ACCT 346 Week 4 Midterm 2 / acct346dotcom

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(TCO 2) BCS Company applies manufacturing overhead based on direct labor hours.Information concerning manufacturing overhead and labor for August follows:EstimatedActual9. Question :(TCO 2) Citrus Company incurred manufacturing overhead costs of $300,000. Totaloverhead applied to jobs was $306,000. What was the amount of overapplied or underappliedoverhead?10. Question :(TCO 3) Companies in which of the following industries would notbe likely to use processcosting?11.Question :(TCO 3) The Blending Department began the period with 20,000 units. During the period thedepartment received another 80,000 units from the prior department and at the end of theperiod 30,000 units remained, which were 40% complete. How much are equivalent units inThe Blending Department’s work in process inventory at the end of the period?12. Question :(TCO 3) Ranger Glass Company manufactures glass for French doors. At the start of May,2,000 units were in-process. During May, 11,000 units were completed and 3,000 units werein process at the end of May. These in-process units were 90% complete with respect tomaterial and 50% complete with respect to conversion costs. Other information is as follows:Calculate the cost per equivalent unit for conversion costs.13. Question :(TCO 4) Clearance Depot has total monthly costs of $8,000 when 2,500 units are producedand $12,400 when 5,000 units are produced. What is the estimated total monthly fixed cost?1. Question :(TCO 4) Which of the following will have no effect on the break-even point in units?2. Question :
(TCO 4) Circle K Furniture has a contribution margin ratio of 16%. If fixed costs are$176,800, how many dollars of revenue must the company generate in order to reach thebreak-even point?3. Question :(TCO 4) Randy Company produces a single product that is sold for $85 per unit. If variablecosts per unit are $26 and fixed costs total $47,500, how many units must Randy sell in orderto earn a profit of $100,000?4. Question :(TCO 5) In full costing, when does fixed manufacturing overhead become an expense?5. Question :(TCO 5) Variable costing income is a function of:6. Question :(TCO 5) Peak Manufacturing produces snow blowers. The selling price per snow blower is$100. Costs involved in production are:7. Question :(TCO 6) Which of the following is not a reason that companies allocate costs?8. Question :(TCO 6) Which of the following statements about cost pools is nottrue?9. Question :(TCO 6) The building maintenance department for Jones Manufacturing Company budgetsannual costs of $4,200,000 based on the expected operating level for the coming year. Thecosts are allocated to two production departments. The following data relate to the potentialallocation bases:Production Dept. 110. Question :(TCO 7) A company is currently making a necessary component in house (the company isproducing the component for its own use). The company has received an offer to buy thecomponent from an outside supplier. A machine is being rented to make the component. Ifthe company were to buy the component, the machine would no longer be rented. The rent onthe machine, in relation to the decision to make or buy the component, is:11. Question :
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