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ACCT 434 Final Exam Set 5
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ACCT 434 Final Exam Set 5

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1. (TCO 1) If products are alike, then for costing purposes (Points: 5) 1) If products are different, then for costing purposes: 1. (TCO 1) Evaluating customer reaction of the trade-off of giving up some features of a product for a lower price would best fit which category of management decisions under activity-based management? (Points: 5) 2. (TCO 1) Danielle Company produces a special spray nozzle. The budgeted indirect total cost of inserting the spray nozzle is $180,000. The budgeted number of nozzles to be inserted is 60,000. What is the budgeted indirect cost allocation rate for this activity? (Points: 5) 3. (TCO 2) Fixed overhead costs include (Points: 5) 4. (TCO 2) Information pertaining to Brenton Corporation's sales revenue is presented in the following table: February March April Cash Sales $160,000 $150,000 $120,000 Credit Sales 300,000 400,000 280,000 Total Sales $460,000 $550,000 $400,000 5. (TCO 2) Budgeting provides all of the following EXCEPT (Points: 5) 5. Budgeting is used to help companies: 5. (TCO 2) Financing decisions PRIMARILY deal with: (Points: 5) s 6. (TCO 3) The cost components of an air conditioner include $35 for the compressor, $11.50 for the sheet molded compound frame, and $80 per unit for assembly. The factory machines and tools cost is $55,000. The company expects to produce 1,500 air conditioners in the coming year. What cost function best represents these costs? (Points: 5) 7. (TCO 3) Which cost estimation method analyzes accounts in the subsidiary ledger as variable, fixed, or mixed using qualitative methods? (Points: 5) 8. (TCO 4) Sunk costs: (Points: 5) 9. (TCO 5) In the theory of constraints, the only direct costs are (Points: 5) 9. (TCO 5) Throughput contribution equals revenues minus: (Points: 5) 10. (TCO 5) Keeping the bottleneck operation busy and subordinating all nonbottleneck operations to the bottleneck operation involves: (Points: 5) 11. (TCO 6) What type of cost is the result of an event that results in more than one product or service simultaneously (Points: 5) 12. (TCO 6) Which of the following is a disadvantage of the physical-measure method of allocating joint costs? (Points: 5) 13. (TCO 7) An understanding of life-cycle costs can lead to (Points: 5) 13. (TCO 7) Life-cycle costing is the name given to: (Points: 5) 14. (TCO 7) Each month, Haddon Company has $300,000 total manufacturing costs (20% fixed) and $125,000 distribution and marketing costs (75% fixed). Haddon's monthly sales are $600,000. The markup percentage on full cost to arrive at the target (existing) selling price is (Points: 5) 14. (TCO 7) Each month, Haddon Company has $275,000 total manufacturing costs (20% fixed) and $125,000 distribution and marketing costs (36% fixed). Haddon's monthly sales are $500,000. The markup percentage on full cost to arrive at the target (exisitng) selling price is 15. (TCO 8) The costs used in cost-based transfer prices (Points: 5) 15. (TCO 8) Transfer prices should be judged by whether they promote: (Points: 5) There is a mistake in number 15. the correct answer should be 1 & 3 16. (TCO 8) The seller of Product A has no idle capacity and can sell all it can produce at $25 per unit. Outlay cost is $10. What is the opportunity cost, assuming the seller………? (Points: 5) 16. (TCO 8) Division A sells soybean paste internally to Division B, which in turn, produces soybean burgers that sell for $5 per pound. Division A incurs costs of $0.75 per pound while Division B incurs additional costs of $2.50 per pound. Which of the following formulas correctly reflects the company's operating income per pound? (Points: 5) 16. (TCO 8) Division A sells soybean paste internally to Division B, which in turn, produces soybean burgers that sell for $5 per pound. Division A incurs costs of $0.80 per pound while Division B incurs additional costs of $3 per pound. Which of the following formulas correctly reflects the company's operating income per pound? (Points : 5) 17. (TCO 8) When companies do not want to use market prices or find it too costly, they typically use ________ prices, even though suboptimal decisions may occur. (Points: 5) 17. #TCO 8# A benefit of using a market-based transfer price is the (Points : 5) economic viability and profitability of each division can be evaluated individually. 18. (TCO 9) To guide cost allocation decisions, the benefits-received criterion: (Points: 5) 19. (TCO 9) The Hassan Corporation has an Electric Mixer Division and an Electric Lamp Division. Of a $20,000,000 bond issuance, the Electric Mixer Division used $14,000,000 and the Electric Lamp Division used $6,000,000 for expansion. Interest costs on the bond totaled $1,500,000 for the year. What amount of interest costs should be allocated to the Electric Mixer Division? (Points: 5) 20. (TCO 10) The net present value method focuses on: (Points: 5) 20. (TCO 10) An important advantage of the net-present-value method of capital budgeting over the internal rate-of-return method is (Points : 5) the net present values of individual projects can be added to determine the effects of accepting a combination of projects. 21. (TCO 10) Shirt Company wants to purchase a new cutting machine for its sewing plant. The investment is expected to generate annual cash inflows of $500,000. The required rate of return is 12% and the current machine is expected to last for four years. What is the maximum dollar amount Shirt Company would be willing to spend for the machine, assuming its life is also four……….. (Points: 5) 21. (TCO 10) The Zeron Corporation wants to purchase a new machine for its factory operations at a cost of $950,000. The investment is expected to generate $350,000 in annual cash flows for a period of four years. The required rate of return is 14%. The old machine can be sold for $50,000. The machine is expected to have zero value at the end of the four-year period. What is the net present value of the investment? Would the company want to purchase the new machine? Income taxes are not considered. (Points: 5) 21. #TCO 10# The Zeron Corporation wants to purchase a new machine for its factory operations at a cost of $950,000. The investment is expected to generate $400,000 in annual cash flows for a period of four years. The required rate of return is 12%. The old machine can be sold for $50,000. The machine is expected to have zero value at the end of the four-year period. 22. (TCO 11) The four cost categories in a cost of quality program are (Points: 5) 22. (TCO 11) An advantage of financial cost of quality measures is that they (Points : 5) 23. (TCO 11) Regal Products has a budget of $900,000 in 20X6 for prevention costs. If it decides to automate a portion of its prevention activities, it will save $60,000 in variable costs. The new method will require $18,000 in training costs and $120,000 in annual equipment costs. Management is willing to adjust the budget for an amount up to the cost of the new equipment. The budgeted production level is 150,000 units. Appraisal costs for the year are budgeted at $600,000. The new 24. (TCO 12) The costs associated with storage are an example of which…..? (Points: 5) 25. (TCO 12) Liberty Celebrations, Inc., manufactures a line of flags. The annual demand for its flag display is estimated to be 100,000 units. The annual cost of carrying one unit in inventory is $1.60, and the cost to initiate a production run is $30. There are no flag displays on hand but Liberty had scheduled 60 equal production runs of the display sets for the coming year, the first of which is to be run immediately. Liberty Celebrations has 250 business days per year. Assume that sales occur uniformly throughout the year and that production is instantaneous. If Liberty Celebrations does not maintain a safety stock, the estimated total carrying cost for the flag displays for the coming year is the estimated total setup cost for the flag displays for the coming year is (Points: 5) Essay 1. (TCO 2) Russell Company has the following projected account balances for June 30, 20X9:.Prepare a budgeted income statement AND a budgeted balance sheet as of June 30, 20X9. (Points: 25) Russell.Company.has.the.following.projected.account.balances.for.June.30,.20X5: Accounts payable $40,000 Sales $800,000 Accounts receivable $100,000 Capital stock $400,000 Depreciation, factory $24,000 Retained earnings ? Inventories (5/31 & 6/30) $180,000 Cash $56,000 Direct materials used $200,000 Equipment, net $240,000 Office salaries $80,000 Buildings, net $400,000 Insurance, factory $4,000 Utilities, factory $16,000 Plant wages $140,000 Selling expenses $60,000 Bonds payable $160,000 Maintenance, factory $28,000 Required a) Prepare.a.budgeted.income.statement.for.June.20X5. b) Prepare.a.budgeted.balance.sheet.as.of.June.30,.20X5. (Points: 25) Balance Sheet 2. (TCO 5) Steven's Medical Equipment Company manufactures hospital beds. Its most popular model, Deluxe, sells for $5,000. It has variable costs totaling $2,800 and fixed costs of $1,000 per unit, based on an average production run of 5,000 units. It normally has four production runs a year, with $600,000 in setup costs each time. Plant capacity can handle up to six runs a year for a total of 30,000 beds. A competitor is introducing a new hospital bed similar to Deluxe that will……..? (Points: 25) 3. (TCO 7) Dulce Greeting Cards Incorporated is starting a new business venture and is in the process of evaluating its product lines. Information for one new product, traditional parchment grade cards, is as follows: ∙ For 16 times each year, a new card design will be put into production. Each new design will require $300 in setup costs. ∙ The parchment grade card product line incurred $75,000 in development costs and is expected to be produced over the next four years. …………… (Points: 25) 4. (TCO 8) Novacar Company manufactures automobiles. The red car division sells its red cars for $25,000 each to the general public. The red cars have manufacturing costs of $12,500 each for variable and $5,000 each for fixed costs. The division's total fixed manufacturing costs are $25,000,000 at the normal volume of 5,000 units. ……………………………. (Points: 25) 5. (TCO 11) For supply item LK, Boatman Company has been ordering 125 units based on the recommendation of the salesperson who calls on the company monthly. The company has hired a new purchasing agent, who wants to start using the economic-order-quantity method and its supporting decision elements. She has gathered the following information: Annual demand in units 250 Days used per year 250 Lead time, in days 13 Ordering costs $100

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