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(Solved) The contribution margin is the excess of revenues over A. Cost of goods sold. Manufacturing cost. Direct cost. All variable costs. A manufacturer...


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1. The contribution margin is the excess of revenues over A. Cost of goods sold. B. Manufacturing cost. C. Direct cost. D. All variable costs. 2. A manufacturer produces unique tapestries and bedding for hotel chains and uses a job order
costing system. During the current month, the manufacturer purchased $50,000 of direct
materials and incurred $22,000 in direct labor. Overhead is applied on the basis of direct labor
hours at a rate of 60%. Overapplied or underapplied overhead is closed to cost of goods sold at
the end of the period. The actual overhead incurred this month was $10,000. Balances in the
manufacturer’s inventory accounts are presented below.
Beginning End of of month month Direct materials $2,000 $3,500 Work-in-process 5,000 9,000 Finished goods 2,500 1,700 What is the cost of goods manufactured this month?
A. $76,500 B. $79,700 C. $80,500 D. $83,700 3. A plant has two departments, Machining and Assembly. This year’s budget for the plant
contained the following information.
Machining
Assembly Manufacturing overhead
$4,000,000
$2,000,000
Direct labor hours
100,000
200,000
Machine hours
40,000
40,000
3. Assume the plant uses machine hours as the overhead base in machining and direct labor in
Assembly. If Job 2420 uses 20 direct labor hours in each department, 10 machines hours in
Machining and 5 machine hours in Assembly, how much overhead would be assigned to the
job?
A. $1,100 B. $1,200 C. $2,100 D. $2,200 4. A company manufactures one product and has a standard cost system. In April the company
had the following experience:
Direct Materials Actual $/unit of input (lbs. & hrs.) $28 Direct Labor $18 Standard price/unit of input $24 $20 Standard inputs allowed per unit of output 10 4 Actual units of input 190,000 78,000 Actual units of output 20,000 20,000 The direct labor rate variance for April is
A. $240,000 favorable. B. $156,000 unfavorable. C. $156,000 favorable. D. $40,000 unfavorable. 5.Albany Mining Corporation uses a process costing system for its ore
extraction operations. The following information pertains to work-inprocess inventories and operations for the month of May: Costs for the
month were as
follows:
BWIP Completion % Incurred in May Units
Materials
Conversion Direct materials
$54,560
$ 468,000
Direct labor BWIP on May 1
32,000
60%
20% 20,320
182,880
Factory
overhead Started in production
200,000 15,240
391,160 Completed production
(184,000) $90,120
EWIP on May 31
48,000 $1,042,040 90%
40% Under the FIFO method, Albany Mining’s equivalent unit cost of materials for May is
A. $2.06 B. $2.25 C. $2.30 D. $2.51 6. A plant has two departments, Machining and Assembly. This year’s budget for the plant
contained the following information.
Machining
Assembly Manufacturing overhead
$4,000,000
$2,000,000
Direct labor hours
100,000
200,000
Machine hours
410,000 40,000
If the plant uses a plantwide overhead rate based on direct labor hours, what would the rate be?
A. $10 per hour. B. $20 per hour. C. $40 per hour. D. $75 per hour. 7. Albany Mining Corporation uses a process costing system for its ore
extraction operations. The following information pertains to work-inprocess inventories and operations for the month of May: Costs for the
month were as
follows:
BWIP Completion % Incurred in May Units
Materials
Conversion Direct materials
$54,560
$ 468,000
Direct labor BWIP on May 1
32,000
60%
20% 20,320
182,880
Factory
overhead Started in production
200,000 15,240
391,160 Completed production
(184,000) $90,120
EWIP on May 31 $1,042,040 48,000
90%
40% Using the FIFO method, Albany Mining’s equivalent unit conversion cost for May is
A. $2.92 B. $3.00 C. $3.10 D. $3.23 D. $48 8. Estimated unit costs for Cole Lab using full absorption costing
and operating at a production level of 12,000 units per month:
Estimated
Cost Item
Unit Cost
Direct material
$32
Direct labor
20
Variable manufacturing overhead
15
Fixed manufacturing overhead
6
Variable selling
3
Fixed selling
4
Cole Lab’s estimated conversion costs per unit are
A. $35 B. $41 C. $44 D. $48 9. Blaster, Inc., a manufacturer of portable radios, purchases the components from
subcontractors to use to assemble into a complete radio. Each radio requires three units each of
Part XBEZ52, which has a standard cost of $1.45 per unit. During May, Blaster experienced the
following with respect to Part XBEZ52: Units Purchases ($18,000)
12,000
Consumed in manufacturing
10,000
Radios manufactured
3,000
During May, Blaster incurred a purchase price variance of
A.
$450 unfavorable.
B.
$450 favorable.
C.
$500 favorable.
D.
$600 unfavorable.
10. A manufacturer planned to produce 5,000 units of its single product during November. The
standard specifications for one unit include ten pounds of materials at $.50 per pound. Actual
production in November was 5,200 units. The accountant computed a favorable materials
purchase price variance of $580 and an unfavorable materials quantity variance of $320. Based
on these variances, one could conclude that
A.
More materials were purchased than were used.
B.
More materials were used than were purchased.
C.
The actual cost of materials was less than the standard cost.
D. The actual usage of materials was less than the standard allowed.

 


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