Acct 346 Week 4 Midterm 2 (Devry)

ACCT 346 Week 4 Midterm 2 (Devry)

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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 costs7. 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:EstimatedActual9. 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 period the department received another 80,000 units from the prior department...