overhead costs allocated to a job amounted to $492,000. The actual manufacturing costs incurred during the year was $500,000. Overhead costs have been underallocated. 2) During 2015, a company incurred $500,000 of manufacturing overhead costs and allocated $506,000 of manufacturing overhead costs. At the year-end, the adjustment.

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  • Learning Objective 19-5 1) Manufacturing overhead costs allocated to a job
  • Accounting
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21) Which of the following costs does not change in total despite changes in volume? A) Fixed cost B) Variable cost C) Mixed cost D) Total production cost 22) Costs that have both variable and fixed components are called: A) fixed cost. B) variable cost. C) mixed cost. D) contribution cost. 23) Which of the following costs changes in total.

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  • 21) Which of the following costs does not change in
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21) The cost of units sold is recorded by debiting Cost of Goods Sold and crediting: A) Finished Goods Inventory. B) Sales Revenue. C) Work-in-Process Inventory. D) Wages Payable. 22) Jacob Company incurred $7,000 for indirect labor in Department III. The journal entry to record indirect labor utilized is: A) debit Manufacturing Overhead, $7,000; credit Accounts.

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  • 21) The cost of units sold recorded by debiting Cost
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11) A(n) ________ groups cost by behavior; that is, costs are classified as either variable costs or fixed costs. A) balance sheet B) contribution margin income statement C) traditional income statement D) absorption costing income statement 12) Contribution margin ratio is equal to: A) fixed costs divided by contribution margin per unit. B) net sales revenue per.

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  • 11) A(n) ________ groups cost by behavior; that is, costs
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11) Diemans Corp. has provided a part of its budget for the 2nd quarter: Apr May June Cash collections $40,000 $45,000 $52,000 Cash payments: Purchases of inventory 4,500 7,200 4,500 Operating expenses 7,900 5,600 9,000 Capital expenditures 0 20,000 4,600 The cash balance on April 1 is $12,000. Assume that there will be no financing transactions or costs during the quarter. Calculate the cash balance at the end of April. A) $50,000 B).

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  • 11) Diemans Corp. has provided a part of its budget
  • Accounting
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31) The phone bill for an accounting firm consists of both fixed and variable costs. Refer to the 4-month data below and apply the high-low method to answer the question. Minutes Total Bill January 460 $3,000 February 200 $2,675 March 160 $2,625 April 300 $2,800 What is the variable cost per minute? A) $1.25 B) $0.67 C) $1.08 D) $0.58 32) The phone bill for an accounting firm consists of.

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  • 31) The phone bill for an accounting firm consists of
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Learning Objective 21-6 1) The purpose of managerial accounting is to provide managers with information that is useful for internal decision making. 2) The type of information provided by managerial accounting differs from the information provided by financial accounting. 3) Under variable costing, fixed manufacturing overhead costs are treated as a product cost. 4).

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  • Learning Objective 21-6 1) The purpose of managerial accounting to provide
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41) Davie Company used estimated direct labor hours of 250,000 and estimated manufacturing overhead costs of $1,000,000 in establishing its 2015 predetermined overhead allocation rate. Actual results showed: Actual manufacturing overhead $900,000 Allocated manufacturing overhead $875,000 What was the number of direct labor hours worked during 2015? A) 225,000 hours B) 243,056 hours C) 250,000 hours D) 218,750 hours 42).

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  • 41) Davie Company used estimated direct labor hours of 250,000
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11) Lakeside Company estimated manufacturing overhead costs for 2014 at $378,000, based on 180,000 estimated direct labor hours. Actual direct labor hours for 2014 totaled 195,000. The manufacturing overhead account contains debit entries totaling $391,500. The manufacturing overhead for 2014 was: (Round your intermediate calculations to one decimal place) A) $31,500 underallocated. B).

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  • 11) Lakeside Company estimated manufacturing overhead costs for 2014 at
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20) A3+ has prepared its 3rd quarter budget and provided the following data: Jul Aug Sep Cash collections $50,000 $40,000 $48,000 Cash payments: Purchases of inventory 31,000 22,000 18,000 Operating expenses 12,000 9,000 11,600 Capital expenditures 13,000 25,000 0 The cash balance on June 30 is projected to be $4,000. The company has to maintain a minimum cash balance of $5,000 and is authorized to borrow at the end of each.

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  • 20) A3+ has prepared its 3rd quarter budget and provided
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15) When the total fixed costs increases, the breakeven point: A) increases. B) decreases. C) decreases proportionately. D) remains the same. 16) When the total fixed costs decreases, the contribution margin per unit: A) increases. B) decreases. C) remains the same. D) decreases proportionately. 17) When the total fixed costs decreases, the breakeven point: A) increases. B) decreases. C) remains the same. D) increases.

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  • 15) When the total fixed costs increases, the breakeven point: A)
  • Accounting
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