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Exam 6: Fundamentals of Product and Service Costing

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Question 41

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The process of first allocating costs to intermediate cost pools and then to the individual cost objects using different allocation bases is:

A) continuous flow process.
B) cost management system.
C) two-stage allocation system.
D) operations cost.

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Question 42

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The selection of an appropriate cost allocation base is more important for single-stage cost allocation systems than for two-stage cost allocation systems.

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Question 43

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Trans-X processes credit card receipts for local banks.Trans-X processed 1,400,000 receipts in October.All receipts are processed the same day they are received.October costs were labor of $14,000 and overhead of $28,000.What is the cost to process 1,000 receipts?

The Cost Flow Diagram for product costing includes all of the following costs except:

If the Beginning Balance (BB)equals the Ending Balance (EB),then the Transfers In (TI)equal the Transfers Out (TO).

For Case (A) above,what is the Beginning Balance (BB) ?

Sweet Lu Industries applies manufacturing overhead to its products on the basis of 50% of direct material cost.If a job had $35,000 of manufacturing overhead applied to it during May,the direct materials assigned to the job was:

"Beginning Balance (BB)plus Transfers Out (TO)equals Ending Balance (EB)plus Transfers In (TI)".

The UVW Manufacturing Company produces a single uniform product throughout the year.Which of the following product costing systems should be used by UVW?

For Case (A) above,what is the Beginning Balance (BB) ?

Slurpy produces soft drinks and sodas.Production of 100,000 liters was started in February,85,000 liters were completed.Material costs were $38,220 for the month while conversion costs were $16,380.There was no beginning work-in-process; the ending work-in-process was 40% complete.What is the cost of the product that was completed and transferred to finished goods?

The following information has been gathered for the GHI Manufacturing Company for its fiscal year ending December 31: What is the predetermined manufacturing overhead rate assuming direct labor cost is used as the activity base?

One of the most common decisions facing managers is determining the price at which to sell one of their product or provide their services.

The basic cost flow model is:

The basic cost flow model is:

Zeppo Supply Company manufactures cleaning products.During the year,the company spent $600,000 on chemicals and $728,000 on conversion costs.Overhead is applied at a rate of 180% of direct labor costs.How much did the company spend on manufacturing overhead during the year?

The following information has been gathered for the GHI Manufacturing Company for its fiscal year ending December 31: What is the predetermined manufacturing overhead rate per direct labor hour?

The following information has been gathered for Cheatham Law Offices for its fiscal year ending December 31: What is the predetermined office overhead rate per billable labor hour?

For Case (C) above,what is the Beginning Balance (BB) ?

Fab Co.manufactures textiles.Among Fab's 2010 manufacturing costs were the following salaries and wages: What was the amount of Fab's 2010 direct labor? (CPA adapted)