Devry Acct 346 Week 4 Midterm 2

DEVRY ACCT 346 Week 4 Midterm 2

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1.Question :
(TCO 1) Which of the following is not a difference between financial accounting and
managerial accounting?
2. Question :
TCO 1) Which of the following statements regarding fixed costs is true?
3. Question :
(TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a
new car. Which of the following costs is an opportunity cost in this situation?
4. Question :
(TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600
steak dinners will be produced and sold: materials, $4,080; hourly labor (variable),
$5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each
steak dinner sells for $14.00 each. How much is the budgeted variable cost per unit?
5. Question :
(TCO 1) Which of the following is an example of a manufacturing overhead cost?
6. Question :
(TCO 1) Product costs
7. Question :
(TCO 1) At December 31, 2010, WDT Inc. has a balance in the Work in Process

Inventory account of $62,000. At January 1, 2010, the balance was $55,000. Current
manufacturing costs for the year are $292,000, and cost of goods sold is $284,000.
How much is cost of goods manufactured?
8. Question :
(TCO 2) BCS Company applies manufacturing overhead based on direct labor hours.
Information concerning manufacturing overhead and labor for August follows:
9. Question :
(TCO 2) Citrus Company incurred manufacturing overhead costs of $300,000. Total
overhead applied to jobs was $306,000. What was the amount of overapplied or
underapplied overhead?
10. Question :
(TCO 3) Companies in which of the following industries would notbe likely to use
process costing?
11.Question :
(TCO 3) The Blending Department began the period with 20,000 units. During the...