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Can anyone help me with these Accounting questions?

26. In order to be useful to managers, management accounting reports should possess all of the following characteristics EXCEPT: a. provide objective measures of past operations and subjective estimates about future decisions b. be prepared in accordance with generally accepted accounting principles c. be provided at any time management needs information d. be prepared to report information for any unit of the business to support decision making 27. Which of the following would be most likely to use process costing? a. A custom furniture manufacturer. b. An auto body repair shop. c. A law firm d. A lawn fertilizer manufacturer. 28. Which of the following products probably would be manufactured using a job order costing system? a. Number 2 pencils b. Computer monitors. c. Wedding invitations. d. Paper. 29. The recording of the jobs completed would include a debit to: a. Factory Overhead b. Finished Goods c. Work in Process d. Cost of Goods Sold 30. A widely used activity base for developing factory overhead rates in highly automated settings is: a. direct labor hours b. direct labor dollars c. direct materials d. machine hours 31. The cost of production of completed and finished goods during the period amounted to $400,000, and the finished products shipped to customers had total production costs of $337,000. From the following, select the entry to record the transfer of costs from work in process to finished goods. a. Finished Goods 337,000 Work in Process 337,000 b. Finished Goods 400,000 Work in Process 400,000 c. Work in Process 400,000 Finished Goods 400,000 d. Work in Process 337,000 Finished Goods 337,000 32. For which of the following businesses would the job order cost system be appropriate? a. Meat processor b. Automobile manufacturer c. Oil refinery d. Construction contractor 33. Which of the following is not a characteristic of a job order costing system? a. It accumulates cost for each department within the factory. b. It provides a separate record for the cost of each quantity of product that passes through the factory. c. It is best suited for industries that manufactures custom goods. d. Uses only one work in process account. 34. The Collins Company forecasts that total overhead for the current year will be $12,000,000 and that total machine hours will be 200,000 hours. Year to date, the actual overhead is $8,000,000 and the actual machine hours are 100,000 hours. If the Collins Company uses a predetermined overhead rate based on machine hours for applying overhead, what is that overhead rate? a. $80 per machine hour b. $120 per machine hour c. $40 per machine hour d. $60 per machine hour 35. The source of the data for debiting Work-in-Process for direct materials is the: a. purchase order b. purchase requisition c. materials requisition d. receiving report 36. Selected accounts with some debits and credits omitted are presented as follows: Work in Process Oct. 1Balance20,000 Oct. 31Goods finishedX 31Direct materials96,700 31Direct labor201,000 31Factory overheadX Finished Goods Oct. 1Balance52,000 31Goods finished360,000 If the balance of Work in Process at October 31 is $21,000, what was the amount of factory overhead applied in October? a. $63,300 b. $21,300 c. $42,300 d. $11,300 37. The recording of the jobs shipped and customers billed would include a debit to: a. Accounts Payable b. Cash c. Finished Goods d. Cost of Goods Sold 38. For which of the following businesses would a process cost system be appropriate? a. Auto repair service b. Paint manufacturer c. Specialty printer d. Custom furniture manufacturer 39. In the manufacture of 10,000 units of a product, direct materials cost incurred was $143,700, direct labor cost incurred was $85,000, and applied factory overhead was $43,500. What is the total conversion cost? a. $187,200 b. $128,500 c. $272,200 d. $43,500 40. Lombardi Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. Work in process at the beginning of the period for Department 1 was $75,000, and work in process at the end of the period totaled $60,000. The records indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $50,000, $60,000, and $70,000, respectively. In addition, work in process

Asked By: - 11/4/2009
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26 B 27 D 28 C 29 B 30 D 31 D - unsure 32 D 33 A 34 D 35 B 36 ?? 37 A 38 B 39 B Conversion Cost = Direct Labor + Manufacturing Overhead 40 is missing info
Answered By: Tim V - 11/5/2009
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