managerial accounting!!! NEED HELP

Question 1

1. Just-in-time management systems use a combined account for Raw Materials Inventory and Work-in-Process Inventory known as the ________.

		Raw and In-Process Inventory account
		Raw Materials Inventory account
		Work-in-Process Inventory account
		Process account

1 points  

Question 2

1. Which of the following temporary accounts is typically used in just-in-time management systems to accumulate direct labor and manufacturing overhead costs?

		Work-in-Process account
		Conversion Costs account
		Manufacturing Overhead account
		Adjustments account

1 points  

Question 3

1. Phoenix Inc. manufactures widgets. The target sales price is $400 per unit. The company desires a 30% net profit margin on its products. What is the company's target full-product cost per unit using target pricing? 13. ______

		$120.00
		$235.29
		$280.00
		$307.69

1 points  

Question 4

1. J-Time Inc. is planning to launch a new brand of watches for kids. Similar watches are available in the market for $50. In order to penetrate the market, the company plans to use target pricing and desires a 20% net profit markup on total cost. Calculate the target cost.

		$60.00
		$40.20
		$30.75
		$41.67

1 points  

Question 5

1. Internal failure costs are costs incurred ________.

		to avoid poor-quality goods or services
		when the company detects and corrects poor-quality goods or services before delivery to customers
		to detect poor-quality materials, goods, or services
		after the company delivers poor-quality goods or services to customers and then has to make things right with the customer

1 points  

Question 6

1. Alpha Company manufactures breadboxes and uses an activity-based costing system. The following information is provided for the month of May: Activity Estimated Indirect Activity Costs Allocation Base Estimated Quantity of Allocation Base Materials handling $3,500 Number of parts 5,000 parts Assembling $12,000 Number of parts 5,000 parts Packaging $5,750 Number of bread boxes 1,250 bread boxes Each breadbox consists of four parts, and the direct materials cost per breadbox is $7.00. There is no direct labor. What is the total manufacturing cost per breadbox?

		$26.00
		$12.40
		$24.00
		$17.40

1 points  

Question 7

1. An activity-based costing system is developed in four steps.

		Compute the allocation rate for each activity.
		Identify activities and estimate their total costs.
		Identify the cost driver for each activity and then estimate the quantity of each driver's allocation base.
		Allocate the indirect costs to the cost object. Which of the following is the correct order of performing these steps? a. b, a, c, d b. c, a, b, d *c. b, c, a, d d. a, b, c, d

1 points  

Question 8

1. Which of the following statements is true of an activity-based costing system?

		It is not as accurate or precise as traditional costing systems.
		It accumulates overhead costs by processing departments.
		It is not as complex or as costly as traditional systems.
		It uses separate indirect cost allocation rates for each activity.

1 points  

Question 9

1. Agostino Inc. uses a just-in-time costing system. During the month, Agostino Inc. incurred $300,000 as direct labor and $9,000 as overhead. Which of the following is the correct journal entry to record the conversion costs?

		Conversion Costs 309,000 Wages Payable, Accumulated Depreciation, etc. 309,000
		Manufacturing Overhead 309,000 Conversion Costs 309,000
		Conversion Costs 309,000 Wages Payable 309,000
		Conversion Costs 309,000 Accounts payable 309,000

1 points  

Question 10

1. Webster Inc. has received a bid for 12,000 units. The costing estimates show that the average cost per unit for this bid will be $600. The company uses cost-based pricing and adds 25% markup to total costs. What total price will Webster ask for the entire order?

		$1,800,000
		$9,000,000
		$7,200,000
		$2,250,000

1 points  

Question 11

1. Cost incurred in the inspection of final products or services is an example of a(n) ________.

		external failure cost
		appraisal cost
		prevention cost
		internal failure cost

1 points  

Question 12

1. The just-in-time management system is a(n) ________.

		overhead management system
		debt management system
		inventory management system
		labor management system

1 points  

Question 13

1. Cost incurred in training employees is an example of a(n) ________.

		appraisal cost
		external failure cost
		internal failure cost
		prevention cost

1 points  

Question 14

1. Modiste Inc. manufactures two kinds of bagstotes and satchels. The company allocates manufacturing overhead using a single plantwide rate with direct labor cost as the allocation base. Estimated overhead costs for the year are $24,250. Additional information is given below.   Totes Satchels Direct materials cost per unit $35 $40 Direct labor cost per unit $55 $60 Number of units 500 350   Calculate the amount of overhead to be allocated to Totes.

		$36,000
		$13,750
		$10,500
		$25,740

1 points  

Question 15

1. Brannon Company manufactures ceiling fans and uses an activity-based costing system. Each ceiling fan consists of twenty separate parts. The direct material cost is $95 and each ceiling fan requires 2.5 hours of machine time to manufacture. Additional information is as follows:   Activity Allocation Base Cost Allocation Rate $ Materials handling Number of parts 0.08 Machining Machine hours 7.20 Assembling Number of parts 0.35 Packaging Number of finished units 2.70   What is the cost of assembling per ceiling fan?

		$7.50
		$35.00
		$87.50
		$7.00

1 points  

Question 16

1. Which of the following is a nonmanufacturing cost?

		indirect labor
		direct materials
		administrative expenses
		direct labor

1 points  

Question 17

1. Pitt Jones Company, a manufacturer of small appliances, had the following activities, allocated costs, and allocation bases:   Activities Allocated Costs Allocation Base Account inquiry (hours) $60,000 2,000 hours Account billing (lines) $30,000 20,000 lines Account verification (accounts) $15,000 20,000 accounts Correspondence (letters) $10,000 1,000 letters   The above activities are carried out at two of its regional offices.   Northeast Office Midwest Office Account inquiry (hours) 100 hours 200 hours Account billing (lines) 10,000 lines 7,000 lines Account verification (accounts) 1,000 accounts 600 accounts Correspondence (letters) 50 letters 100 letters   What is the cost per letter for the correspondence activity?

		$30.50
		$25.00
		$10.00
		$0.75

1 points  

Question 18

1. Which of the following is an example of internal failure costs?

		cost incurred for the reworking of substandard products
		cost incurred as warranty expenses
		costs incurred in the inspection at various stages of production
		costs incurred for the evaluation of the quality of suppliers' processes

1 points  

Question 19

1. Which of the following statements is true of costing systems?

		Activity-based costing systems tend to use fewer cost pools than does a traditional costing system.
		Traditional costing systems tend to be more costly than activity-based costing systems.
		Activity-based costing systems tend to combine various costs into a single cost pool.
		Many traditional costing systems can distort product costs and profitability.

1 points  

Question 20

1. Modiste Inc. manufactures two kinds of bagstotes and satchels. The company allocates manufacturing overhead using a single plantwide rate with direct labor cost as the allocation base. Estimated overhead costs for the year are $24,250. Additional information is given below.   Totes Satchels Direct materials cost per unit $35 $40 Direct labor cost per unit $55 $60 Number of units 500 350 Calculate the amount of overhead to be allocated to Satchels.

		$12,740
		$36,000
		$10,500
		$11,750