ACCT 526 Midterm Exam -
University of Louisiana, Lafayette
,2/21/22, 12:04 PM Midterm Exam: Attempt review
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Dashboard / My courses / ACCT526-810-202240 / Exam 1 / Midterm Exam
Question 1
Correct
1.00 points out of 1.00
Costs of completed but unsold products would be found in which account?
Select one:
a. nished goods inventory
b. raw materials inventory
c. cost of goods sold
d. work in process inventory
e. none of these
The correct answer is: nished goods inventory
Question 2
Correct
1.00 points out of 1.00
Cost of goods sold:
a. represents all costs associated with research, development, and general administration of an organization.
b. is the cost of the partially completed goods that are still on the factory floor at the end of a period.
c. is reported on the balance sheet.
d. is the total product cost for the units sold during a period.
The correct answer is: is the total product cost for the units sold during a period.
1/19
, 2/21/22, 12:04 PM Midterm Exam: Attempt review
Question 3 Back to Top
Correct
1.00 points out of 1.00
A product currently requires 8 raw materials moves. By changing the plant layout, the number of moves can be reduced to 3. The cost per move is
$50. Calculate the reduction in the nonvalue-added cost of the raw materials moving activity.
a. $400
b. $250
c. $160
d. $0
e. $150
Reduction in nonvalue-added cost of raw materials moving activity = (Number of moves prior to change in plant
layout − Number of moves after change in plant layout) × Cost per move
(8 moves -3 moves) x $50= $250
The correct answer is: $250
Question 4
Correct
1.00 points out of 1.00
An opportunity cost is:
a. the difference between gross margin and operating expenses.
b. expensed in the period in which it is incurred; it is not inventoried.
c. the cost to market, distribute, and service a product or service.
d. the benefit given up or sacrificed when one alternative is chosen over another.
The correct answer is: the benefit given up or sacrificed when one alternative is chosen over another.
2/19
University of Louisiana, Lafayette
,2/21/22, 12:04 PM Midterm Exam: Attempt review
Menu FACULTY SUPPORT STUDENT SUPPORT MY BOOKS MY GRADES MY COURSES
Dashboard / My courses / ACCT526-810-202240 / Exam 1 / Midterm Exam
Question 1
Correct
1.00 points out of 1.00
Costs of completed but unsold products would be found in which account?
Select one:
a. nished goods inventory
b. raw materials inventory
c. cost of goods sold
d. work in process inventory
e. none of these
The correct answer is: nished goods inventory
Question 2
Correct
1.00 points out of 1.00
Cost of goods sold:
a. represents all costs associated with research, development, and general administration of an organization.
b. is the cost of the partially completed goods that are still on the factory floor at the end of a period.
c. is reported on the balance sheet.
d. is the total product cost for the units sold during a period.
The correct answer is: is the total product cost for the units sold during a period.
1/19
, 2/21/22, 12:04 PM Midterm Exam: Attempt review
Question 3 Back to Top
Correct
1.00 points out of 1.00
A product currently requires 8 raw materials moves. By changing the plant layout, the number of moves can be reduced to 3. The cost per move is
$50. Calculate the reduction in the nonvalue-added cost of the raw materials moving activity.
a. $400
b. $250
c. $160
d. $0
e. $150
Reduction in nonvalue-added cost of raw materials moving activity = (Number of moves prior to change in plant
layout − Number of moves after change in plant layout) × Cost per move
(8 moves -3 moves) x $50= $250
The correct answer is: $250
Question 4
Correct
1.00 points out of 1.00
An opportunity cost is:
a. the difference between gross margin and operating expenses.
b. expensed in the period in which it is incurred; it is not inventoried.
c. the cost to market, distribute, and service a product or service.
d. the benefit given up or sacrificed when one alternative is chosen over another.
The correct answer is: the benefit given up or sacrificed when one alternative is chosen over another.
2/19
