ACCT 505 Midterm Exam (Version 1)

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1. Question : (TCO A) Direct material cost is a part of
2. Question : (TCO A) Total fixed costs
3. Question : (TCO A) Property taxes on a company’s factory building would be classified as a(n)
4. Question : (TCO C) When the activity level is expected to increase within the relevant range, what effects would be anticipated with respect to each of the following?
5. Question : (TCO B) Which of the following statements is true? I. Overhead application may be made slowly as a job is worked on. II. ………. in a single application at the time of completion of the job. III. Overhead application should be made to any job not completed at year
   end in order to properly value the work in process inventory.
6. Question : (TCO B) Under a job-order costing system, the product being manufactured
7. Question : (TCO F) Equivalent units for a process costing system using the FIFO method would be equal
8. Question : (TCO C) The contribution margin equals
9. Question : (TCO C) Which of the following would not affect the break-even point?
10. Question : (TCO D) Under variable costing,
    

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1. Question : (TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larop Corporation for the just-completed year………Prepare a Schedule of Cost of Goods Manufactured statement in the text box below.
2. Question : (TCO B) The Nebraska Company manufactures a product that goes through three processing departments. Information relating to activity in the first department during June……….
3. Question : (TCO C) A tile manufacturer has supplied the following data. Boxes of tile produced and sold 625,000…..Sales revenue $2,975,000…..Variable manufacturing expense $1,720,000…..Fixed manufacturing expense $790,000…..Variable selling and admin expense $152,000…..Fixed selling and admin expense $133,000…..Net operating income $180,000
4. Question : (TCO D) The Hampton Company produces and sells a single product. The following data refer to the year just completed……….