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Exam 1: Managerial Accounting and Cost Concepts

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Question 1

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A partial listing of costs incurred at Archut Corporation during September appears below: The total of the period costs listed above for September is:

A) $294,000
B) $344,000
C) $292,000
D) $50,000

E) A) and B)
F) B) and C)

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Question 2

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Opportunity costs at a manufacturing company are not part of manufacturing overhead.

A) True
B) False

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Question 3

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Prime cost equals manufacturing overhead cost.

Bellucci Corporation has provided the following information: The incremental manufacturing cost that the company will incur if it increases production from 9,000 to 9,001 units is closest to (assume that the increase is within the relevant range) :

Marquess Corporation has provided the following partial listing of costs incurred during May: Required: a. What is the total amount of product cost listed above? Show your work. b. What is the total amount of period cost listed above? Show your work.

Schwiesow Corporation has provided the following information: If 4,000 units are sold, the total variable cost is closest to:

Comparative income statements for Boggs Sports Equipment Company for the last two months are presented below: All of the company's costs are either fixed, variable, or a mixture of the two (i.e., mixed) . Assume that the relevant range includes all of the activity levels mentioned in this problem. Which of the selling and administrative expenses of the company is variable?

Perteet Corporation's relevant range of activity is 3,000 units to 7,000 units. When it produces and sells 5,000 units, its average costs per unit are as follows: If 4,000 units are produced, the total amount of manufacturing overhead cost is closest to:

Traditional format income statements are widely used for preparing external financial statements.

A number of costs and measures of activity are listed below. Required: For each item above, indicate whether the cost is MAINLY fixed or variable with respect to the possible measure of activity listed next to it.

Landmann Corporation's relevant range of activity is 7,000 units to 11,000 units. When it produces and sells 9,000 units, its average costs per unit are as follows: For financial reporting purposes, the total amount of product costs incurred to make 9,000 units is closest to:

Mark is an engineer who has designed a telecommunications device. He is convinced that there is a big potential market for the device. Accordingly, he has decided to quit his present job and start a company to manufacture and market the device. The cost of the raw materials that will be used in manufacturing the computer board is:

A merchandising company typically will have a high proportion of which type of cost in its cost structure?

A direct cost is a cost that can be easily traced to the particular cost object under consideration.

The term that refers to costs incurred in the past that are not relevant to a decision is:

Ouelette Corporation's relevant range of activity is 3,000 units to 7,000 units. When it produces and sells 5,000 units, its average costs per unit are as follows: If 6,000 units are produced, the total amount of indirect manufacturing cost incurred is closest to:

Varela Corporation's relevant range of activity is 2,000 units to 6,000 units. When it produces and sells 4,000 units, its average costs per unit are as follows: For financial reporting purposes, the total amount of period costs incurred to sell 4,000 units is closest to:

If the activity level increases, then one would expect the fixed cost per unit to increase as well.

Abburi Company's manufacturing overhead is 60% of its total conversion costs. If direct labor is $52,000 and if direct materials are $28,000, the manufacturing overhead is:

Which of the following costs could contain both variable and fixed cost elements with respect to the total output of the company?