ACCT 344 DeVry Entire Course

ACCT 344 DeVry Entire Course 

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ACCT 344 DeVry Entire Course 

ACCT 344 DeVry Week 1 Homework 

1. Question: Able Corporation incurred the following costs………………. Calculate the following. 

a Direct materials used 

b. Cost of goods manufactured 

c. Cost of goods sold 

d. Operating income 

2. Question: Below is information from Job Card 506 for the Bearing Manufacturing Company…………….Required: 

a. Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, 

and factory overhead. 

b. Prepare the journal entry to record the completion of Job 506. 

c. What is the predetermined factory overhead rate for Bearing Manufacturing? 

d. Prepare the journal entries to record the sale of Job 506. 

ACCT 344 DeVry Week 1 Quiz 

1. Question: (TCO 2) Which cost assignment method would likely assign the cost of heating in a plant that makes beds 

and dressers when the bed product line is the cost object? 

2. Question: (TCO 2) Which cost is an example of product costs? 

3. Question: (TCO 2) Period costs do not include 

4. Question: (TCO 2) Based on the following information, which are the conversion costs? Beginning work-in-process 

inventory $160,000 Ending work-in-process inventory $180,000 Cost of goods manufactured $500,000 Direct materials 

used $130,000 

5. Question: (TCO 2) Based on the following information, which are the prime costs for the year? Cost of goods 

manufactured $380,000 Beginning work-in-process inventory $140,000 Ending work-in-process inventory $120,000 

Manufacturing overhead $70,000 

6. Question: (TCO 2) The absolute maximum production activity of a manufacturing firm is called 

7. Question: (TCO 2) Which item is a basic costing system record in a job-order costing system?

8. Question: (TCO 2) Which firm would make extensive use of job-order costing? 

9. Question: (TCO 2) ABC Manufacturing Company has the following total job cards. Job A $6,500 Job B $5,630 Job 

C $3,825 Job D $3,800 Job E $6,300 Job F $4,200 Jobs A and B were in Finished Goods Inv. at the beginning of the 

month. Jobs C and D were in Work-in-Process at the beginning of the month. Jobs E and F were started during the 

month. At the end of the month, Jobs A and E were sent to customers. At the end of the month, Jobs C, E, and F were 

completed and sent to finished goods. Which is the cost of goods sold for the month? 

10. Question: (TCO 2) Action Corporation uses activity-based costing to apply overhead to jobs within a job-order 

costing system. The following overhead activities were budgeted for the year. 


1. Questions: Kali Manufacturing Inc. began the year with the following. 

Beginning work-in-process 20,000 

20% complete Transferred to finished goods 60,000 

Ending inventory 10,000 

70% complete 

Materials added at the beginning of the process 

Required: Calculate the equivalent units for 

a. material costs under the weighted average process cost method; 

b. conversion costs under the weighted average process cost method; 

c. material costs under the FIFO process cost method; and 

d. conversion costs under the FIFO process cost method. 

2. Questions: Glass Company manufactures a product through a continuous single-step process. All materials are 

added at the beginning of processing. Production and cost data for the company for the current month are as 

follows…………………………Required Prepare a cost of production report for current month. Use Weighted Average 

process costing. 


1. Question: (TCO 3) The appropriate cost accounting system to use when inventory items are produced on an 

assembly line is 

2. Question: (TCO 3) As production occurs, materials, direct labor, and applied manufacturing overhead are recorded 

in 

3. Question: (TCO 3) “Equivalent units” expresses all activity of the period in terms of 

4. Question: (TCO 3) Holly Inc. manufactures dolls. The following data were provided for production results for the 

current month. 0 Units, beginning work-in-process 300 Units started ? Units completed 100 Units, ending work-inprocess 

(40% complete) Which are the equivalent units? 

5. Question: (TCO 3) When products and their costs are moved from one process to the next process, these costs are 

referred to as 

6. Question: (TCO 3) Keller Inc. manufactures office chairs. The following data were provided for production results for 

the current month. 0 Units, beginning work-in-process 6,000 Units started ? Units completed 2,000 Units, ending workin-process 

$440,000 Cost of direct materials $64,000 Cost of conversion Ending inventory is 100% complete for 

materials and 20% complete for conversion. How many units were started and completed? 

7. Question: (TCO 3) The two methods used to determine equivalent units of production are 

8. Question: (TCO 3) Abby Corp. adds raw materials to production at the beginning of the process in the Assembly 

Dept. Materials data for this department for the current month are as follows.

9. Question: (TCO 3) The following information was provided by Sally Company...........How many equivalent units for 

materials would there be using the weighted average method? 

10. Question: (TCO 3) The material cost per equivalent unit using the weighted average method is calculated as.......... 


1. Question: Alliance Company manufactures two products (brushes and combs). The overhead costs have been 

divided into four cost pools that use the following activity drivers………………….. 

a. Compute the allocation rates for each of the activity drivers listed. 

b. Allocate the overhead costs to Products S and T using activity-based costing 

c. Compute the overhead rate using machine hours under the functional-based costing system. 

d. Allocate the overhead costs to Products S and T using the functional-based costing system overhead rate 

calculated in part (c). 

2. Question: Complete Exercise 4.10 located on page 182 & 183 in the textbook. 


1. Question: (TCO 8) A predetermined overhead rate is calculated using which formula? 

2. Question: (TCO 8) All of the following are unit-based activity drivers EXCEPT 

3. Question: (TCO 8) A department that is capital intensive most likely would use a predetermined departmental 

overhead rate based on which activity base? 

4. Question: (TCO 8) Star Inc. uses a job-order costing system to account for product costs. The following information 

was provided for the current year. Materials placed in production $160,000 Indirect labor $50,000 Direct labor (10,000 

hours) $180,000 Depreciation of factory building $80,000 Other factory overhead $130,000 Increase in work-in-process 

inventory $45,000 Factory overhead rate per direct labor hour $25 Which is the amount of under- or overapplied 

overhead for Star Inc.? 

5. Question: (TCO 8) Acme Company manufactures two products (anvils and barrels). Overhead costs ($84,000) have 

been divided into three cost pools, which use the following activity drivers……. 

6. Question: (TCO 8) Which is NOT a limitation of a plantwide overhead rate? 

7. Question: (TCO 8) The resources consumed by the activity in producing its output are called 

8. Question: (TCO 8) Which is NOT part of the cost dimension of the activity-based management model? 

9. Question: (TCO 8) Which is an example of a non-value-added manufacturing activity? 

10. Question: (TCO 8) The process that involves choosing among various sets of activities that are caused by 

competing strategies is called...... 


1. Question: Bubble Corporation manufactures two products, I and II, from a joint process. A single production costs 

$4,000 and results in 100 units of I and 400 units of II. To be ready for sale, both products must be processed further, 

incurring separable costs of $1 per unit for I and $2 per unit for II. The market price for Product I is $20 and for Product 

II is $15. 

Required: 

a. Allocate joint production costs to each product using the physical units method. 

b. Allocate joint production costs to each product using the net realizable value method.

c. Allocate joint production costs to each product using the constant gross margin percentage method. 

2. Question: Mike's Meats incurs costs of $4,000 while processing raw chicken meat into three products: breasts, 

wings, and thighs. The meat is then sold to local grocery stores based on the following…………….. 

Required: (Calculate relative quantity to three decimal points.) 

a. Determine the cost and gross profit percentage for each type of chicken using the physical units method of 

joint cost allocation. 

b. Repeat part (a) using the sales-value-at-split-off method of joint cost allocation. 

c. The company has an opportunity to sell wings to local restaurants for $1.00 per pound but additional packaging 

is required, which will cost $300 per 1,000 lb. Assuming the physical unit method is used to allocate joint costs, 

should the offer be accepted? 


1. Question: (TCO 7) A common cost occurs 

2. Question: (TCO 7) Which would be the most appropriate base for allocating the costs of the housekeeping 

department? 

3. Question: (TCO 7) The Ruling Company assigns plant administration costs to the production departments based on 

the number of employees. Which would NOT be a good combination of common costs with an activity driver? 

4. Question: (TCO 7) Joint costs are allocated because of 

5. Question: (TCO 7) Which method allocates support department costs? 

6. Question: (TCO 7) Joint costs are 

7. Question: (TCO 7) Which method allocates joint production costs based on the pounds of product produced? 

8. Question: (TCO 7) DeeDee Corporation manufactures the following products in its factory. $400,000 of costs were 

incurred…………How much joint cost would be allocated to Product A based on the physical units method? 

9. Question: (TCO 7) Sally Corporation manufactures four products. The following data were provided by the cost 

accountant for the current year………. 

10. Question: (TCO 7) Lamb Inc. processes wool into four grades of yarn as follows…….Which is the amount of joint 

costs assigned to Superwash Wool using the constant gross margin percentage method? 


1. Question: The following information is used for Lucky's Inc.’s monthly master budget……………….. 

· Sales are 25% cash and 75% on credit. All credit sales are collected in the following month. There are no bad 

debts. 

· Gross margin percentage is 60% of sales. 

· The desired ending inventory is expected to be 20% of the following month's cost of goods sold. One fifth of the 

purchases are paid for in the month of purchase, and the remaining balance is purchased on credit and paid in the 

following month. 

· The monthly cash operating expenses are $80,000, including the monthly depreciation expense of $7,000. 

· During July, Lucky's Inc. will purchase new office equipment for $17,000 cash. 

· Dividends of $13,500 were declared and paid in July.

· The company must maintain a minimum cash balance of $25,000. A line of credit is used to maintain this balance. 

Borrowing will be made in increments of $1,000. All borrowing is done at the beginning of the month, and repayments 

are made at the end of the month. The annual interest rate is 12%, paid when the loan is repaid (ignore accrual of 

interest). 

Required: 

Prepare a balance sheet, income statement, and cash budget for the month of July. 

2. Question: The Sparkly Corporation has the following budget and actual results………………Required: 

a. Prepare a performance report for all costs, showing static budget variances (indicate F or U). 

b. Prepare a performance report for all costs, showing flexible budget variances (indicate F or U). 


1. Question: (TCO 5) Which is NOT a component of the master budget? 

2. Question: (TCO 5) The budgets that are comprehensive financial plans made up of various individual departmental 

and activity budgets are the........... 

3. Question: (TCO 5) The budget committee 

4. Question: (TCO 5) Which is a financial budget? 

5. Question: (TCO 5) When budgets are used for control, 

6. Question: (TCO 5) Flexible budgets do NOT provide 

7. Question: (TCO 5) Volume variances examine differences between 

8. Question: (TCO 5) Goal congruence means 

9. Question: (TCO 5) Participative budgeting has which potential problem? 

10. Question: (TCO 5) Bored Manufacturing has projected the following………Which is the total amount of overhead 

included in the overhead budget? 

ACCT 344 DeVry Week 8 Final Exam 

Page 1 

Question 1.1 (TCO 2) Which cost is NOT a period cost? (Points : 5) 

Question 2.2. (TCO 2) Which product would use job-order costing? (Points : 5) 

Question 3.3. (TCO 3) As production occurs, materials, direct labor, and applied manufacturing overhead are recorded 

in (Points : 5) 

Question 4.4. (TCO 8) A company keeps 60 days of materials inventory on hand to avoid shutdowns due to materials 

shortages. Carrying costs average $5,000 per day. A competitor keeps 30 days of inventory on hand, and the 

competitor's carrying costs average $2,000 per day. The value-added costs are (Points : 5) 

Question 5.5. (TCO 8) Which is a value-added activity? (Points : 5) 

Question 6.6. (TCO 1) The break-even point is (Points : 5) 

Question 7.7. (TCO 1) The Kringel Company provides the following information. Sales (200,000 units) $500,000 

Manufacturing costs Variable $170,000 Fixed $30,000 Selling and administrative costs Variable $80,000 Fixed $20,000 

Which is the break-even point in units for Kringel? (Points : 5) 

Question 8.8. (TCO 7) Which would be the most appropriate base for allocating the costs of the maintenance 

department? (Points : 5)

Question 9.9. (TCO 7) Yo Department Store incurred $8,000 of indirect advertising costs for its operations. The 

following data have been collected for 2013 for its three departments……….How much of the indirect advertising costs 

will be allocated to the Cosmetics Department if newspaper ad space is the activity driver?(Points : 5) 

Question 10.10. (TCO 5) Which best describes zero-base budgeting? (Points : 5) 

Question 11.11. (TCO 5) Bug Company manufactures buggies. Manufacturing a buggy takes 20 units of wood and 1 

unit of steel. Scheduled production of buggies for the next 2 months is 500 and 600 units, respectively. Beginning 

inventory is 4,000 units of wood and 30 units of steel. The ending inventory of wood is planned to decrease 500 units 

in each of the next 2 months, and the steel inventory is expected to increase 5 units in each of the next 2 months. How 

many units of wood are expected to be used in production during the second month? (Points : 5) 

Question 12.12. (TCO 4) Which statement is true? (Points : 5) 

Question 13.13. (TCO 6) Using more highly skilled direct laborers might affect which variance? (Points : 5) 

Question 14.14. (TCO 6) Which equation measures the total budget variance? (Points : 5)…………(TCO 1) George 

Corporation has an estimated monthly sales of 12,000 units for $80 per unit. Variable costs include manufacturing costs 

of $50 and distribution costs of $20. Fixed costs are $60,000 per month. Required: Determine each of the following 

values. a. Unit contribution margin b. Monthly break-even unit sales volume Create a contribution margin-based income 

statement. (Points : 30) 

Page 2 

Question 1.1. (TCO 1) George Corporation has an estimated monthly sales of 12,000 units for $80 per unit. Variable 

costs include manufacturing costs of $50 and distribution costs of $20. Fixed costs are $60,000 per 

month……Required: Determine each of the following values. a. Unit contribution margin b. Monthly break-even unit 

sales volume Create a contribution margin-based income statement. (Points : 30) 

Question 2.2. (TCO 7) Darling Manufacturing Inc. manufactures two products, A and B, from a joint process. A single 

production costs $5,000 and results in 200 units of A and 800 units of B. To be ready for sale, both products must be 

processed further, incurring seperable costs of $3 per unit for A and $4 per unit for B. The market price for Product A 

is $15 and for Product B is $10…..Required: Allocate joint production costs to each product using the net realizable 

value method. (Points : 30) 

Question 3.3. (TCO 6) Santa Inc. manufactures toys based on the following information……....Required: Compute the 

following variances (show calculations). a. Materials usage variance b. Labor rate variance -c. Fixed overhead budget 

variance (Points : 30) 

Question 4.4. (TCO 4) Toshi Company incurred the following costs in manufacturing desk……During the period, the 

company produced and sold 1,000 units. a. What is the inventory cost per unit using absorption costing? b. What is the 

inventory cost per unit using variable costing? (Points : 30) 

Question 5.5. (TCO 8) Musical Instruments Company manufactures two products (trumpets and trombones). Overhead 

costs ($175,000) have been divided into three cost pools that use the following activity drivers..........Required (show all 

calculations) a. What is the allocation rate for trumpets per setup using activity-based costing? b. What is the allocation 

rate for trumpets per machine hours using activity-based costing? c. What is the allocation rate for trumpets per packing 

order using activity-based costing? (Points : 30) 

Question 6.6. (TCO 5) The Baxter Corporation has the following budgeted and actual results……Required: Prepare a 

performance report for all costs, showing flexible budget variances (indicate F or U).

ACCT 344 DeVry Entire Course

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